Finance
SEB considers negative interest on business deposits
Sweden’s banking group SEB is considering to introduce negative interest rates on deposits held by large business clients in the Baltic States, vz.lt reports. […]
Growth of self-employment shows ‘spread of entrepreneurship’
A growing number of self-employed people in Lithuania indicates the spread of the spirit of entrepreneurship, say economists. […]
Bank of Lithuania wants it to be easier for businesses to take out loans
The Bank of Lithuania has suggested amendments that would ensure that businesspeople seeking loans from commercial banks would not have to use their personal assets as collateral in all cases. Other proposed measures would also ensure that businesspeople taking out loans wouldn’t take on too much debt. […]
Lithuanian banking profits fell by one fifth
Profit margins of major banks in Lithuania have fallen by about one fifth in 2015, a result of one-off factors like Lithuania’s accession to the euro zone and quantitative easing policies that have cut interest rates, Verslo Žinios reports. […]
New consumer protections to stop hidden insurance charges on way – Lithuanian Central Bank
The Bank of Lithuania has proposed regulations for the insurance investment market, aimed at strengthening consumer protection and capping how much insurance companies can charge for asset management. […]
Three instant credit companies fined for irresponsible lending
Three instant credit companies have been sanctioned by the Bank of Lithuania for failing to properly vet their clients’ credit worthiness. […]
Where is all money for cash purchases of Lithuanian property coming from?
The number of Lithuanians being able to buy property purely in cash has been steadily multiplying in the last few years – in fact it is hard to imagine how many Lithuanians have been buying a home or apartment using cash – but such luxurious purchases may now have serious consequences. […]
€40m Spanish money laundering investigation backed by Lithuanian police
Lithuania’s Financial Crime Investigation Service is working with Spanish authorities investigating possible money laundering at the Industrial & Commercial Bank of China branch in Madrid. […]
Lithuanian bank operating in Russia announces bankruptcy
Bank Kapitalbank managed by Lithuanian and Latvian investors in the Rostov region of Russia have submitted a bankruptcy notice to the Arbitration Court. However, the application was adjourned until mid-March. […]
Tax authorities start trawl of citizens bank accounts for tax evasion
The government has given the go-ahead for Lithuanian tax authorities to start scrutinising Lithuanians’ bank accounts for tax evasion and unaccountable sources of income as the State Tax Inspectorate also announced all citizens had until the end of June this year to declare all gifts and undeclared loans since 2004 used to make purchases of over €15,000 or face a retrospective tax of 15% on the gifts. […]
Bank ordered to charge negative interest rates on its loans
The Bank of Lithuania, Lithuania’s central bank, has ordered Nordea Bank AB to charge negative interest rates on its loans after the basic interest rate dropped below the bank’s surcharge rates. […]
Lithuanians ‘missing out on lower interest rates by ignoring credit history’
Almost half of all Lithuanians have taken out loans or bought something on credit, but very few take an interest in their credit histories, something that may force them to pay higher interest rates on future loans, experts say. […]
Negative interest rates help Lithuanian borrowers but may signal coming financial crisis
Negative interbank interest rates are making life easier for Lithuanian borrowers, both consumers and businesses, but Lithuania’s financial experts are worried that it may create another financial crisis and could be sign of a coming economic downturn. […]
Highest monthly wage in Lithuania hits record €250k in 2015
The highest monthly salary in Lithuania last year hit €250,000 with about 200 people earning into the tens of thousands monthly according to TV3 news. […]
New internet payment platform to be created by Lithuania’s central bank
The Lithuanian Central Bank is putting new rules in place to promote a new internet payment service that will create alternative payment platform for customers who buy goods in online Lithuanian stores. […]
‘People who say they make the minimum wage but have big money in their accounts should be worried’
About one tenth of all Lithuanian bank accounts will be scrutinised by the State Tax Inspectorate under a new law that requires banks to share information about depositors with tax authorities. […]
Lithuanian government extends €420m loan to state social insurance fund
The Lithuanian government has agreed to extend a €420 million interest-free loan to Lithuania‘s social insurance fund, the Sodra, to help it “balance cash flows”. […]