On Thursday, 12 June, the Saeima adopted, in the final reading, amendments to the Credit Institutions Law aimed at reinforcing the use of the official state language in credit institutions. 

“The working language in credit institutions must, without question, be Latvian. These amendments will further entrench the use of the state language by clearly stipulating that clients have the right to receive financial services in Latvian at banks operating in Latvia,” previously stated Anda Čakša, Chair of the Budget and Finance (Taxation) Committee, which was responsible for the progress of the amendments in the Saeima.

As a result, Latvian will be the primary language in all digital environments, communication, and documentation, as well as in face-to-face customer service. Credit institutions must comply with this requirement by no later than 30 September this year.

The amendments also stipulate that credit institutions in Latvia may independently determine which official language of an EU Member State or candidate country to use as an additional language in communication with clients.

Under the new provisions, services may also be provided, and financial documents prepared for foreign clients, in any other official language of the EU or a candidate country—provided the client consents and the bank is able to ensure this.

Additional languages may be offered by credit institutions via digital interfaces, mobile applications, websites, and call centres. A client’s selection—such as by pressing a specific button—shall be regarded as consent to the use of the selected language.

The amendments to the Credit Institutions Law also provide for an expansion of the categories of entities entitled to receive confidential information regarding portfolios of non-performing loan agreements.

Saeima Press Service