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.
The State-guaranteed amount applies to both current account balances and savings accounts, as well as deposits and other types of investment products.
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 licence 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 Deposit Guarantee Law prescribes that if the Deposit Guarantee Fund does not have sufficient funds to pay deposits, they are paid from the State budget.
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 more about the deposit guarantee on the website of the Financial and Capital Market Commission.
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