Disbursement of State-Guaranteed Compensation to PNB Banka Clients

1. Who can receive state-guaranteed compensation?

In accordance with the Deposit Guarantee Law, Latvian and international clients of PNB Banka with deposits in PNB Banka, both private and legal persons qualify for state-guaranteed compensation. Depositors’ assets include wage and pension accounts, current accounts, savings accounts, term deposits and others. State-guaranteed compensation applies to these assets.

 

2. How do I apply?

To simplify the application and disbursement procedure as much as possible, we have developed a system for each client group. The procedure is as follows:

Private persons (non-residents) with an existing Citadele account:
Fill in an application for the disbursement of your compensation through the online bank or in a Citadele branch. Your compensation will be transferred to your Citadele account or to any account in your name at any credit institution or financial institution. For in-person service, please call Citadele at +371 67010033 or fill in online form to arrange a meeting.

Private persons (non-residents) without a Citadele account:
Call Citadele at +371 67010033 or fill in online form to arrange a meeting. Visit Citadele’s Head Office at 2A Republikas Laukums, Riga, show your passport or ID card, and receive your compensation via transfer to your account in any credit or financial institution.

Legal persons (non-resident) with an existing Citadele account:
Fill in an application for the disbursement of your compensation through the online bank or in a Citadele branch. Your compensation will be transferred to your Citadele account or to any account in your name at any credit institution or financial institution. For in-person service, please call Citadele at +371 67010033 to arrange a meeting.

Legal persons (non-resident) without a Citadele account:
Call Citadele at +371 67010033 or fill in online form and arrange a meeting. Go to the arranged Citadele branch, show your identification and receive your compensation via transfer to your account in any financial institution.

3. During what time period can state-guaranteed compensation be received?

State-guaranteed compensation can be applied for from the day when disbursement begins, therefore, from August 22nd, 2019. You can apply for state-guaranteed compensation at any point for the next five years.

4. How much is state-guaranteed compensation?

Each depositor can receive state-guaranteed compensation up to 100,000 Euro, according to the specific deposit amount in their specific PNB Banka account.

Those depositors whose deposits exceed the 100,000 Euro set out in the Deposit Guarantee Law can apply as a creditor as part of the PNB Banka liquidation process.

5. What does the recipient have to bring when they visit a branch?

International clients (non-residents):

Private persons:
A passport or ID card valid for travel to Latvia.

Representatives of private persons (authorised person):
A notarised power of attorney (example) and a passport valid for travel to Latvia, or ID card valid for travel to Latvia or issued by the Office of Citizenship and Migration Affairs of the Republic of Latvia.

Legal persons:

What documents should be brought to the bank branch (for legal person, non-resident):

  • Passport valid for travel into Latvia, or personal identification issued by the Republic of Latvia Office of Citizenship and Migration Affairs, or personal identification valid for travel into Latvia of the person eligible to represent;
  • Registration certificate, statutes (current edition) and certification of the rights to represent a legal person (for example: director’s appointment decree and/or notarised power of attorney);
  • Document certifying the legal person’s active status;
  • Information regarding notarized power of attorney for legal entities

Please send your business’ scanned documents before coming to the bank by email to info_int@citadele.lv to assess whether, as a whole, their contents and their legal format is sufficient to receive state-guaranteed compensation. Please pay attention to the fact that this e-mail is not intended for other questions. For all other queries, please contact the 24/7 phone +371 67010033 or use the application form.

Please take into account that Citadele Bank does not have the right to provide any information regarding a depositor’s being or not being on the list of guaranteed compensation recipients, nor the amount of compensation, to any unidentified persons. The reply issued by the bank applies only to the legal evaluation of the documents submitted, indicating any incompleteness to be addressed should whoever wishes to submit these documents as a representative of an PNB Bank depositor desire to apply for receive state-guaranteed compensation. Please bear in mind that any suggestions offered by the bank regarding the quality of the documents submitted does not guarantee that the legal person named in the documents will receive guaranteed compensation as an PNB Bank depositor.

6. In what languages can I submit a notarised power of attorney for disbursement of state-guaranteed compensation?

We accept powers of attorney in three languages: Latvian, English and Russian.

7. How much does the disbursement of state-guaranteed compensation cost?

Please read the following information on compensation disbursement methods and their costs:

Service International client
Cash Not offered
Internal bank transfer No commission fee
Standard payment SEPA too other banks in Latvia or Europe Private persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 21 EUR

Legal persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 250 EUR
SEPA payments to other banks in Latvia or the EEZ Private persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 21 EUR

Legal persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 250 EUR
Standard payments to another bank overseas and standard EEA payments, SHA transfers Private persons:
0.2% (min. EUR 24, max. EUR 75)

Legal persons: 250 EUR

8. Can international clients also open a Citadele account in order to receive their compensation?

International clients who currently have a Citadele current account can use this to receive their state-guaranteed compensation. If an international client does not have a Citadele current account, state-guaranteed compensation will be transferred to an account in their name at another bank.

We would like to inform you that, for the purpose of receiving guaranteed compensation, international clients are unable to open a new account.

9. What will happen with PNB Banka clients’ loans?

As reported by the FCMC, the termination of PNB Banka’s operations does not affect a client’s responsibility to pay back their loans. While the loan contract is in force, no one has the right to change its terms or force lenders to pay back their loans before the due date. Nothing changes for the client as long as they repay their loans on time.

Information for customers that have liabilities in PNB Banka (loan liabilities, fees, etc.)

10. How soon will clients receive their state-guaranteed compensation?

Disbursement of state-guaranteed compensation will begin on August 22nd, 2019. This can only be performed as a transfer. If a client’s papers are in order, this transfer will take place like any other Euro transfer to a Citadele or outside bank account. Please remember that, when the money is transferred to another bank, the speed at which it arrives depends on the recipient bank.

11. What do I need to write in the free-form request for guaranteed compensation sent through the online bank?

Please transfer the money owed to me as part of the PNB Banka state-guaranteed compensation scheme to my account as follows:

  • account number;
  • bank / credit institution / financial institution name;
  • bank / credit institution / financial institution SWIFT code.

12. Can my state-guaranteed compensation be sent to another person’s Citadele account?

No, this service is not available.

13. What should an under-18 do if they have an inheritance in PNB Banka?

The parent or guardian of the child should go to the Citadele branch at 2A Republikas laukums, taking along the inheritance certificate and personal ID, as well as the Orphan’s and Custody Court ruling on the granting of inheritance rights to the child. Please bear in mind that we may request additional documents during this process.

14. Can my compensation be sent to a Paysera account?

Your guaranteed compensation can be transferred to your Citadele account or to an account stated in your application and in your name at any credit institution or financial institution, including Paysera.

15. What happens to items left in safes kept at PNB Banka?

Safe contents do not come under state-guaranteed compensation, so clients must speak directly to PNB Banka regarding this matter.

16. Can a new client open a safe at Citadele?

We are currently not providing new clients with this service.

17. Can the compensation be paid into an overseas account? Will there be a fee for this?

Yes, this kind of payment is possible. Commission will be taken in accordance with the price list. Please see the information on guaranteed compensation disbursement methods and their cost:

Service International client
Cash Not offered
Internal bank transfer No commission fee
Standard payment SEPA too other banks in Latvia or Europe Private persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 21 EUR

Legal persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 250 EUR
SEPA payments to other banks in Latvia or the EEZ Private persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 21 EUR

Legal persons:
Up to 300 EUR - 4 EUR
Over 300 EUR - 250 EUR
Standard payments to another bank overseas and standard EEA payments, SHA transfers Private persons:
0.2% (min. EUR 24,
max. EUR 75)

Legal persons 250 EUR

18. If a PNB Banka client’s money was in a different currency (not EUR), in what currency will compensation be disbursed?

All disbursement will be in Euro.

19. Is a notarised power of attorney giving the authorised person permission to carry out all operations at PNB Banka valid for receiving compensation?

The power of attorney issued for operations in “PNB Bank” is no longer valid. We kindly ask you to issue a new power of attorney to obtain the State's guaranteed remuneration.

20. Does state-guaranteed compensation apply to money in investment accounts?

Please contact a PNB Banka branch about funds deposited in investment accounts.

21. Will I receive interest on my deposit?

Compensation for deposits will be paid out along with any interest accrued before August 16th, 2019.

22. How can I find out my account balance and payment status in PNB Bank?

In order to find out your account balance and payment status, please, call FCMC at + 371 67774933 or +371 67774903.