Euro Changeover-Related Information

News - December 19, 2013

As the changeover target date (Latvia will join the euro area on 1 January 2014) is coming closer, we offer you the changeover-related information in regards to different types of banking services.

Internet Banking System
You are advised to make your all lats-denominated transfers (EMTs) till 12 am, 30 December 2013. During a certain period of time (from 4:00 pm, 31 December 2013 till 1:00 am 1 January 2014) the 30-minute downtimes can occur.

Electronic Money Transfers (EMTs)
You are advised to make your all lats-denominated transfers till 12 am, 30 December 2013.
Starting from 1 January 2014, you can avail of the SEPA Credit Transfer Scheme. On a practical level, you’ll be able to make fast electronic payments across the euro area as easy as domestic payments within one country. Once the bank has accepted the payment order, the beneficiary will receive the payment at the end of the next banking day.

Current Accounts
Your lats-denominated holdings in Bank’s accounts (including overdraft loans) will be converted automatically during the night of the changeover (1 January 2014, 00:00). Shortly after the changeover, you can normally check your account balances in an online environment (please log into the Internet Banking System). You’ll be able to receive your account statement on 2 January 2014.

Payment Cards
Lats-denominated balances in your card accounts (including card credit limits) will be converted automatically during the night of the changeover (1 January 2014, 00:00). We think that you’ll be able to check your card balance (EUR) on ATMs starting from 4 am, 1 January 2014. Please mind that the 30-minute downtimes can occur. 

Loans
Lats-denominated loans will be converted automatically during the night of the changeover (1 January 2014, 00:00). To check your loan balance (EUR), please contact your private banker or credit manager on 2 January 2014, or log into the Internet Banking System. The loan interest rate will remain unchanged.

Deposits
Lats-denominated deposits will be converted automatically during the night of the changeover (1 January 2014, 00:00). To check your deposit balance (EUR), log into the Internet Banking System. The interest rate applied on deposits will remain unchanged.

Exchange of Cash
The exchange rate is set at 0.702804 Lats/Euro (€1 = LVL 0.702804). It will be possible to exchange lats for euros at Bank’s teller desk within 6 months (2 January 2014 until 30 June 2014). Please give Bank a three-day prior notice if you want to convert the amount exceeding 3000 lats at any one time. Lats can be exchanged for euros until 28 December 2013 (till 4 pm).

Starter kits of euro coins
Starter kits of coins for the public are available at Bank’s teller desk from 10 December.


Please get in touch with your private banker for further information (to find out more about the impact of the euro changeover on Bank-offered services.

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