Information about regaining the deposits from AB Bankas Snoras

This information is prepared for the creditors and depositors of AB bankas SNORAS. To get back the sum of money which is insured according to the Republic of Lithuania Law on Insurance of Deposits and Liabilities to Investors  (up to 100 000 EUR), the further steps has to be taken:

1. To find out which bank is responsible for paying the deposit back. It can be found in www.iidraudimas.lt. The company, or the personal code, as it was given to the Snoras bank has to be known.

1. To apply to the bank, responsible for the repaying of the deposit, asking to pay the money back. To apply the documents, proving that there was a deposit in Snoras, are needed. If an authorized person gives the documents, the power of attorney is also required. The application can be given within 5 years.

1. The money are usually paid paid within 3 days after the application has been given.

It should be noted, that if the company/the person, applying for the deposit to be paid has an account in the bank which is responsible for paying it and has the Internet banking, the application can be made online.

Since 2011-12-15 almost 2,5 milliards LTL has been paid to the depositors of Snoras.

As for the sum of deposit, which is exceeds than 100 000 EUR, the creditor’s requirement in the bankruptcy proceeding has to be claimed.

Vilnius District court has decided to start the bankruptcy proceeding against Snoras on December 7, 2011. According to the law, there are 10 days until this decision comes into force. Until today there is no information, that there was any complaint about the decision given, however there could appear such information in few days. Anyway, there are 30 days term to give the creditor’s claim to the administrator of AB bankas Snoras, counting since the day the decision comes into force.  If there is no complaint about the decision, the deadline to give the claim is January 16, 2012. If there is a complaint, then the date will be known only after there is a decision about the complaint given.

The following information should be also indicated to the creditors.

After the covering of the expenses of the insolvency proceedings or liquidation, the remaining funds shall be distributed, for the satisfaction of the principal sums (without interest) of the creditors’ claims, according to the following groups (as is stated in the article 87 of the Law of Banks:

1) claims of employees with respect to the salary for the last three months;

2) State claims regarding repayment of credits guaranteed by the State;

3) taxes and other payments (debts) to the State budget and the budgets of local governments;

4) claims of all the other creditors (including those, whose deposits were not fully compensated according to Republic of Lithuania Law on Insurance of Deposits and Liabilities to Investors)

5) claims of the creditors, who issued a subordinated credit to a bank;

6) claims of the creditors, who have the bank’s issued not proprietary stocks;

7) claims of the shareholders, who have the qualified plurality of votes, the members of the board and administration.

Valters Gencs

Attorney & Founding Partner

Gencs Valters Law Firm, Riga

T: +371 67 24 00 90

Email: valters.gencs@gencs.eu