Information to the depositor
|General information on the insurance of the deposit|
|Deposits held by SME Bank, UAB, are insured||at the State Company “Deposit and Investment Insurance”|
|Insurance limit||up to EUR 100 000 for a single depositor for all the deposits held in a single credit institution1|
|If you have more deposits in the same credit institution||all of your deposits held in the same credit institution are totalised and an insurance limit of EUR 100 000 is applied to the total amount1|
|If you have a joint account with other person (other persons)||the insurance limit of EUR 100 000 is applied individually to each depositor2|
|The period for paying the insurance compensation for deposits if the credit union fails to fulfil its liabilities||10 working days3|
|The currency of the payment of the insurance compensation for deposits||euros|
|Contact information||The State Company “Deposit and Investment Insurance”|
Algirdo str. 31, LT-03219 Vilnius
Phone: +370 5 213 5657
Fax: +370 5 213 5546
E-mail: [email protected]
1 If the deposit is not returned because the credit institution is unable to fulfil its financial liabilities, the State Company “Deposit and Investment Insurance” shall pay the insurance compensation for deposits to the depositors. The largest amount of the insurance compensation for deposits held in a single credit institution for a single depositor shall be EUR 100 000. In establishing the amount of the insurance compensation for deposits, all the deposits held in the same credit institution shall be totalised. For instance, if the depositor has a savings account with EUR 90 000 in it, and a current account with EUR 20 000 in it, he or she will be paid an insurance compensation of only EUR 100 000.
In some cases (when funds for the sold residential housing belonging to the depositor by the right of claim are transferred to the depositor’s account no sooner than 6 months before the day of the insured event of deposits; the depositor inherits funds in accordance with a will or a law; the depositor receives funds as a beneficiary in the event of death according to a life insurance contract or a contract corresponding in its essence to a life insurance contract; the depositor receives funds as compensation or payment in the case of death of another person while carrying out job duties or official duties in the cases laid down by the law; when payments or compensations are paid to cover the damage caused by violent crimes) the deposits shall be insured by an amount exceeding EUR 100 000.
You can find more information on the following website: www.iidraudimas.lt.
2 If you hold a joint account with another person (other persons), the insurance limit of EUR 100 000 shall apply to each co-owner individually.
3 The payment of insurance compensations.
The State Company “Deposit and Investment Insurance” (Algirdo str. 31, LT-03219 Vilnius, tel.: +370 5 213 5657, fax: +370 5 213 5546, e-mail: [email protected]) shall be responsible for the deposit insurance system, website: www.iidraudimas.lt. It will return your deposits (up to EUR 100 000) no later than in:
– 10 working days from 1 January 2021 until 31 December 2023.
– 7 working days from 1 January 2024.
If insurance compensations for deposits are not paid in 7 working days from the day of the insured event of deposits, a compensation share (advance insurance compensation for deposits) equal to the minimum monthly wage but not larger than the amount of the depositor’s insurable deposits shall be paid in 5 working days after the receipt of the request as of 16 May 2016.
If you have not been paid the insurance compensation in the specified periods, you should contact the State Company “Deposit and Investment Insurance”. For more information please visit: ww.iidraudimas.lt.
Other important information
Essentially all the deposits of retail depositors and companies shall be insured at the State Company “Deposit and Investment Insurance”.
Exemptions specified on the State Company “Deposit and Investment Insurance” website at www.iidraudimas.lt shall apply to some deposits. Under your request, the credit institution will also inform you about the insurance status of specific products. If deposits are insured, the credit institution confirms the fact in the account statement.
Events where the deposits are not insured and when deposit insurance payout limits are applied
The following shall not be the object of deposit insurance:
1. deposits of other credit institutions which are held at their account and in their name;
2. own funds of the respective credit institution;
3. deposits in respect of which a judgment of conviction has been passed in a criminal case concerning money laundering;
4. deposits of financial institutions;
5. deposits of management companies;
6. deposits of financial brokerage firms;
7. deposits with unidentified owners (deposits held in anonymous and encoded accounts);
8. deposits of insurance companies and reinsurance companies as well as insurance companies and reinsurance companies established in other Member States and third countries;
9. deposits of collective investment undertakings;
10. deposits of pension funds;
11. deposits of State and municipal institutions and bodies as these are defined in the Law on Civil Service of the Republic of Lithuania, except funds owned by other parties and held in deposit accounts of such institutions and bodies;
12. deposits of the Bank of Lithuania;
13. debt securities and liabilities related to acceptances and promissory notes issued by the deposit insurance system participant itself;
14. electronic money and funds received by an electronic money institution from electronic money owners for the purpose of exchange to electronic money.
Any deposits of the entities listed above shall not qualify as the object of deposit insurance, regardless of the country under whose legal acts these entities have been incorporated.
Restrictions on payout of deposit insurance benefits:
Deposit insurance benefits shall not be paid out:
1. for any deposits, funds, monies, securities and/or liabilities which are not the object of deposit insurance (as indicated in this form above);
2. to depositors for deposits in an account, in which no transactions related to a deposit have been executed over 24 months before the date of the respective deposit insured event and the amount of the held deposit is smaller than EUR 10;
3. to depositors or other persons, which have the right of claim to the deposit insurance benefit and in respect of which, by reason of the lawfulness of acquisition of funds kept by them in the form of deposits, a judgment of conviction has been passed in a criminal case concerning money laundering and/or terrorist financing.
Postponement of the date of payout of deposit insurance benefits:
In the cases listed in the Law on Insurance of Deposits and Liabilities to Investors of the Republic of Lithuania (see in more detail at www.iidraudimas.lt), the payout of a deposit insurance benefit may be postponed—for instance, when there is lack of data by which the right to receive a deposit insurance benefit may be substantiated, or a there is a legal dispute related to the deposit, or the depositor’s right to dispose of the deposit has been restricted.