Deposit Guarantee

Rigensis Bank AS is a member of the deposit guarantee system of the Republic of Latvia. Pursuant to the Deposit Guarantee Law, Bank clients — both legal entities and private individuals — are guaranteed compensation for all types of deposits in any currency for a total amount of up to EUR 100,000 (for all accounts, if several accounts are opened with the Bank) in case of the unavailability of deposits, in accordance with the provisions of the Deposit Guarantee Law.

In addition to the maximum guaranteed compensation in the amount of EUR 100,000, a depositor is entitled to the guaranteed compensation in the amount of up to EUR 200,000 in accordance with the types of deposits and provisions specified in Section 4 of the Deposit Guarantee Law if:

  • the deposit is composed of money derived from transactions with person’s real estate used for residential purposes;
  • the deposit is composed of social benefits and compensations paid to the person, and payments intended for other social purposes as defined in respective regulatory enactments;
  • deposits that are compensations paid in accordance with the procedure established by the regulatory enactments for a damage of criminal nature or unjust indictment of the person.

The State-guaranteed amount applies to both current account balances and savings accounts, as well as deposits and other types of investment products.

Beginning of guaranteed compensation payout process in case of unavailability of deposits is determine in the Deposit Guarantee Law:

  • Starting from the 21st working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred until 31 December 2018;
  • Starting from the 16th working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred from 1 January 2019 until 31 December 2020;
  • Starting from the 10th working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred from 1 January 2021 until 31 December 2023;
  • Starting from the 8th working day after the date of occurrence of unavailability of deposits if unavailability of deposits has occurred after 1 January 2024.

Deposits that do not qualify for the guaranteed compensation are specified in Section 23 of the Deposit Guarantee Law.

The deposit guarantee system of Latvia was created to ensure depositors compensation for deposits placed with a member of the deposit guarantee system and which have become unavailable. Hence, in the event if the member of the deposit guarantee system is unable to pay the client his or her deposit because the Financial and Capital Market Commission has annulled the member's license or the court has declared the attractor of deposits insolvent, as well as in other cases when the Financial and Capital Market Commission has made a decision on the unavailability of deposits.

The Financial and Capital Market Commission stores and manages funds in the Deposit Guarantee Fund and pays out the guaranteed compensation.

The operation of the Latvian deposit guarantee system meets the requirements of Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes.

Find out General information on the protection of the State-Guaranteed deposits here.

Further information on the deposit guarantee on the website of the Financial and Capital Market Commission.

Deposit Guarantee Law

Depositor Protection Law