The state has to date loaned around 2.3 billion litas to Indelių ir Investicijų Draudimas. The money is not expected to be paid back earlier than in three year's time through the sale of the bankrupt bank's assets.
The state pays around 140 million litas in annual interest on a loan it took out just before Snoras collapsed. The Finance Ministry does not agree with the estimate, but gives no exact figures as to how much the loan to the state-owned company will cost.
Vaidotas Rukas, the initiator of the Viesai.lt project, which publishes information on state finances, said that at the start of this year, the state could have borrowed the money needed to repay the deposits in the market for a two-year period at an interest rate of around 3.25 percent.
"So, the state's losses due to the Snoras deposit repayment scheme amount to some 75 million litas annually," Rukas said, adding that the state would thus pay hundreds of millions of litas for the stability of the financial system and for private and business confidence.
The Lithuanian government nationalized Snoras on 16 November 2011. A court opened bankruptcy proceedings against the bank on 7 December.
2012-06-12 10:26
Loan to deposit insurance fund to cost Lithuania at least 58 million euros
An interest-free loan that the Lithuanian government has provided to Indelių ir Investicijų Draudimas (Deposit and Investment Insurance) to help it repay insured deposits at the collapsed bank Snoras may cost the state at least 200 million litas (EUR 58 m), or possibly twice as much, the daily Lietuvos Rytas reports.
„Snoras“ / Irmanto Gelūno / BNS nuotr.
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