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Economy and Banking Sector of Lithuania

Financial Market Development

Financial Market Development
4.1 (max 7.0), 59th out of 138 countries
Banks' Soundness
4.8 (max 7.0), 72nd out of 138 countries

According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Lithuania is scored 4.1 out of maximum 7.0 and ranked 59th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 4.3 (65th place).

Financial Market Development in Lithuania.

Chart 1. Financial Market Development in Lithuania. Source: WEF.


Soundness of banks is scored 4.8 bringing Lithuania into the 72nd place.

Soundness of Banks in Lithuania.

Chart 2. Soundness of Banks in Lithuania. Source: WEF.

Further Information

Deposit Guarantee Scheme

Maximum Protected Amount
100,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Lithuania are summarised in Table 1.

Scheme Participants
all credit institutions operating in Lithuania (including branches of foreign banks)
branches of Lithuanian banks abroad
Eligible Depositors
natural persons
legal entities
Non-Eligible Depositors
credit institutions
financial institutions
management firms
brokerage firms
unidentified persons
central government
local governments
Covered Accounts
all deposit accounts
Non-Covered Accounts
anonymous accounts
coded accounts
e-money accounts
Covered Currencies
all currencies, namely
  • EUR (Euro)
  • foreign currencies
Maximum Protected Amount
100,000 EUR
Temporary High Balance
300,000 EUR
Paid In Currency
EUR

Table 1. Deposit guarantee scheme in Lithuania.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
Aaa (prime)
Foreign Currency
Aaa (prime)

Local currency (Euro) deposit ceiling for Lithuania is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).

Deposit Rates

Average Deposit Rate (Feb 2019, EUR)
0.20 % (unchanged)
In February 2019, an agreed annualised deposit rate in local currency (Euro) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.20% which was below the Euro Area average (0.32%).
Deposit Rates in Lithuania.

Chart 3. Deposit Rates in Lithuania. Source: ECB.

Further Information

Banking Supervision

Lietuvos bankas

Banking Sector Structure

Number of Banks
86
Consolidated Assets (2017)
27,323.84 mln EUR  (+6.10%)
Recent Changes (2018)
new banks: 4, closed banks: 1

Currently there are 86 credit institutions operating in Lithuania.

In 2017 consolidated banking assets in Lithuania were 27,323.84 mln EUR. The consolidated banking assets' evolution is shown at Chart 4 below.

Consolidated banking assets in Lithuania.

Chart 4. Consolidated banking assets in Lithuania.

Recent structural changes (2013 - 2018) of the banking sector of Lithuania are summarised in Table 2.

201320142015201620172018
Number of Opened Banks112004
Number of Closed Banks331251

Table 2. Recent structural changes in the banking sector of Lithuania.

The list of the most recently opened banks in Lithuania is provided in Table 3.

NameStart Date
Akciju sabiedriba „Citadele banka” Lietuvos filialas (new)December 2018
Luminor Bank AS Lietuvos skyrius (new)July 2018
Kredito unija „Neris“ (new)March 2018
Jungtinė centrinė kredito unija (new)January 2018
Telia Finance AB Lietuvos filialas „Telia Finance Lietuva” (new)October 2015
Scania Finans AB Lietuvos filialas (new)July 2015
Nordea Bank AB Lietuvos skyrius (closed)March 2014
Kredito unija „Saulėgrąža” (new)August 2013
 

Table 3. The most recently opened banks in Lithuania.

All the credit institutions operating in Lithuania can be classified into several categories. Table 4 summarises the number of banks in each category.

CategoryNumber of Banks
Banks4
Branches of foreign banks9
Central banks1
Credit unions70
Specialised bank2

Table 4. Number of banks by category in Lithuania.

There are 9 branches of foreign banks from 5 different countries in Lithuania. Table 5 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
 Sweden3
 Estonia2
 Latvia2
 Denmark1
 Finland1

Table 5. Number of branches of foreign banks in Lithuania grouped by country of origin.