13 September 1999
activities of "Litimpeks" bank were
suspended. The Fund, as prescribed by
the Republic of Lithuania Law on the
Insurance of Deposits of Individuals,
Procedure for Calculation and Payment
of Insurance Indemnities, approved by
the Fund Council on 06 September 1999,
by means of promptly devised software
processed the data on the deposits of
individuals supplied by the "Litimpeks"
bank, prepared the lists of depositors
and calculated insurance indemnities
to which they were entitled. The total
of 14.590 thousand LTL of
insurance indemnities was calculated
for 4.665 depositors.
The Fund chose the most efficient way
to pay insurance indemnities, whereby
current accounts for the depositors of
the failed bank were opened in another
stable operating bank. This way was
verified in 1997, when insurance
indemnities were being paid to the
depositors of the failed "Tauras"
bank. Accounts of demand deposits for
the depositors of the "Litimpeks" bank
were opened in Lithuanian Agriculture
Bank, which was chosen from 5 banks,
and funds of insurance indemnities
were transferred to the above
mentioned accounts. The payment of
insurance indemnities commenced on 1
December 1999.
Insurance indemnities to the
depositors of the "Litimpeks" bank
made up 13.7% of all the insurance
premiums collected before 1 December
1999. Meanwhile, insurance premiums
paid by "Litimpeks" bank made up 7.2%
of all the insurance indemnities paid
to the depositors of this bank.
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