The Law prescribes a schedule for increasing this amount to the level required by the EU directive (13 000 lats) in six years. As of 2003, the guarantees will also be applied to deposits of legal persons.
As of July 1, 2001, the financial sector is supervised by a single supervisory authority, the Financial and Capital Market Commission, the successor, in this area, to the Bank of Latvia. Hence, the financial sector will continue to benefit from the supervision framework that is among the strictest in Central and Eastern Europe.