Regulatory Alerts2026-06-04
Added · Updated
Saeima Supports Latvian Bank's Proposal to Set NGF Target Volume at 3% of Covered Deposits
The Saeima approved amendments to the Deposit Guarantee Act, raising the target volume of the Deposit Guarantee Fund (NGF) to 3% of covered deposits and eliminating the one-time initial payment for new credit institutions. The changes authorize the Latvian Bank to use NGF investment income to cover fund management costs and project that contributions will decrease to approximately 9 million euros annually once the target is reached in 2027. The deposit guarantee remains at 100,000 euros per depositor per institution, with the Latvian Bank managing the fund and having access to borrowing mechanisms or state budget funds if NGF resources are insufficient.
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