Latvia Raises Deposit Insurance Threshold To EUR 100 000

According to the amended Deposit Guarantee Act with effect from 1 January 2011, the coverage limit guaranteed by the deposit guarantee scheme (DGS) was raised to EUR 100 000.

Under the pre-amended Act, the statutory upper limit for reimbursement per depositor was EUR 50 000 in case of unavailability of deposits from deposit-taking institutions. The Chairman of Saeima’s Budget and Finance Committee Janis Reirs anticipates that the amended law will enhance safety for depositors, thus enabling Latvian banks to garner more deposits, according to Saeima’s Press Unit.