OREANDA-NEWS. March 01, 2012. The bankruptcy administrator of Bank SNORAS has received applications from 1610 clients to whom the set-off of loans and deposits is applicable above 5000 LTL; he has examined 1360 of them and made decisions, and shortly decisions will be made concerning the remaining 250 applications, reported the press-centre of Bank SNORAS.

For all examined applications, the set-off order was applied that was established by the bankruptcy administrator of Bank SNORAS according to the amendment to the Republic of Lithuania Law on Banks which came into force on 1 January 2012.

“We are working individually with every customer, who had financial instruments at SNORAS, who made a request to apply set-off, because it is impossible to apply the same set-off procedure to all of them. Each case differs in payment schedules provided for the credit agreements and in interest rates. Furthermore, the set-off credit could be applied against various financial instruments. At the moment we are reviewing about 250 requests, which will be finalised shortly,” said Neil Cooper, the Bankruptcy Administrator of the bank SNORAS.

An automatic set-off procedure was applied to everyone who had up to LTL 5000 in the Bank; there are approximately 49,000 such clients in the Bank. The set off process has now started for clients who had more than LTL 5000 in the Bank and who have submitted an application for set-off.  Set off will be processed in instalments according to the schedule of maturity of the client’s obligations, as required by the new law.

There are 17 operating branches of the bank SNORAS across Lithuania, which provide clients with information about set-off and other questions. Customers may also submit written requests or other correspondence for the Bankruptcy Administrator‘s team or certain specialists of the Bank.

Information about the set-off procedure and FAQ with answers is also available at the Bank’s website www.snoras.com.