EBA欧洲银行-Baltija-Credit-Union-28update29_2页_226kb

Baltija Credit Union Deposit Unavailability Notification Summary

Core Content

This document is a notification issued by the European Banking Authority (EBA) on October 26, 2017, regarding the unavailability of deposits at Baltija Credit Union. It outlines the steps taken by the Lithuanian financial authorities to address the insolvency of the credit union and the process for reimbursing depositors.

Main Points

• Baltija Credit Union's Status: The credit union was declared unavailable due to insufficient assets to meet its obligations, leading to the cancellation of its license and initiation of bankruptcy proceedings.
• Restriction Period: On August 10, 2017, the Supervision Service of the Bank of Lithuania imposed a restriction on the credit union's activities, which lasted until October 6, 2017.
• Temporary Administrator: A temporary administrator was appointed to manage the credit union's affairs during the restriction period.
• Deposit Reimbursement Process:
  • The initial reimbursement of deposits began on October 6, 2017 (9th working day), with the bank agent AB Šiauliu bankas handling the payments.
  • A total of 967 depositors were initially identified, with guaranteed deposits amounting to EUR 8.61 million.
  • On October 18, 2017, additional data was provided to the Deposit and Investment Insurance (IID) regarding 58 depositors whose rights were limited to EUR 2.9 million due to a pre-trial investigation into the dissipation of high-value assets.
  • The additional reimbursement started on October 19, 2017 (18th working day).
• Total Depositors and Amount:
  • Baltija Credit Union had a total of 1025 depositors.
  • The total amount of guaranteed deposits was EUR 11.51 million.
• Ranking: Based on the size of its assets, Baltija Credit Union was the 19th largest among 71 credit unions in Lithuania.
• Reimbursement Timeline: The reimbursement process is expected to continue until September 25, 2022.

Key Information

• Deposit Insurance Fund:

  • Account Number: LT93 7044 0600 0806 9891
  • Bank: AB Šiauliu bankas
  • SWIFT/BIC: CBVILT2X

• Insurance of Liabilities to Investors Fund:

  • Account Number: LT74 4010 0510 0360 6882
  • Bank: Luminor Bank AB
  • SWIFT/BIC: AGBLLT2X

• Resolution Fund:

  • Account Number: LT93 7300 0101 4515 5778
  • Bank: Swedbank, AB
  • SWIFT/BIC: HABALT22

Additional Details

• IID Role: As a state company, IID guarantees the protection of depositors' funds and enhances the stability of the financial sector.
• Investigation Context: The Financial Crime Investigation Service was conducting a pre-trial investigation into the likely dissipation of high-value assets, which influenced the limitation of certain depositors' rights.
• Contact Information:
  • Alena Mugienè, Deputy Director of IID
  • Email: alena.mugeniene@idf.lr
  • Address: Algirdo str. 31, 03219 Vilnius, Lithuania
  • Phone: +370 5 213 5657
  • Fax: +370 5 213 5546
  • Email: idf@idf.lt

This summary provides an overview of the regulatory actions and reimbursement process following the insolvency of Baltija Credit Union, emphasizing the role of the Deposit and Investment Insurance (IID) in protecting depositors.