Important Update from Baltic International Bank SE about Claiming Guaranteed Compensation

Following our last article about Baltic International Bank and the suspension of its operations by the Latvian FCMC, it was announced that the depositors of the bank may claim the guaranteed compensation payments starting from 22 December 2022. The guaranteed compensation will be covered in full as it is paid by the Deposit Guarantee Fund.

Customers of Latvian credit institutions are under the state protection. The national deposit guarantee scheme provides solutions for ensuring the protection of customer deposits in situations where a financial institution is bankrupt or is being liquidated.

FCMC closely monitors the procedure of monetary compensation of Baltic International Bank SE in order to ensure that those eligible depositors will have the monetary compensation. As such, Latvijas Banka uses the information systems of Latvijas Banka to list eligible depositors.

Though only 1257 or 80% of all customers of Baltic International Bank SE will recover their deposits in full, it should be nevertheless a quick procedure of monetary recovery.

What is the amount of the guaranteed compensation?

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.

How would the payment be made for depositors?

The guaranteed compensation will be paid in a single lump-sum payment in the Euro currency to be transferred 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).

How can the depositors claim for the monetary compensations.

There are two options:

Option 1: if you have an access to online banking, then it is possible to follow the recovery claim online.

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.

Option 2: if you don’t have an access to online banking, you should follow the next steps.

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: [email protected];
  • to send certified (notarial) claim by post to Baltic International Bank SE address: Grēcinieku iela 6, Riga, LV- 1050.

What to do if you are a customer – minor?

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:

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.

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.

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