Latvia

Latvia uses the euro (EUR) and has a financial market serving individuals and companies through banks, cooperative credit unions and foreign bank branches. A bank’s ownership group, local branch and licensed legal entity may be different names, so it is worth checking the institution rather than relying only on the consumer-facing brand.

Latvijas Banka supervises financial market participants and administers Latvia’s Deposit Guarantee Fund. Eligible deposits with institutions belonging to that fund receive statutory protection under the scheme’s conditions. Deposits at Latvian branches of foreign EEA banks are generally protected by the guarantee arrangement of the bank’s home country rather than automatically by Latvia’s fund.