Citadele Bank

Citadele Bank Increasingly Influential in Latvia’s Financial System

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The Bank of Latvia has included the Citadele Bank in the inter-banking interest rate indices RIGIBID and RIGIBOR. Since February, transactions conducted by Citadele in terms of borrowing or lending money to other banks will influence the indices of the money market for lats, because Citadele is an active participant in the marketplace. Based on bank rates, the indices are calculated by the central bank.

“The Bank of Latvia has chosen the most active banks in Latvia to determine the inter-banking money market in lats, just as the European Banking Federation chooses Europe's leading banks to calculate the EURIBOR inter-banking network,” explains the member of Citadele's Management board, Philip Allard. “This decision by the Bank of Latvia shows that Citadele is taking an increasingly important place in Latvia's financial system and that the central bank considers Citadele to be an important participant therein.”

The Bank of Latvia has been calculating monetary market indices since 1998, doing so on the basis of the interest rates which are charged by the most active banks in the market. The RIGIBID and RIGIBOR indices currently are based on data from the Citadele Bank, the DNB Bank, the Latvian Mortgage and Land Bank, the Nordea Bank, the SEB Bank, Swedbank and the UniCredit Bank.