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Lithuania Follows the Decision to Increase Deposit Guarantee Protection

Date

2008 10 08

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Vilnius, 8 October 2008. Following the decision by the Economic and Financial Affairs Council (ECOFIN), the Government of Lithuania raises deposit guarantee protection for individuals from EUR 22,000 up to EUR100,000, demonstrating the credibility of Lithuanian finance sector and safety of deposits at financial institutions.  

This decision will be valid for a year, as yesterday it was decided at the ECOFIN meeting that at that time the European Commission will review and elaborate the directive regulating deposit guarantee schemes.

The EU finance ministers agreed that all the Member States would provide deposit guarantee protection for individuals for an amount of at least EUR 50,000 at least for one year. It was also noted that many Member States are determined to raise their minimum to EUR 100,000. This is one of the coordinated actions taken by the Member States in order to strengthen the banking systems and increase confidence of the population in national finance systems.

The Government’s decision to raise the minimum deposit guarantee will require no additional contributions.

The Government will submit the draft Law on Amendments to the Law on Insurance of Deposits and Liabilities to Investors to the Seimas (Parliament) under extreme emergency procedure.

 

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www.finmin.lt