Published: 21.12.2022

The Financial and Capital Market Commission (the FCMC) has made a decision on the procedure for the guaranteed compensation payments to the depositors of Baltic International Bank SE starting from 22 December. Thus, the disbursement of the guaranteed compensation to the depositors of Baltic International Bank SE will be started on the seventh working day following the occurrence of the unavailability of deposits identified by the FCMC's decision of 13.12.2022.

In accordance with the Deposit Guarantee Law, disbursement of guaranteed compensation shall be started no later than in seven working days after the day when deposits have become unavailable. In total, 43.7 million euro are needed for the disbursement of guaranteed compensation to the customers of Baltic International Bank SE. The guaranteed compensation payments will be fully covered by the funds from the Deposit Guarantee Fund (DGF), and no funds from the State budget will be needed for that purpose.

Customers of Latvian credit institutions are under State protection. The national deposit guarantee scheme provides solutions for ensuring the protection of customer deposits in such situation. The FCMC has provided the most appropriate solution to customers’ interests and drawn up arrangements for the disbursement of guaranteed compensation. 1257 or 80% of all customers of Baltic International Bank SE will recover their deposits in full in the form of guaranteed compensation.

The FCMC will ensure the guaranteed compensation payments through Latvijas Banka using the information systems of Latvijas Banka, thus enabling the depositors to receive their guaranteed compensation as quickly and easy as possible within the time limits specified by the Deposit Guarantee Law.

Guaranteed compensation disbursement arrangements for Baltic International Bank SE customers

The guaranteed compensation will be paid in a single lump-sum payment in the euro currency transferring it to an account opened in the name of Baltic International Bank SE depositor in another credit institution or financial institution operating in Single Euro Payments Area (SEPA).

Baltic International Bank SE customers who have access to online banking

Baltic International Bank SE customers – depositors may claim the guaranteed compensation to which they are entitled through online banking system of Baltic International Bank SE and by submitting an application for guaranteed compensation.

Baltic International Bank SE customers who do not have access to online banking

The bank’s customers – depositors who do not have access to Baltic International Bank SE online banking may claim guaranteed compensation in any of three ways:

  • to visit Baltic International Bank Se in person during its working hours at the bank’s premises: Grēcinieku iela 6, Riga.
  • to submit an electronically signed claim to Baltic International Bank SE; e-mail address: This email address is being protected from spambots. You need JavaScript enabled to view it.;
  • to send certified (notarial) claim by post to Baltic International Bank SE address: Grēcinieku iela 6, Riga, LV- 1050.

Baltic International Bank SE customers – minors

The legal representative of the minor submits the guaranteed compensation claim at the premises of Latvijas Banka during working time: 

  • until 30.12.2022 (including), Cashier’s Offices of Latvijas Banka at Kr. Valdemāra iela 1B, Riga;
  • from 02.01.2023, Cashier’s Offices of Latvijas Banka at Bezdelīgu iela 3, Riga.

Information on working time of Cashier’s Offices available at: https://www.bank.lv/en/about-us/contacts/cashier-s-office.

According to the application of the legal representative of the minor depositor or the person who opened the account for the minor depositor, guaranteed compensation payment will be transferred to the account indicated in the application, opened in the minor’s name in any other deposit taker with the conditions for the use of existing funds similar to those laid down by Baltic International SE.

The FCMC will immediately notify the legal representative of the minor depositor regarding the transfer of the guaranteed compensation (deposit) to the account of the minor.

Infographic: Procedure for guaranteed compensation payments to Baltic International Bank SE depositors

GA BIB 23122022 EN

 

Besides, in accordance with Section 22 (1) of the Deposit Guarantee Law, the FCMC has imposed an obligation on Baltic International Bank SE to cover the claim in the amount of compensation according to the calculation by the FCMC.

The Latvian Deposit Guarantee Scheme provides for guaranteed compensation up to EUR 100 000 for each eligible customer. It shall be paid to both natural and legal persons for all types of deposits in any currency. The guaranteed compensation applies to the deposits of bank’s customers, as well as deposit interest accrued until the date of occurrence of the unavailability of deposits.   

Further information to the mass media:
FCMC Communications Division
Phone: +371 67774808
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.