I am not able to find reliable information on this topic. Generally speaking, all deposits in EU banks are secured by national guarantee fund up to about 100k. Image a national fund would fail because the bank lost too much money. Does the EU still guarantee to repay the depositiors up to 100k? Is there some law (any links)? Some law that is on its way? Or are there other mechanisms securing national funds from failing? More specifically, I'm interested in Latvia, which, according to the internet, has a weakend fund system.
The guarantor is the Government of Latvia, the fund is the means of executing that guarantee. Unless the government defaults, the guarantee is valid. See here: