OREANDA-NEWS. November 24, 2011. The council of the Financial and Capital Market Commission (hereinafter referred to as the Commission) decided to suspend provision of all financial services by AS "Latvijas Krajbanka", reported the press-centre of Latvijas Krajbanka.

The Commission also decided to suspend the work of the Board and Council of AS "Latvijas Krajbanka" and appoint a group of authorized representatives of the Commission for the management of the Bank having the rights of the Board and Council. Deputy Chairman of the Commission Janis Brazovskis was appointed as the head of the group of authorized representatives.

The group of authorized representatives is authorized to perform management of the financial institution with purpose to ensure protection and maintenance of the Bank's assets.

The Commission informs that by adopting above decision, the resolution on imposing restrictions on the transactions that exceed the amount of 100 000 euro shall be revoked. The Bank's client settlements are not performed. The Commission shall provide information on the availability of deposits separately.

Please note that pursuant to the Deposit Guarantee Law, the Deposit Guarantee Fund shall ensure payments of compensations for all types of deposits in any currency in amount up to 100 000 euro (about 70 000 lats). The guaranteed compensation is calculated by summing up deposits in all accounts if the deposits are placed in several accounts of the bank. The guaranteed compensation refers to deposits, deposit interest, the balance of payment account and salary account, as well as savings accounts.