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Lithuania discusses setting up travel guarantee fund
BC, Vilnius, 16.11.2015.
Print version
Print versionThe Lithuanian Economy Ministry will discuss setting up a travel guarantee fund to which package travel retailers would contribute and which would be used to ensure that tourists receive a refund of their payments if a tour operator becomes insolvent or goes bankrupt , Verslo Zinios reported on Monday, cites BNS/LETA.
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"The Economy Ministry plans to examine in the near future the possibility of establishing a guarantee fund as a tourist protection measure," the business daily quoted Renaldas Ciuzas, the head of the ministry's Tourism Policy Division, as saying.
According to the paper, it was criticism from the European Commission that has prompted the Economy Ministry to return to the idea of a travel guarantee fund.
The EU executive body has launched an infringement procedure against Lithuania for possible improper implementation of the EU's Package Travel Directive as the country fails to ensure that tourists affected by tour operators' bankruptcies receive a 100 percent refund of the money paid.
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