Banks, Deposits, Financial Services, Latvia, Legislation

“Even though the flow of people at the Bank’s branch offices was much bigger today than usually, we have generally been able to ensure attendance of all clients by working actively,” comments Guntis Beļavskis, Member of Citadele’s Board.

Regardless of encouragements to refrain from hurrying to the Bank during the first days of disbursement, people started gathering at some branch offices during the night and early in the morning before business hours. This resulted in queues in the morning. However queues had decreased significantly and even disappeared after lunch, informed BC head of corporate communications at Citadele Bank Ieva Prauliņa.

We would like to encourage all clients of Krājbanka who plan to visit the Bank within the nearest couple of days to register for an appointment on Citadele’s website at Citadele.lv just like the 16’900 people who have already done this. You will be able to select the most convenient time for your appointment with the Bank upon registration.

We would like to encourage residents who are not in immediate need of money to refrain from hurrying to the Bank in order to enable people who are presently without means of subsistence and companies which are facing limited solvency due to their funds being frozen with Krājbanka receive compensation first.

We would also like to remind that Citadele’s clients who have access to the internet bank are welcome to place their orders for receiving money via their internet bank profiles.

In order to ensure safety for our clients, State Police are on duty at all branch offices of Citadele. For the purpose of providing prompt and convenient attendance for existing clients of Citadele who do not have deposits with Latvijas Krājbanka as well as clients of Latvijas Krājbanka, we service people who have registered their appointment on the internet beforehand separately from the ones who arrive without prior registration; clients of Citadele banka who have no deposits with Latvijas Krājbanka are attended separately as well.

As announced previously, the funds to be disbursed to clients of Latvijas Krājbanka are guaranteed by the State and these funds are supplied to Citadele from the State Deposit Guarantee Fund. This funding is held separately from Citadele’s balance. Therefore the compensation money does not depend on Citadele’s activity and vice versa – Citadele’s activity does not depend on these funds. The Bank serves as an instrument for ensuring disbursement of compensation to depositors.

The State of Latvia guarantees compensation to Krājbanka’s clients in the amount of maximum 100 thousand Euros (LVL 70’280.40). Legislation provides that clients will maintain their rights to receive this money for 60 years.

State guaranteed compensation applies to all assets – deposits, bank accounts, salary accounts, savings accounts (including interest) calculated before 22 November. In accordance with the Law on Deposit Guarantees, funds are disbursed in Latvian Lats.

You are welcome to receive money by means of a wire transfer to an existing bank account at Citadele or a bank account at any other bank; money can also be collected in cash. We would like to remind that the whole sum is granted in a single payment. Therefore money cannot be partly transferred to your bank account and partly received in cash. Reminder: if you wish to receive sums that exceed LVL 500 in cash, you must apply for it at Citadele or via our website beforehand because the Bank does not keep large amounts of cash stored at one location due to safety reasons.