The Deposit Guarantee Fund of Latvia is the legal authority responsible for operating the domestic bank deposit guarantee scheme that protects account holders in case of bank failure. The deposit guarantee scheme in Latvia covers up to €100,000 per depositor, per bank. The scheme applies to all credit institutions licensed in Latvia, including branches of foreign banks.
The need for deposit insurance arises due to the possibility of a bank failure or insolvency, which may lead to the loss of deposits. Deposit insurance helps to protect depositors from such risks by providing a safety net in case of bank failures. The deposit guarantee scheme in Latvia ensures that depositors can recover their deposits up to the insured limit in the event of bank failures, thereby providing financial stability and confidence in the banking system.
The Deposit Guarantee Fund of Latvia has a two-tier organizational structure, consisting of a Management Board and a Supervisory Board. The Management Board is responsible for the day-to-day management of the Fund, while the Supervisory Board oversees the activities of the Management Board.
The contact information for the Deposit Guarantee Fund of Latvia is as follows:
Address: Kungu iela 1, Riga, LV-1050, Latvia;
Phone: +371 67774891;
Email: [email protected].