Banks, Financial Services, Legislation, Lithuania, Loan

Kaunas based Business Credit Union temporarily prohibited to provide credit services.

Over four months of this year already six credit unions caught the attention of the law enforcement. Head of 63 credit unions uniting Lithuanian Central Credit Union (LCKU) Fortunatas Dirgincius says that this organization has distanced itself from the Provisional Capital Credit issues because this company is not LCKU member.

"Even if there is some secret movement against honestly working credit unions, we should remember that the European Union itself encourages diversity in the financial market and opposes emergence of large conglomerates. I do not think that it is normal when about 90 percent of Lithuanian financial market is concentrated in the hands of Scandinavian banks", said Fortunatas Dirgincius.