The Board of the Financial and Capital Market Commission (FCMC) today, 13 December, took a decision on the unavailability of deposits at Baltic International Bank SE in order to protect the interests of bank’s customers by preventing a bank run.
Unavailability of deposits occurs in case the FCMC has established that a bank is unable to pay out in full assets or deposits held in the accounts of customers. The FCMC will decide on the disbursement of guaranteed compensation in the next few days and will inform the bank’s customers.
According to information available to the FCMC, on 02.12.2022 Baltic International Bank SE had 1580 customers, of which 280 were customers with an account balance of 0. According to the Deposit Guarantee Law, guaranteed compensation of up to 100 000 euro shall be pai out both to natural and legal persons for all types of deposits. According to preliminary estimates, 1012 customers will receive their deposits in full as a guaranteed compensation. The FCMC will ensure that the process of disbursement of the guaranteed compensation for customers is as fast and easy as possible and will inform about further actions as soon as possible.
In accordance with the Deposit Guarantee Law, the FCMC shall take the decision on the setting in of the unavailability of deposits within five working days from the day when it has detected that the deposit taker is not able to pay deposits. The disbursement of guaranteed compensation shall be started no later than in seven working days after the day when deposits have become unavailable, i.e., no later than 22 December 2022.