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Monday 30.03.2020 | Name days: Nanija, Ilgmārs, Igmārs

Sleep tight if your deposits do not exceed 100 thousand euros

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One can sleep calmly only if the volume of deposits in one bank does not exceed 100 thousand euros (around 70.3 thousand lats), because it is the amount that the government plans to guarantee for each depositor – physical or legal person.

The amendments prepared in Deposit Guarantee law by the Ministry of Finance (Financial and Capital Market Commission) were announced in the State Secretary meeting of August 26. It will be considered by Saeima and the Cabinet of Ministers whether to adopt the amendments.

State guarantees apply to all: long-term deposits, current account balances, hence the salary accounts, savings accounts and alike, positioned in one or more accounts in one bank. Long-guaranteed amount was 20 thousand euros, which since 16 October 2008 was increased to 50 thousand euros.

The data of Financial and Capital Market Commission (FCMC) shows that on June 30 this year, the deposit guarantee fund amount, where each bank has to make payments, was 121.5 million lats. According to the data of the Association of Latvian Commercial Banks, it should be recognized that such «not» big amount of deposits is only in the 17th biggest bank in Latvia after the amounts of savings deposited.

Therefore if the biggest banks after the amounts of depositors and deposits bankrupt, the state should provide help from the budget, from which it is intended and through the mediation of FCMC pay the missing funds.

It is planned that the indemnity payment in accordance with the law is not later than 20 working days from the date when the deposit was no longer available.

Currently, the financial system of Latvia is slowly beginning to recover from the financial crisis that began in 2008. At that time there were concerns, not only about Parex Bank ability to survive, but also about various other banks, which had undertaken substantial syndicated loan commitments. Most banks have fulfilled their obligations now, they ensure capital adequacy and liquidity indexes as required and already make plans for next year’s profit.


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  1. Lawanda says:

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