OREANDA-NEWS. December 22, 2011. On 24 November, the board of the Bank of Lithuania declared AB Bankas Snoras insolvent and decided to initiate bankruptcy proceedings. The deposits of the clients of the bankrupt bank (together with the accrued interest) in the maximum amount of EUR 100,000 have been 100% insured. The calculation and payments of the insurance indemnities is organised by Indeliu ir Investiciju Draudimas, a deposit insurance fund operating in Lithuania (hereinafter the Guarantee Fund), who will pay the insurance indemnities to clients through banks.

The Guarantee Fund has chosen SEB Lithuania to be the bank that pays the insurance indemnities to the clients of AB Bankas Snoras. The authorised representative of SEB Lithuania in Estonia is AS SEB Pank, who will pay the indemnities to the clients of the Estonian branch of AB Bankas Snoras. The basis of the payment of insurance indemnities is the list of clients and compensation amounts prepared by the Guarantee Fund.

The indemnities will be paid starting from 22 December 2011 by the SEB Tornimae branch at Tornimae 2, Tallinn, and the SEB Roosikrantsi branch at Roosikrantsi 2, Tallinn. In order to receive the indemnity, the client or the authorised representative of the client must come to the office and present an identity document and, if necessary, an authorisation document. If the client is entitled to receive the insurance indemnity according to the list prepared by the Guarantee Fund, the bank will pay the compensation amount either in cash or by bank transfer to the client’s account opened in SEB Pank or another bank in Estonia, as the client prefers. The payment will be made in euros and as a bulk sum. The payments of insurance indemnities are free of charge for the client.