bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Friday 22.02.2019 | Name days: Rigonda, Adrians, Ārija
LatviaLatvia

Payment of guaranteed deposits may need LVL 350 million

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RU

Irena Krumane

Payment of guaranteed deposits to Latvijas Krajbanka clients might need about LVL 350 million, Irena Krumane, head of the Financial and Capital Market Commission, told Latvian Television.

The guaranteed sum of deposits totals 100 000 euro (LVL 70 000) per person. Krumane fears the guarantees will be paid out, because Krajbanka is in a really bad situation and she has nearly lost any hope it could restart operating.

However, she adds that we still need to look forward to the decision of the Lithuanian government to see what it intends to do with Krajbanka parent bank – Snoras.

Funds will be drawn from the Deposit Guarantee Fund, which is made up by payments by banks. At the moment, LVL 149 million are available in the fund, while the rest of the necessary money will be borrowed from the State Treasury, not taken from the state and tax payers. When Krajbanka assets are sold, the loan will be repaid. Tax payers money will not be used to bail out the bank, she says.

Krumane seems to have barely any hope that also those whose deposits exceed EUR 100 000 will get their money back. She adds that hopefully if Krajbanka assets are realized successfully, also bigger deposits will be recovered.

She stresses repeatedly that, according to the legislation, sums above EUR 100 000 are not compensated, therefore, she suggests differentiating the risk and depositing at several of dozens of Latvian banks.

BNN already reported, on the grounds of financial shortages found at Latvijas Krajbanka, the State Police have launched criminal proceedings, says Laura Pakalne, secretary at the General Prosecutor’s Office.

According to her, the Financial and Capital Market Commission has notified the General Prosecutor’s Office about the shortage of financial means. Following that, the State Police has started criminal proceedings, while the Prosecutor’s Office is supervising the process.

Ref: 103.105.105.292


Leave a reply

  1. Maurice says:

    Nobody is stupid enough to have more than 100 th euros on one account If an account overtakes this sum an other one is open on an other name.This lady states this business wont cost taxpayers even a penny moreover the governement will make money on selling the assets .Well wait and see.

Unemployment in Latvia was 7.4% in 2018

72.8 thousand people were unemployed in 2018. Compared to 2017, number of unemployed persons dropped by 12.6 thousand or 14.8 %. Last year, Latvian unemployment rate constituted 7.4 %, which is 1.3 percentage points lower than in 2017.

Employment in Latvia reached 64.5% in 2018

909.4 thousand or 64.5 % of Latvia population aged 15–74 were employed in 2018. Compared to 2017, employment rate grew by 1.6 percentage points and number of employed persons by 14.6 thousand.

Anti-fraud activist Browder to submit criminal complaint over Swedbank

British investor and activist against Russia-related money laundering, Bill Browder, has voiced plans to submit a criminal complaint against Swedbank to Swedish authorities over its involvement in alleged money laundering transactions in the Baltics.

Latvian police assist German colleagues with «Russian Laundromat» case

German law enforcement institutions have finished investigating the ‘Russian Laundromat’ case. Latvian Economic Crime Enforcement Department assisted their German colleagues with the investigation, as reported by Latvian State Police.

Pilot's mistake found as cause of Estonia missile firing

The missile accidentally released over Estonia in 2018 was fired because of a mistake of the pilot of the Spanish NATO Baltic Air Policing aircraft, according to an investigation concluded by Estonia.

Grass-burning season in Latvia commences with six separate fires

On Thursday, 21 February, Latvian firefighters were called in to deal with the first grass fires this year. This first such fire this year was put out in Ugāle, where last year’s grass was burning on an area close to half a hectare.

UK backing down on demands to re-open Brexit agreement

London seemed to soften its stance in Brexit negotiations with the European Union from fruitless attempts to re-open the withdrawal agreement to securing new guarantees to reassure eurosceptic members of the British parliament over the time frame of the temporary Northern Ireland border rules.

Spanish train manufacturer appeals Latvian procurement outcome in court

Spanish train manufacturer Talgo has appealed the decision made by Latvian Procurement Monitoring Bureau on re-assessment of results of the procurement of electric trains, saying that PMB has made big mistakes and wrong conclusions, which resulted in an illegal decision, Talgo representatives say.

Mass rallies held in Slovakia on murder anniversary of Slovak journalist

Large rallies have been held in Slovakia on the first anniversary of the murder of investigative journalist Ján Kuciak and his fiancee that brought down the country's government, but still has not been solved.

Minister: PUC’s and Competition Council’s functions should be expanded

There is no need to merge Public Utilities Commission and Competition Council. It would be better to expand their respective functions, said Latvian Economy Minister Ralfs Nemiro.

Nights to become chilly in Latvia, whereas days will become warmer soon

The centre of an anticyclone is currently above Scandinavia. This anticyclone will start gradually moving south-west on Friday, 22 February. It will also dictate weather in Latvia – the sky will become clear but air will remain chilly, promises Latvian Environment, Geology and Meteorology Centre.

Lithuanian law enforcers bust high-profile judges and attorneys

In an unprecedented move yet, Lithuania’s law enforcers busted this week what it may be an organised, yet impenetrable until now ring of the country’s some A-tier judges and lawyers. Some of the big names have deliberated high-profile legal cases implicating some of Lithuania’s most heinous criminal gangs.

Latvian Saeima rejects proposal to reduce number of ministries

On Thursday, 21 February, the Saeima rejected a proposal from the opposition and several KPV LV deputies on reduction of ministries.

Latvian Saeima supports legislative draft on people’s rights after Brexit

Saeima has supported Foreign Affairs Committee’s legislative draft intended to ensure better legislative cooperation and protection of people’s rights during the transition period after the United Kingdom’s exit from the European Union, as confirmed by the parliament’s press-service.

Study: Latvian residents worried the most about traffic accidents when travelling

When travelling abroad, Latvian residents are afraid the most of ending up in a traffic accident (56%), fall ill (54%) or become injured (53%), according to results of a study performed by If Insurance.

Producer price level in industry in Latvia grew 0.1% in January

Compared to December 2018, the level of producer prices in Latvian industry rose by 0.1 % in January 2019. Prices of products sold on the domestic market grew by 0.4 %, but prices of exported products reduced by 0.2 %.

Twitter introduces special political ad policy with EU election in mind

The world's leading microblogging site Twitter on Tuesday presented tools in the European Union to simplify identification of political campaign ads before the European Parliament elections in May.

Latvian Saeima supports in second reading sale of tobacco products using price lists

On Thursday, 21 February, the Saeima supported in the second reading amendments to the Law on the Handling of Tobacco Products. These changes state stores will no longer be allowed showcase tobacco products on shelves. Instead tobacco products will be sold using price lists, as reported by Saeima’s press-service.

Minister: there are several options for acquiring Gazprom’s shares in Conexus

There are several acquisition options for the shares Russian gas concern Gazprom owns in AS Conexus Baltic Grid, says Latvian Economy Minister Ralfs Nemiro.

Parliamentary election begins in Estonia with online voting

With Estonia's signature online voting the 2019 parliamentary election has begun on Thursday, offering a variety of advance voting options in the period until the real election day, March 3.

LIZDA: we only want what was promised to us before elections

«We only want what was promised to us before elections,» said Latvian Trade Union of Education and Science Employees chairperson Inga Vanaga in an interview to LTV on Thursday, 21 February, commenting the talks held with government representatives the previous day.

EU-British talks «constructive», while May's party shrinks in UK parliament

Following three British MPs leaving the ruling Conservative Party amid Brexit impasse, British head of government held more talks with the European Union that were constructive according to both Pirme Minister Theresea May and European Commission President Jean-Claude Juncker.

Selection term of CEC chairman’s candidate to be extended

Politicians of the ruling coalition in Latvia have agreed to extend the candidate selection process of the head of Central Election Commission by two weeks.

Donbas war could be ended with U.N. peacekeepers, Ukraine believes

A peacekeeping mission with the mandate of the U.N. to Eastern Ukraine could bring the Donbas war to an end, but first Secretary-General Antonio Guterres should send an assessment delegation to evaluate the possible options, stated Ukrainian President Petro Poroshenko.

Swedbank: we do not have sufficient information to comment accusations

Swedbank does not have sufficient information to comment the accusations voice by Swedish media in regards to the bank’s possible involvement in money laundering schemes, said the bank’s governor Birgitte Bonnesen.