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February 04, 2012      
 

For AB bankas SNORAS customers

AB Bankas Snoras (“Snoras”) Deposit Insurance

 

The following Q&A are specific to Snoras

 

1.     Why is my compensation not yet available?

There are a number of reasons why, if you are eligible for compensation, that your compensation may not yet be available:


·   If your accounts had been frozen (prior to the bankruptcy of Snoras) by bailiffs, State tax authorities, State social insurance institutions or other institutions and you are eligible for compensation;  

·   If Snoras does not yet have your correct details (address, identification number).  Snoras are working to contact these customers, but if you have not been contacted and you think this applies to you, please call 8 800 272 72 (in Lithuania) and +370 5 239 22 39 (for overseas customers);

·   If you do not fall into one the above categories, please call  8 800 272 72 (in Lithuania) and +370 5 239 22 39 (for overseas customers) or complete the customer request form on the Deposit Insurance Fund or Snoras website.

We appreciate your patience while we resolve these issues.

 

 

If you still haven‘t got insurance compensation or got an insurance compensation which is smaller than it should be you have to submit your claims to SNORAS bank bankruptcy administrator by 10 February 2012.

 

 For more information please visit http://www.snoras.com/en/about/news?item=3447  .

 

 

 

2.     How do I get more information on how my compensation was calculated?

Snoras is working to provide details of how your compensation was calculated on your online internet bank account. We hope the information will be already available on the 19 of December 2011.  If you do not have an online internet bank account with Snoras, please call  8 800 272 72 (in Lithuania) and +370 5 239 22 39 (for overseas customers) and representatives of Snoras will provide the relevant information.

3.     What do I do next if my compensation is still not available or I have a query on the amount of compensation that I have received?

A request form is available on the website of the Deposit Insurance Fund and Snoras.  You can fill in details of your request and send this form to the Deposit Insurance Fund by mail, fax (+370 5 21355 46) or e-mail (pretenzija@iidraudimas.lt).  You can also obtain a request form from an SEB branch or by calling 8 800 272 72 (in Lithuania) and +370 5 239 22 39 (for overseas customers).

  1. I have submitted a request form, when can I expect to receive an answer?

The Deposit Insurance Fund is currently handling large amounts of requests and will endeavour to respond to your request as quickly as possible.  We will update you on the progress of this process.

5.     If I have more than €100,000 in an account, does that mean I will lose money?

A depositor whose total deposits with Snoras exceed the compensation limit will receive compensation for the amount of their deposit up to the limit of €100,000 as part of the Deposit Insurance Fund compensation process.

Depositors with deposits above the limit will be an unsecured creditor of Snoras and will be entitled to participate in the bankruptcy of Snoras along with the other unsecured creditors.

The Bankruptcy Administrator will be in touch in due course with details on how to make a creditor claim in the bankruptcy of Snoras.

6.     What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?

For people who hold multiple accounts in the bank, the Deposit Insurance Fund would pay compensation up to a limit of €100,000, per person and not per account.

7.     I have my money in a joint account. How would the Deposit Insurance Fund pay compensation?

The compensation limit of €100,000 applies to each depositor for the total of their deposits, regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, the Deposit Insurance Fund will assume that the money in that account is split equally between account holders, unless evidence shows otherwise. This applies even if you have recently split up with your partner.

This means that each account holder in a joint account would be eligible for compensation up to the maximum limit.

8.     What happens if I owe money to Snoras?

You are obliged to continue making repayments in accordance with the terms and conditions of your mortgage, loan, etc. The Bankruptcy Administrator and his team are working on arrangements for borrowers to make loan repayments to Snoras.  Further information about how to make repayments will be available from the Bankruptcy Administrator shortly.

9.     Will any of the money I owe to Snoras be netted against my deposit when you calculate the amount of compensation payable?

Yes.  Your compensation payment under the Law on Insurance of Deposits and Liabilities to Investors will be calculated net of any loans that you owe to Snoras in accordance with Article 12 Part 1 Item 4 of Law on Insurance of Deposits and Liabilities to Investors.

10. Will you compensate me for any interest I have earned on my account?

Interest owed to the depositor up until 24 November 2011 (the Insured Event) will be paid as part of the compensation amount.

11. Does the Scheme cover deposits made in different currencies?

Yes. Banks and credit unions insure deposits in litas and in foreign currency - dollars of the United States of America, euros and national currencies of the European Economic Area countries. 

12.  What exchange rate was used to convert my foreign currency balances to litas?

The exchange is the rate quoted by the Lithuanian Central Bank on 24 November 2011 (the Insured Event).

13. What if I want to claim as a creditor of Snoras?

If you are still not eligible for compensation from the Deposit Insurance Fund or your compensation does not cover all of your deposit balance you will be an unsecured creditor of Snoras and will be entitled to participate in the bankruptcy of Snoras along with the other unsecured creditors. More information for creditors can be found in bank SNORAS website  http://www.snoras.com/en/about/creditors/index.


 

DEPOSITOR QUERY FORM

 


State enterprise “Indėlių ir investicijų draudimas” phone No. (370) 2135657
Special SEB phone No. (370) 268 2886.
 
The Bank of Lithuania revoked the licence of AB bankas SNORAS and applied to court regarding bankruptcy. A depositor shall become entitled to an insurance compensation from the day of an insured event, i.e. 24th of November, 2011.
 
The banks that repay the compensations were selected on 28th of November. The State enterprise “Indėlių ir investicijų draudimas” selected AB SEB bankas as the bank that will pay insurance compensations to individuals. Insurance compensations for legal entities will be paid in the following banks: in Vilnius region – AB SEB bankas, in Kaunas region – AB Ūkio bankas, in Klaipėda region – Danske bankas, in Šiauliai region – AB Šiaulių bankas, in Panevėžys region – Nordea bankas, in Alytus and Marijampolė regions AB bankas Swedbank, in Telšiai and Utena regions – AB DnB bankas, in Tauragė region – UAB Medicinos bankas.
 

LATVIAN branch of SNORAS bank. AS „Citadele banka“ pays insurance compensations for individuals and AS „UniCredit Bank“ pays insurance compensations for legal entities. Insurance compensations for depositors is paid in lats.

 

ESTONIAN branch of SNORAS bank. AS SEB Pank pays insurance compensations for individuals and legal entities in Estonia. Insurance compensations for depositors is paid in euros.

 

Insurance compensations for depositors shall be paid within 20 working days from the day of an insured event. Under the exceptional conditions and when concerted with the supervisory authority the council of the insurance undertaking may extend this time limit for up to 10 working days.
 
About the Insurance Company
In December 1995 operation of the Lithuanian Equity Innovation Bank and the Litimpeks bank was suspended. At the time these were among the largest and most popular banks operational in the country. A major part of the Lithuanian population kept their savings here. Therefore, after the suspension of their operation people were greatly concerned and started doubting operation of other Lithuanian banks and safety of the deposits held there. First, the public mistrusted banking activities, then they went into panic. This encouraged immediate development of the mechanism for deposit safety. Such a step became a necessity in order to regain people’s trust in banks. Shortly afterwards – on December 21 of the same year- the Seimas of the Republic of Lithuania passed the Law on the Insurance of Deposits of Individuals No. I-1152 setting forth the mandatory procedure of insurance of individuals’ deposits kept in Lithuanian banks and the rates for compensation of those deposits from the moneys of the Deposit Insurance Fund. Under the document passed, on June 26, 1996, the Government of the Republic of Lithuania set up the state company Deposit Insurance Fund, formed its council and approved the bylaws. The Ministry of Finance of the Republic of Lithuania became the founder of the Fund. The state transferred 30 million litas of budgetary funds to form the authorised capital of the Fund.

On December 16, 1996, the state company Deposit Insurance Fund was registered with the Ministry of Economy of the Republic of Lithuania. This date is considered to be the founding date of this Fund.

March 1, 1997, saw the start of insurance of deposits of individuals.

In 1997, bankruptcy action was brought against AB Tauro Bankas and insurance indemnities was paid to depositors of this bank.

In 1999, bankruptcy action was brought against the Litimpeks bank and insurance indemnities was paid to depositors of this bank.

On February 27, 2001, to harmonise elements of the Lithuanian deposit insurance with the requirements of the European Union, the Law on Deposit Insurance of the Republic of Lithuania No. IX-192 was passed, expanding the subject of deposit insurance – from then on not only deposits of individuals, but also deposits of companies could be insured. In addition, the types of the insurers were supplemented by credit unions. On June 20, 2002, the Law on Deposit Insurance and Insurance of Liabilities to Investors of the Republic of Lithuania No. IX-975 was passed. This law broadened the subject of insurance even more, to include insurance of liabilities to investors.

On August ,2002, the name of the state company Deposit Insurance Fund was changed into the state company Deposit and Investment Insurance (hereinafter the Insurance Company).

Internal audit of state company Deposit and Investment Insurance performs Internal Audit Division of Ministry of Finanse.

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Algirdo g. 31, Vilnius
P. 8 5 2135657
Fax 8 5 2135546
Company code: 110069451 Register: State company Register centre
E-mail idf@idf.lt
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