OREANDA-NEWS. November 02, 2011. Bank SNORAS has been accepting time deposits in Norwegian krones, too. For one-year deposit in this currency the same interest is paid as for a deposit in euros – 2.1 per cent, reported the press-centre of Bank SNORAS.

“We have expanded the spectrum of saving products because more and more Lithuanian businessmen cooperate with companies in Norway. Moreover, according to the data of Lithuanian Statistics Department, presently during 2010 alone almost 5 thousand Lithuanian citizens emigrated to this country. The salary to the majority of emigrants is paid in Norwegian krones, whereas to accumulate savings, by converting the gained money into litas or another currency, would not be financially rational in all cases,” says Deividas Sipaila, the director of Bank SNORAS Sales Department. “Furthermore, Norway is a country having a solid and stable economy; therefore, to accumulate savings in this currency would be relevant even for residents who do not live in Norway or for companies which do not develop business here.”   

According to the data of Lithuanian Statistics Department, Norway, after the United Kingdom and Ireland, is the third most popular country where the largest number of Lithuanian citizens emigrated last year. The total of more than 83,000 people emigrated from Lithuania last year.

According to D. Sipaila, since the speed of emigration does not slow down, this service in length of time can become even more relevant; therefore, in the future it is considered to expand the spectrum of the services provided in this currency both to residents and companies. “Such demand, which has been consistently growing lately, also illustrates that this year within nine months, in comparison to the same period last year, the volumes of money transfers via Bank SNORAS from and to Norway have almost tripled. Practically, all transactions are performed from Norway,” states D. Sipaila.  

Presently Bank SNORAS accepts deposits in five different currencies – in litas, euros, USA dollars, British pounds sterling and Norwegian krones.

The minimum size of the deposit is 1,000 Norwegian krones, the minimum term of its keeping for legal persons – 7 days, while for natural persons – 1 month. We can place a deposit in any subdivision of Bank SNORAS or by using e-banking. According to LR Law on Insurance of Deposits and Obligations for Investors, all deposits kept in Bank SNORAS are insured by SE “Deposit and Investment Insurance”.

According to the data as of 1 October 2011, Bank SNORAS deposit portfolio exceeded LTL 5.8 billion, and according to this indicator the bank is in the third position in Lithuania. In Bank SNORAS, 138 thousand of natural persons accumulate time deposits: 65 per cent of them are women, 35 per cent – men. The majority (68 per cent) of the depositors are over 50 years old.