Financial services are the lifeblood of the economy. That is why ensuring accessible, secure, and reasonably priced financial services is a priority priority issues of Latvijas Banka. Although the non-opening of accounts, termination of cooperation, and prolonged delays in transaction execution are no longer systemic issues in the Latvian financial sector, there are still isolated instances where existing or potential commercial bank customers face challenges in establishing or maintaining cooperation. In these situations, Latvijas Banka offers mediation under its guidance. Latvijas Banka will objectively assess the positions and arguments of both parties and offer a solution that complies with regulatory requirements and aligns with best practices.
Santa Purgaile, Deputy Governor of Latvijas Banka, notes:
"We highly appreciate every instance when customers approach Latvijas Banka and use the mediation opportunity. This allows us to engage and gain a better understanding of the issues where disagreements arise between the banks and their customers. Experience has shown that a solution is achievable in most cases. This is important in this particular case, but even more so on a larger scale as Latvijas Banka provides guidance and explanations to other commercial banks. At the same time, it provides a foundation for assessing the practical application of the regulation and, if shortcomings are identified, for correcting them or addressing other relevant issues."
For the convenience of individuals and businesses, a simplified mediation application form is now available.