Refund from ABLV bank
Problems with the Latvian ABLV Bank began after accusing him of a number of violations related to participation in money laundering, supporting terrorism, serving corrupt persons, etc. Considering this, the European Central Bank decided to liquidate ABLV Bank.
It should be noted that the operation of the Latvian deposit guarantee system complies with the requirements of Directive 94/19/EC of the European Parliament and of the Council on deposit guarantee systems of 30 May 1994. In this regard, when the moment of unavailability of deposits occurs, each client is guaranteed by the state the payment of his deposit in the amount of 100,000 euros at the expense of the Deposit Guarantee Fund.
In the current situation, Citadele Bank was chosen as the bank that will make guarantee payments to ABLV Bank customers.
According to Citadele Bank, guarantee payments began on March 3, 2018, and approximately 88% of depositors will receive their deposits in full.
Briefly about the procedure for applying and paying out guaranteed deposits
Guarantee payments are made on the basis of an application, which can be submitted within 5 years from the date of unavailability of the deposit (i.e. until February 2023), in person or through a representative to one of the branches of Citadele Bank (Citadele branch, Laimdota Branch, KAC “Skanste”, KAC “Mol”, Jurmala branch).
Foreign customers apply only to the head office of Citadele Bank in Riga at the address: Republicas Square, 2-A (working hours: from 8:30 to 17:30 without breaks).
application languages – Latvian, Russian, English. The power of attorney must also be in one of these languages if the application is submitted through a representative. Payment is made in one transaction in euros, by non-cash transfer of funds to the client's account, in the bank specified by him. If the guaranteed payout amount is up to 1000 euros, then the payout can be made in cash.
What documents do you need to bring with you:
Individual (can apply both in person and through a representative under a notarized power of attorney):
- a passport giving the right to enter and stay in the territory of Latvia*;
- notarized power of attorney (if submitted by a representative).
Legal entity (submitted by a representative who has the right to sign at the bank):
- Some text
- a document confirming the authority of the representative (for example, a decision on the appointment of a director and / or a notarized power of attorney);
- company registration documents;
- constituent documents of the enterprise in the current version;
- a document confirming the active status of the enterprise (the document is valid for 1 year).
* It is desirable that the identity documents be the same as those provided during identification at ABLV Bank.
In some cases, the amount of the guaranteed payment to individuals may exceed EUR 100,000. In particular, individuals can claim an additional guaranteed payment of up to 200,000 euros (i.e. the total amount of the payment can be up to 300,000 euros) if funds have been credited to their account during the last three months from:
- real estate sales;
- social compensation paid by the state;
- payment of compensation for damages incurred (for example, payment under an insurance policy);
- compensation for an unfair verdict.
Who will not be able to receive guaranteed compensation:
- owners of deposits with whom no actions have been taken during the last two years and the amount of which does not exceed 10 euros;
- owners of deposits that are associated with the legalization of proceeds from crime, or fall under the definition of proceeds from crime;
- credit institutions, financial institutions, insurance companies, private pension funds, investment management companies and investment brokerage companies.
Information about the costs associated with the transfer of funds
Services and their cost:
- Transfer to your account in Citadele group bank - free of charge
- Transfer to your account in any other Latvian bank - free of charge
- Other transfers - 0.2% (min. EUR 24, max. EUR 75)
- Some text
It would be advisable to arrange a visit to the bank in advance:
- By the round-the-clock phone +371 67010076 (by the same phone you can find out all the information of interest regarding guaranteed payments);
- By filling out the application form on the website - international.citadele.lv
IMPORTANT!!! Citadele Bank does not open new accounts to pay out guaranteed deposits to non-residents.
In order to be sure that the package of documents to be submitted to Citadele Bank fully complies with the requirements, preliminary scans of these documents can be sent to the email address info_int@citadele.lv
After that, Citadele Bank will send a response on the compliance of their content and legal form with the necessary requirements for applying for a guaranteed refund. Consideration of documents can take up to three weeks.
In addition, before traveling to Latvia, it would be advisable to clarify whether the client's account information was transferred from ABLV Bank to Citadele Bank in order to make guaranteed payments. You can find out in two ways:
- In your personal account through Internet banking. In this way, you can find out whether a guaranteed payment is due, as well as its amount.
- Some text
As regards clients whose savings on their accounts with ABLV Bank exceed EUR 100,000, they will be able to submit their claims within the framework of the liquidation process of ABLV Bank. On this issue, ABLV Bank recommends following the information that will be published by the European Central Bank and the financial regulator of Latvia on their websites.
The client can find out the account balance only in ABLV Bank from his private banker, Citadele Bank does not have such information.
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