Since 1 January 2011, Latvia has doubled state guarantees on bank deposits. From now on a client of any Latvian bank in case of its failure is entitled to receiving up to €100,000 from the Latvian state, which is twice as much as the previous limit. In case if the deposit does not exceed this amount, the client will be compensated for in full. These guarantees are offered to all clients of Latvian banks including citizens of Russia and other CIS countries.

“I believe this is a highly positive decision boosting the popularity of Latvian banks particularly among Russians,” SPEAR’S Russia Editor-in-Chief and Rietumu Bank’s Supervisory Board member Alexander Gafin points out. “Russian clients are attracted to Latvian banks due to a combination of European banking standards, very high quality of service in Russian language and higher interest rates on deposits compared to those offered by Swiss and Austrian institutions.”

SPEAR’S Russia is the Russian version of the most trustworthy and influential European (London, UK) magazine for the world’s richest audience. Editor-in-Chief – Alexander Gafin, founder – PBWM Media, General Manager – Dmitry Gafin.

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