For clients of the Estonian branch of AB Bank Snoras
Compensation of deposits
SEB Pank to start payment of insurance compensation to depositors of AB Bank Snoras on 22 December 2011.
Payment of the deposit insurance compensation will start on 22 December, 2011, through SEB Tornimäe branch office at Tornimäe 2, Tallinn and SEB Roosikrantsi branch office at Roosikrantsi 2, Tallinn.
The depositors of the Estonian branch of AB Bankas Snoras can inform SEB Pank in all branches of SEB Pank or using the customer service telephone number 665 5100 whether they wish to receive the money to an account in SEB Pank or to an account of another bank, or in cash.
SEB Pank will pay compensations
The State Company of Deposits and Investments Insurance selected SEB Pank as the bank that will pay insurance compensations to the depositors of the Estonian branch of AB Bankas Snoras. SEB Pank will only perform the money payment function, while deposits will be compensated by the State Company of Deposits and Investments Insurance.
Currently, depositors do not need to take any actions, it means that they do not need to apply anywhere or to provide information about the deposit they had. All data about it will be provided to banks by the State Company of Deposits and Investments Insurance.
On 24 November 2011 the Board of the Bank of Lithuania resolved to recognize the Bank insolvent, to revoke its licence and to apply to court for bankruptcy proceedings.
All deposits of natural and legal persons are insured. In case of the insurance event, the deposits with accrued interest are compensated in full but not more than 345 280 Litas (equivalent to EUR 100 000).
Compensations of the insured deposits will start to be paid within 20 business days from the date of the insured event, and the maximum period during which the depositor receives compensation is 30 business days.
Insurance premiums will be paid via the selected bank, which will be publically announced by the State Company Deposit and Investment Insurance.
The State Company Deposit and Investment Insurance will provide the selected bank with all data on depositors and deposits; therefore, the depositors are not currently required to take any action, i.e. they do not need to apply anywhere or to provide any information about their former deposit.