Notification for the investment fund “DNB Rezerves fonds” investment certificate holders

Please be aware that during the second half of 2015, it is planned to liquidate the investment fund “DNB Rezerves fonds” (ISIN  LV0000400463), hereinafter referred to as Reserve Fund. 

This decision has been made on the basis of the prevailing situation in financial markets, with the low euro interest rates not making it possible for the money market fund to ensure required returns to its investors.

We invite the holders of Reserve Fund investment certificates to evaluate other savings opportunities that are offered by DNB. Please call our around-the-clock support line to schedule a meeting with a specialist who will help you to learn more about possible solutions.

Because of the planned liquidation of Reserve Fund:

• No fund management fee will be charged from 6 June 2015;
• No new instructions to purchase Reserve Fund investment certificates will be accepted after 16:00, 5 June 2015;
• One can sell Reserve Fund investment certificates prior to the beginning of the liquidation of the fund, by submitting the instructions via DNB Internet bank* or at any DNB branch. The liquidation of the fund will begin after 15 July 2015. The precise date will be available after the authorisation is received from the Financial and Capital Markets Commission, and it will be published on the DNB Bank homepage.
• According to the Law on Investment Companies (Ieguldījumu pārvaldes sabiedrību likums), investment funds cannot pay out money to holders of certificates during the liquidation, which lasts at least three months. Accordingly, clients who do not sell their investment certificates prior to the beginning of the liquidation, will receive money in their accounts once the liquidation process is finished.

* To sell your investment certificates via DNB Internet bank, please choose “Messages” – “New Application” – “Application from Template”, “Subject: Sell DNB Reserve fund shares”. Please enter the number of shares that you wish to sell, or write “All shares” if you want to sell all of them.  Please also indicate the EUR account number to which you would like the money from the sale to be transferred.  Instructions on the submission of messages can be found here.

We also remind you that capital gains on the sale of investment fund certificates, if any, are subject to the personal income tax at the rate of 15%. 

If you are not planning to make use of the financial instrument account in which Reserve Fund investment certificates are kept, please consider closing the account. You can close the account by submitting a request via DNB Internet bank (under “Messages”) or by visiting any DNB branch. If there are no financial instruments in the account, no commission fee is charged for its maintenance. If you do not use the account for more than six months, it will be closed.