International Internet Magazine. Baltic States news & analytics
Sunday, 29.11.2015, 23:13
Recent crisis has shown that large economic and financial shocks can weaken confidence in the banking system. Therefore, the EU Banking Union will underpin confidence in the European banks. Commission initiatives aimed at strengthening the European Deposit Insurance Scheme, buttress bank depositor protection and reinforce financial stability.
Keyword tags: Deposits, EU – Baltic States, Financial Services, Insurance, Legislation
Lithuania-registered insurance companies posted 13 million euros in aggregate losses for the first nine months of the year 2015 reversing the year-earlier profit of 24.6 million euros, data from the central Bank of Lithuania showed on Monday, cites LETA/BNS.
The German-owned insurance group Ergo said that its profits in the Baltic countries for the nine months through September 2015 soared by 43% to 5.13 million euros, from 3.6 million euros in the same period last year, informs LETA/BNS.
Holders of Snoras' certificates of deposit (CDs) will recover their money, but bonds issued by the now-bankrupt Lithuanian bank are not covered by the deposit insurance system, the Lithuanian Supreme Court ruled on November 17th, reports LETA/BNS.
Banking union’s completion is regarded as indispensable part in achieving a full and deep Economic and Monetary Union (EMU). However, additional steps are needed, in particular, about implementing European Deposit Insurance Schemes in the member states. Commission presents opinion on reducing risks in the financial system in general and in the banking union, in particular.
Altogether 26,802 people, making up 4.2% of the working-age population or 0.1 percentage point more than at the end of September 2015, were registered as unemployed in Estonia at the end of October, the Unemployment Insurance Fund reported BNS/LETA.
Insurance company Salva Kindlustus decided not to offer people, who want to fly with Estonian national carrier Estonian Air, insurance against trip cancellation connected to the aviation company's possible insolvency anymore, LETA/Eesti Päevaleht writes.