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Monday 21.08.2017 | Name days: Linda, Janīna
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Repayment of guaranteed compensations to TKB clients to begin no later than 1 April

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe order in accordance with which guaranteed compensations will be repaid to Trasta komercbanka’s clients will be announced in the next seven to ten days. Repayment will begin no later than 1 April.

As it is known, the European Central Bank has made the decision to revoke the license of Trasta komercbanka. This decision was made following a request from Latvia’s Finance and Capital Market Commission.

In the event of the bank’s liquidation, all clients will be repaid a guaranteed compensation of EUR 100,000. This means 93% of depositors will receive back their savings in full, as reported by Trasta komercbanka.

As it is known, in order to pay back compensations to clients of Trasta komercbanka, approximately EUR 64 million will be necessary, as confirmed by Chairman of Finance and Capital Market Commission Peteris Putnins.

Putnins emphasized that the bank’s own money will be used to pay compensation. With that, it will not be necessary to turn to the State Deposit Guarantee Fund or the state budget for additional finances. On Friday, FCMC concluded that Trasta komercbanka’s deposits were no longer accessible, because its credit institution’s license had been revoked as well.

FCMC promises that it will find a way to ensure the repayment of compensations as soon as possible. The Deposit Guarantee Fund provides that guaranteed compensations are to be paid within 20 days following the establishment of unavailability of deposits.

The Deposit Guarantee Fund provides the repayment of up to EUR 100,000 to private and legal persons for all deposits in any chosen currency. Guaranteed compensation applies to bank clients’ deposits, deposit interest, money remaining on salary accounts and deposit accounts. Guaranteed compensation applies to client deposits in Trasta komercbanka’s branch in Cyprus.

The compensation amount for each client will be calculated based on the amount of money kept on all accounts, reports FCMC.

FCMC chairman Putnins told Latvijas Radio that Trasta komercbanka has approximately 5,800 clients – nearly an equal proportion of residents and non-residents.

256 clients have deposits that exceed the state guaranteed EUR 100,000 (59 Latvian residents, including 44 private persons and 15 legal persons). 206 are non-residents, including 52 private persons and 154 legal persons.

Putnins is certain that the majority of deposits that exceed the state guaranteed amount will be repaid during the bank’s liquidation process.

Ref: 102.109.109.7987


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