| Deposits held at Luminor Bank AS Lithuanian branch are covered | by “Tagatisfond” (the Estonian Guarantee Fund) |
|---|---|
| Payout limit | up to EUR 100,000 per depositor per credit institution1 |
| If you have more deposits at the same credit institution | all your deposits held at the same credit institution are added up and the total is subject to the limit of EUR 100,0001 |
| If you have a joint account with other person(s) | the limit of EUR 100,000 applies to each depositor2 |
| Reimbursement period in case of credit institution’s failure to meet its obligations | 7 working days3 (to be updated if a different period becomes valid) |
| Currency of reimbursement | Euro |
| Contact | Tagatisfond (Estonian Guarantee Fund) Sakala 4, 15030 Tallinn, Estonia, phone +372 6680 583, e-mail: tf@tf.ee |
| More information | tf.ee |
Notes:
1 If a deposit is not reimbursed because a credit institution is unable to meet its financial obligations, depositors will be repaid by the Estonian Guarantee Fund. This repayment covers at maximum EUR 100,000 per depositor per credit institution. In order to determine the coverage level, all deposits at the same credit institution are added up. If, for instance, a depositor holds a savings account with EUR 90,000 and a current account with EUR 20,000, he or she will only be repaid EUR 100,000.
In some cases deposits are protected above EUR 100,000 (in case the depositor’s account, not earlier than 6 months before the day of an insured event, has been credited in relation to sale of a residential property owned by the depositor; sums received by the depositor in respect of a legacy or by operation of law; sums received by the depositor as the beneficiary of a life insurance benefit or analogous benefit payable on death; sums received by the depositor as compensation in the cases provided by law in respect of other person’s death in the course of performing work or official duties or analogous benefits; benefits or compensations for damage caused by violent crimes).
More information can be obtained at the website: tf.ee
2 If you have a joint account with other person(s), the limit of EUR 100,000 applies to each deposit co-owner separately.
3 Payment of insurance compensations.
The Estonian Guarantee Fund (Tagatisfond) is responsible for the deposit insurance system (Sakala 4, 15030 Tallinn, Estonia, phone +372 6680 583, e-mail: tf@tf.ee, website: tf.ee) . It will repay your deposits (up to EUR 100,000) not later than 7 working days from the date the inaccessibility of deposits has occurred on.
If no insurance compensation is paid to you within these deadlines, you should contact the Estonian Guarantee Fund. More information can be obtained at tf.ee.
Other important information
In principle, all retail depositors and businesses are covered by the Estonian Guarantee Fund.
Exceptions for certain deposits are stated on the website of the Estonian Guarantee Fund tf.ee . Your credit institution will also inform you on request whether certain products are covered or not. If deposits are covered, the credit institution shall also confirm this on the statement of account.
Additional information:
1. Funds available in the account held at the Bank (hereinafter – the Funds) are covered by the Estonian Guarantee Fund. Information about the cases where the Funds are not covered and where the payout limits are applicable is published at luminor.lt. A free printed copy of the terms and conditions for covering the Funds is available at any outlet of the Bank.
2. Deposits held at the Bank are covered by the Estonian Guarantee Fund . Information about the cases where deposits are not covered and where the payout limits are applicable is made available at luminor.lt. A free printed copy of the terms and conditions for deposit coverage is available at any outlet of the Bank.
The object of deposit insurance coverage shall not be:
Deposits deposited as at the date on which deposits become unavailable by the Estonian state or foreign state or the following Estonian or foreign persons shall not be secured or compensated:
1. deposits of local authority;
2. deposits of another credit institution;
3. deposits of insurance undertaking or reinsurance undertaking;
4. deposits of management company or investment fund;
5. deposits of investment firm;
6. deposits of e-money institution;
7. deposits of payment institution;
8. deposits of creditor or credit intermediary;
9. deposits of another financial institution not specified in clauses 4–8 above, including a financial holding company, a mixed financial holding company and an asset management company specified in point (26) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.06.2013, p. 1–337), excluding insurance holding companies and mixed-activity insurance holding companies for the purposes of the Insurance Activities Act of Republic of Estonia.
Claims arising from the following shall not be secured or compensated:
1. capital instruments recorded under the own funds of a credit institution pursuant to point (118) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
2. debt securities, acknowledgements of obligation and promissory notes issued by a credit institution.
1. Insurance compensations are not paid for deposits, funds, money, securities, and liabilities that are not the object of the deposit insurance coverage (as mentioned in this form above).
2. in addition to the above, also the following deposits shall not be compensated:
2.1. deposits the owner of which has liabilities that have fallen due to the same credit institution, to the extent of such liabilities;
2.2. deposits the owner of which cannot be identified by the credit institution.
3. Deposits confiscated on the basis of a judgment of conviction in a court case concerning money laundering or terrorist financing shall not be secured. If the disposal of the deposit has been restricted by the precept of the Estonian Financial Intelligence Unit or the deposit has been seized in criminal proceedings of a case concerning money laundering or terrorist financing, the compensation for the deposit shall be suspended until the precept has been revoked or the court judgment has entered into force.
4. Deposits belonging to persons subject to international sanctions as at the day of compensation for the deposit are not compensated, unless otherwise decided pursuant to subsection 21 of § 41 of Guarantee Fund Act of Republic of Estonia. A person in which a qualifying holding is held by or which is controlled by a person subject to an international sanction is also deemed to be a person subject to an international sanction.
Luminor Bank AS Lithuanian branch (hereinafter – "Luminor") is a participant of the obligations to investors insurance system of the Republic of Estonia.
“Tagatisfond” (the Estonian Guarantee Fund) insures obligations to investors under the conditions and pursuant to the procedure set forth in the Act on Guarantee Fund of the Republic of Estonia.
A maximum insurance benefit amount (no more than 20,000 Eur) is applied to a single investor. The amount of the insurance of obligations to investors is equal to the obligations assumed by "Luminor" as of the date of the insured event; however, it may not be greater than 20,000 Eur. Insurance benefits with respect to deposits and insurance benefits with respect to obligations to investors shall be calculated and disbursed separately.
The investor shall become entitled to the insurance benefit as of the date of the insured event related to the obligations to investors, where "Luminor" is not in a position to fulfil the following obligations to the investor, assumed according to legal acts or contracts:
1) repay to the investor the funds owned thereby or on their behalf that were transferred to "Luminor" in order to make use of the investment services provided by the Bank;
2) repay to the investor the financial instruments owned by the investor or held, managed or handled on their behalf, and transferred to "Luminor" in order to make use of the investment services provided by the Bank.
Insured event – instigation of bankruptcy proceedings with respect to "Luminor", or a decision by the supervisory authority recognising the Bank to be insolvent, where the Bank, due to reasons related to its financial standing, is not able to fulfil its obligations to investors and there is also reason to believe that it will not be able to do so in the near future.
The financial instruments of an investor, irrespective of the currency of their denomination, and/or funds in all currencies are subject to insurance of obligations to investors.
An investor is a natural person or legal entity, or other organisation, that has transferred funds and/or financial instruments, intending to use the investment services provided by the Bank, or, in the case of a joint investment, each joint holder of the funds or financial instruments transferred to the Bank (a natural person or legal entity, or other organisation).
Investments belonging to professional investors or any of the following Estonian or foreign persons shall not be guaranteed or compensated:
1. the state;
2. a local government;
3. a legal person, which principal and permanent activity of which is to acquire holdings or conclude one or more of the transactions and operations specified in clauses 6 (1) 2)-12) of the Credit Institutions Act of the Republic of Estonia.
4. a company belonging to the same consolidation group as the given investment institution;
5. a member of the supervisory board or management board or an auditor of the same investment institution or a company belonging to the same consolidation group as the investment institution, and a person holding at least five per cent of the share capital of the investment institution;
6. a close relative of a person specified in section 5 above or a third party acting on behalf of such person.
No deposit insurance benefits shall be paid to the following investors:
1. An investment the owner of which has liabilities that have fallen due to ”Luminor” shall not be compensated to the extent of such liabilities.
2. Investments confiscated on the basis of a judgment of conviction in a court case concerning money laundering or terrorist financing shall not be guaranteed. If the disposal of the investment has been restricted by the precept of the Estonian Financial Intelligence Unit or the investment has been seized in criminal proceedings of a court case concerning money laundering or terrorist financing, the compensation for the investment shall be suspended until the precept has been revoked or the judgment has entered into force.
Example of circumstances or claims for which the insurance system is not applicable.
Investment risk is not subject to insurance: in the event the issuer does not redeem debt securities, or the value of an acquired financial instrument has decreased – this does not become an object of insurance of obligations to investors.
The insurance benefit in relation to the obligations to investors shall be calculated by summing up all the funds and financial instruments of the investor that "Luminor" is not in a position to repay to the investor; however, the total amount of the benefit may not exceed 20,000 Eur.
The amount of the insurance benefit to an investor shall be calculated on the basis of the market value of the financial instruments of the investor on the day of the insured event. The amount of the insurance benefit with respect to obligations to investors in a foreign currency shall be calculated according to the euro-foreign currency exchange rate published by the European Central Bank on the date of the insured event.
In the event a group of people (shared investment) has a claim to funds and/or financial instruments, then each person is considered to be an investor and the funds and the financial instruments shall be distributed to each investor in equal shares, unless the contracts from which the claim arises or court ruling provides otherwise.
This means that, for the purpose of determining the amount of the insurance benefit, the shared financial instruments and funds are allocated to each investor according to the share they are entitled to. However, all financial instruments and funds of a single investor shall be cumulated, and the total amount shall be subject to a limit of 20,000 Eur.
Compensation shall be paid to an investor not later than within one month after determination of the value of the investment subject to compensation by Tagatisfond (the Estonian Guarantee Fund). The Estonian Guarantee Fund may extend the term under extraordinary circumstances and with good reason. A term may be extended by up to three months at a time, but not for more than a total of twelve months. The precondition of receiving compensation is the investor’s application to the Estonian Guarantee Fund.
In the event no insurance benefit is paid to the customer within the terms indicated above, the customer should contact the Estonian Guarantee Fund , because the investor’s entitlement to an insurance benefit remains valid for 5 years after the insured event, following which the investor may lose their right to claim the insurance benefit.
In cases provided for in the Guarantee Fund Act of Republic of Estonia (read more at tf.ee) the payment of insurance compensation for deposits may be deferred (delayed), for example, in the cases of insufficient information to evidence the right to insurance compensation for the deposit, or in the case of an ongoing court dispute about the deposit, or if the depositor’s right to dispose of the deposit is restricted.
Insurance compensation is paid to investors in euro