The process of Latvijas Krājbanka nationalization has started

23.11.2011 Bank Latvijas Krājbanka has serious difficulties. Due to lack of capital the bank failed to pay its customers money owed to them in accordance with deposits. Restrictions were placed on a number of banking transactions. Moreover, the dissolution of Latvijas Krājbanka Board of Directors was held - and responsibility for management of the bank was given to the official of commission FKTK. On the 22th of November 2011 the commission on financial markets of Latvia (FKTK) decided to pay customers their money on deposits of the bank. These transactions must be completed before 26 November 2011.

Expert’s opinion

“Disappointing bank trend takes place in Europe, and in particular in Baltic states, today. Following SNORAS bank nationalization the process of Latvijas Krājbanka nationalization has started. The number of banks whose service can be used to open accounts to both individuals and legal entities, is gradually decreasing”.

On the basis: www.fktk.lv

Andrianova Irina ( the lawyer of international consulting department of Honest&Bright)