99.2% of PNB Banka customers will receive their funds to a full extent from the Deposit Guarantee Fund 16/08/2019
On 15 August, the European Central Bank (ECB), as the direct supervisor of AS PNB Banka, has resolved to recognise this bank as an institution failing or likely to fail. European Single Resolution Board has resolved not to take measures to stabilise the activities of the bank. The Board of the Financial and Capital Market Commission (FCMC), at an extraordinary meeting, has adopted a decision to suspend the rights of AS PNB Banka to provide financials services.
The Minister for Finance Jānis Reirs points out: "Latvia is a safe country, and the customers of the bank can be confident of their funds. Those customers of the bank, whose deposits in the bank were up to 100, 000 euros (namely, 99.2% of all customers), will be able to receive their funds to a full extent within the period of the nearest days. Disbursements of guaranteed deposits will be made from the Deposit Guarantee Fund, established for such purposes and comprised of the contributions made by the banks themselves. A sufficient amount of funds has been accrued in the Deposits Guarantee Fund and no state budget funds would be required for such purposes."
It should be noted that the customers would promptly receive detailed information as to the recommended actions, as well as where to turn and what steps are to be taken, in order to receive their money.
The Minister for Finance explains: "It should also be emphasised that the decision with respect to AS PNB Banka does not affect the Latvian banking sector, and it remains stable. The closure of the referred to bank is not related to "capital repairs" or Moneyval evaluation report, but represents an expected result of systematic and consistent banking supervision approach. The situation in the particular bank is related to its selected business model, competition circumstances and adopted business decisions. Other Latvian banks are successfully continuing to operate, whereas the competent authorities - the FCMC and the ECB are constantly assessing the situation and closely following up the developments in the banking sector."
Considering that a major part of the customers of the bank are retired persons, we are closely cooperating with the State Social Insurance Agency, to make the transition to other banks easier for the customers and to provide them with the possibility to receive their funds - pensions, benefits, etc., as soon and simple as possible.
Minister Jānis Reirs: Merging of the FCMC with the Bank of Latvia is a logical completion of the "capital repair" of the financial sector22/05/2020
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