Presently deposits are guaranteed up to the rather moderate level of Lats500, however, the law sets a timetable for increasing this amount to the level required by the EU directive. Initially the law will cover only natural person deposits, and later on we will apply to legal persons as well.
Remaining tasks We are currently working on the implementation of two more advanced EU directives, relating to consolidated supervision and capital adequacy. This means that by the end of 1999 the regulatory framework for banking activities in Latvia will be completely harmonised with EU requirements.