Suspension of PNB Bank’s services is not expected to have a material adverse impact on Latvian financial system and domestic customers – individuals and corporates. All other financial institutions in Latvia continue to provide a full range of services to their private and corporate customers. Latvian financial institutions are ready to provide access to financial services for customers of the PNB Bank, while observing the highest standards of compliance.
In the late evening of August 15, the Financial and Capital Markets Commission, following the decision of the Single Resolution Board of the European Central Bank, issued a decision on the inaccessibility of deposits, consequently, to embark on the disbursement of guaranteed compensation to clients of the PNB Bank. The guarantee covers all kinds of deposits, current account balances, salary accounts, savings accounts, up to 100 000 EURO.
In order to continue receiving banking services, clients of the PNB bank are encouraged to use financial services provided by other banks in Latvia. To ensure a swift service and avoid misunderstandings, Finance Latvia advises to reach out to a bank in advance via phone or online, to avoid long lines and other inconvenience.
FCMCs Infographics on the deposit guarantee scheme in Latvia: https://www.fktk.lv/en/news/infographics/infographics-latvian-deposit-guarantee-scheme/