Financial Services, Lithuania, Markets and Companies, Retail

The banks have offered to lend the money, of course for a substantial interest. The Union of Lithuanian Co-operatives (Lietkoopsajunga), which controls around 530 shops in rural areas, has asked the Government to change the euro issuance procedure. It is currently provided that the euro ordered by small shops will be delivered before Christmas, on 21-22 December. Thus, shop owners are puzzled how to secure the money until 1 January. "We have been given one day – they will bring us all the money at once and then we will assume responsibility," said Rimantas Girzadas, Director of consumer co-operative Kelmes Prekyba.

Head of the Association of Lithuanian Banks Stasys Kropas assures that commercial banks are working the hardest in Lithuania on the introduction of the euro. Some of their branches will work round-the-clock during holidays. Two cash collection companies, which will collect the litas and distribute the euro, have also hired additional personnel. "It would be wrong to impose additional schedules for them. Staff would have to be paid for overtime and expenditure would rise, while the exchange of the litas to the euro is free of charge. The banks do not earn from this," said Kropas. According to him, commercial banks agree to lend the capital to acquire the euro, but only to customers with clear cash flows. Reliable and transparent companies would be granted credit for 2-3 percent interest.