In order to minimise losses that persons might incur in case of compulsory liquidation or bankruptcy of any credit institution registered in Latvia, a branch of a foreign bank or savings-and-loans, the Parliament on 16 December 2008 amended the Savings Guarantee Act. The amendments, which entered into force on 18 December 2008, increase the state guarantee for each depositor to EUR 50,000 in case of unavailability of deposits. Similar steps were also taken by other Member States of the European Union under an agreement at EU level at the Economic and Financial Affairs Council (Ecofin) on 7 October 2008 in Luxembourg.