Over the course of thirteen days, since Citadele bank began paying state-guaranteed compensation to ABLV Bank clients, compensation has been paid to a total of 3,441 ABLV Bank clients. The total sum paid out between the 3rd and 15th of March is 54.5 million Euro.
Statistics show that, thus far, local Latvian ABLV Bank clients have been the most active in applying for state-guaranteed compensation. Of the 3,441 clients to have received state-guaranteed compensation, 2,929, or 85%, were local Latvian residents or legal persons. Meanwhile 512 were international clients.
In accordance with the Deposit Guarantee law, ABLV Bank’s Latvian and international clients - private customers and legal persons - with deposits in ABLV Bank are eligible for state-guaranteed compensation. State-guaranteed compensation applies to all of a depositor’s funds - term deposits, current accounts, wage accounts, savings accounts, etc., (excluding financial instrument accounts).
Each depositor can receive compensation of up to 100,000 Euro - depending on how much was deposited in the specific client’s ABLV Bank accounts.
State-guaranteed compensation can be claimed for the next five years - up to the 3rd of March 2023.
Those clients whose total deposit sum with ABLV Bank is more than the 100,000 Euro limit set by the Deposit Guarantee law can submit their claims as creditors as part of the ABLV Bank liquidation process.
As previously reported, the Latvian Financial and Capital Market Commission entrusted the disbursement of state-guaranteed compensation to ABLV Bank clients to Citadele bank. This decision was based on the solution most suitable to client interests, as demonstrated by Citadele’s technical capabilities and ability to begin offering state-guaranteed compensation in a very short amount of time. The decision also took into account Citadele’s previous experience in providing state-guaranteed compensation to Latvijas Krājbanka clients in 2011.
Citadele was able to begin payment of state-guaranteed compensation to ABLV Bank clients on the 3rd of March, which was five working days after the freezing of deposits in ABLV Bank. This was earlier than required by the Deposit Guarantee Law, which specifies that guaranteed compensation must be available to depositors from the eighth working day after deposits are made unavailable.
For clients’ convenience, both private and legal persons are invited to book an appointment at the bank through our 24-hour phone line at +371 67010076 or by applying through the Citadele website. Citadele’s employees will offer the most convenient available time and branch to receive compensation.
Remember, those clients who use Citadele’s online bank can apply for state-guaranteed compensation through the Citadele online bank and do not need to go to a branch. Meanwhile, Latvian residents and legal persons can apply to open a Citadele account at any of Citadele’s 30 branches throughout Latvia before applying for state-guaranteed compensation through Citadele’s online bank.
State-guaranteed compensation for Latvian residents and legal persons is being issued simultaneously at four branches in Riga and one in Jurmala: “Citadele” (Riga, Republikas laukums 2A), KAC "Skanste" (Riga, Skanstes iela 50), KAC "Mols" (Riga, Krasta iela 46), the "Laimdota" branch (Rīga, Kr. Barona iela 20 – 1), the Jurmala branch (Jūrmala, Jomas iela 30).
Meanwhile, international clients can claim their state-guaranteed compensation at the “Citadele” branch (Riga, Republikas laukums 2A). International clients are also requested to book an appointment at the bank in advance through our 24 hour phone line at +371 67010076 or on the Citadele website www.citadele.lv.
In accordance with the contract with the Latvian Financial Capital Market Commission, compensation will only be paid in EUR, in one transaction.
State-guaranteed compensation can be paid by transfer to the client’s account at Citadele bank or any other bank.
For clients with deposits in ABLV Bank up to 1,000 Euro, compensation may also be paid in cash at the “Citadele” branch; however, Citadele encourages ABLV Bank depositors to collect their state-guaranteed compensation via transfer for security reasons.
Where to ask any questions
If you have any questions on where and when to receive compensation, anyone is welcome to contact Citadele 24 hours a day:
- by calling Citadele’s Call Centre on its 24-hour number +371 67010076,
- by writing through Citadele’s internet bank.
If you have any questions on the amount of compensation or recognising a person as a depositor, please contact the FCMC. By phone: 67774800, 67774801, 67774831. By email: fktk@fktk.lv. Address: Kungu iela 1, Riga, LV-1050.