Deposit insurance

1.

Deposits held with Šiaulių Bankas AB are insured

with the Public Body Deposit and Investment Insurance

2.

Maximum insurance cover

Up to EUR 100,000 per depositor for all deposits held with one credit institution

3.

If you hold more deposits with the same credit institution,

all your deposits held with the same credit institution will be added together and the total amount will be subject to the limit of EUR 100,000

4.

If you share an account with other person(s),

the limit of EUR 100,000 will apply individually to each depositor

5.

The term of payment of an insurance benefit in cases, where the credit institution fails to fulfil its obligations, will be

7 working days

6.

Currency of the deposit insurance benefit

Euro

7.

Contact details

(Public Body Deposit and Investment Insurance, Savanorių pr. 5, LT-03116, Vilnius, tel. (+370 5) 213 5657, fax (+370 5) 213 5546, e-mail: idf@idf.lt)

8.

For more information, please visit

idraudimas.lt

Deposits held with Šiaulių Bankas AB are insured

with the Public Body Deposit and Investment Insurance

Cases in which deposits are not insured

Please be informed that according to Article 3(2) of the Law on Insurance of Deposits and Liabilities to Investors of the Republic of Lithuania, deposits are not the subject of deposit insurance (deposits of the specified entities are not the subject of deposit insurance, irrespective of the legislation of the country under which these entities are established) in the following cases:

1.1. deposits of other credit institutions held on own account and in own name;

1.2. own funds of credit institutions;

1.3. deposits in respect of which a criminal conviction for money laundering has been obtained;

1.4. deposits of financial institutions;

1.5. deposits of management companies;

1.6. deposits of brokerage firms;

1.7. deposits with unidentified owners (deposits held in anonymous and coded accounts); 1.8. deposits of insurance companies and reinsurance undertakings, including insurance companies and reinsurance undertakings established in other Member States and third countries;

1.9. deposits of collective investment undertakings;

1.10. deposits of pension funds;

1.11. deposits of state and municipal institutions and bodies, as defined in the Law on the Civil Service of the Republic of Lithuania, with the exception of funds belonging to other persons held in deposit accounts of such institutions and bodies;

1.12. deposits of the Bank of Lithuania;

1.13. debt securities issued by the participant of the deposit insurance and liabilities relating to its acceptances and promissory notes;

1.14. electronic money and funds received from electronic money holders for exchange into electronic money.

Cases where restrictions on the payment of deposit insurance benefits apply

Please be informed that according to Article 8 of the Law on Insurance of Deposits and Liabilities to Investors, no deposit insurance compensation is paid:

2.1. for deposits, funds, money, securities and liabilities which are not subject to deposit insurance under Article 3(2) of the Law on Insurance of Deposits and Liabilities to Investors;

2.2. to depositors for deposits in an account where no deposit-related transactions have taken place during the 24 months preceding the date of the insured event and the amount of the deposit held is less than EUR 10;

2.3. to depositors or other persons who have a claim to a deposit insurance compensation and who have been convicted of money laundering and/or terrorist financing as a result of a criminal conviction in relation to the lawfulness of the acquisition of the money they hold as deposits.

Cases in which the payment of a deposit insurance compensation is postponed

Please be informed that according to Article 7(4) of the Law on Insurance of Deposits and Liabilities to Investors, the payment of the deposit insurance compensation shall be postponed when:

3.1. there is a lack of data supporting the claimant’s entitlement to the deposit insurance compensation, or the deposit is the subject of a legal dispute, until the data supporting the claimant’s entitlement to the deposit insurance compensation are provided, or a final court decision resolving the dispute over the deposit has entered into force;

3.2. the depositor’s right to dispose of the deposit has been restricted in the cases and according to the procedure laid down by law – until the restrictions are removed;

3.3. no transactions related to the deposit have been made in the 24 months preceding the date of the insured event – for up to 3 months from the date of the insured event;

3.4. the insurance company obtains from the participant of the deposit insurance system data on the amount of the deposit insurance compensation which will be higher than EUR 100,000 due to the reasons referred to in Article 4(2) of the Law on Insurance of Deposits and Liabilities to Investors, and for the amount exceeding EUR 100,000 – until the amounts referred to in Article 4(2) of the Law on Insurance of Deposits and Liabilities to Investors have been ascertained, but for not longer than 3 months from the date of the deposit insurance event;

3.5. for an insurable deposit held in a joint or deposit account – until the amounts due to the individual in the joint or deposit account have been ascertained, but for not longer than 3 months after the date of the insured event;

3.6. deposit insurance compensations are paid to depositors of a branch of a credit institution established in the Republic of Lithuania in the host Member State, in accordance with Article 7(7) of the Law on Insurance of Deposits and Liabilities to Investors, until the administrator of the host Member State’s deposit insurance system confirms that it is ready to pay out deposit insurance compensations;

3.7. deposit insurance compensations are paid to depositors of a Lithuanian branch of a credit institution established in another Member State in accordance with Article 7(8) of the Law on Insurance of Deposits and Liabilities to Investors – until the administrator of the deposit insurance system of the home Member State of which the credit institution with a branch in the Republic of Lithuania is a participant has provided the insurance company with the data necessary for the payment of the insurance compensations and transfer the amount of funds necessary for the payment of insurance compensations;

3.8. to a depositor or other person who has a claim to a deposit insurance compensation who is charged with money laundering and/or terrorist financing in connection with lawfulness of the acquisition of the money held by him/her as a deposit, until the date of entry into force of the final court decision.

Contact details

(Public Body Deposit and Investment Insurance, Savanorių pr. 5, LT-03116, Vilnius, tel. (+370 5) 213 5657, fax (+370 5) 213 5546, e-mail: idf@idf.lt)

For more information, please visit

iidraudimas.lt