Seimas of the Republic of Lithuania
Resolution
15 December 1993 No.I-338
Vilnius
Concerning the Indexing of Personal Savings
Assessing the financial possibilities of the State, the
Seimas of the Republic of Lithuania has resolved:
1. In 1994 to compensate personal savings of the
inhabitants pursuant to the Decrees of the Government of the
Republic of Lithuania (No.562 of 23 July 1993 and No.834 of 12
November 1993) which are in effect at the present moment.
2. To recognize that personal deposits and interest thereon
accumulated by 1 January 1991, as well as compensations for
savings and insurance contributions calculated in accordance with
the procedure provided for in item 1. of this Resolution is the
internal debt of the State of the Republic of Lithuania to the
population.
3. To propose to the Government of the Republic of Lithuania
to establish a special Savings Restoration and Compensation Fund
for the compensation of personal savings.
4. To form the Savings Restoration and Compensation Fund
from :
1) sales proceeds of state-owned property according to
the procedure established by the laws of the Republic of
Lithuania, i.e. having privatized state-owned property for money
without applying money quotas, and having abolished terms
restricting privatization and preferential rights of employees,
provided for in the Law on Initial Privatization of State
Property.
2) proceeds from the privatization of state-owned property
for readily convertible currency;
3) proceeds from shares of state-owned enterprises, sold on
stock-exchange, dividends on shares hold by the state in
privatized enterprises, transferred to State Securities Fund (
pursuant to the Decree of the Government of the Republic of
Lithuania No. 180 of 23 March 1992);
4) part of the privatization fund;
5) compensation for expropriated deposits in the Central
Savings Bank of the former USSR, provided a relevant agreement is
concluded with the Russian Federation within that period.
5. The Government of the Republic of Lithuania shall within
the first quarter of 1994 assess the remaining unprivatized
assets of enterprises.
6. To verify within the year 1994 deposits and other
payments and to calculate balance on each deposit and the sums of
compensations on all accounts of one depositor.
7. Beginning with 1995 to pay compensations in proportion to
the sums accumulated in the Savings Restoration and Compensation
Fund and should such resources prove insufficient, to allocate a
certain part thereof from the State Budget.
8. The Government of the Republic of Lithuania shall by 20
February 1994 submit to the Seimas for approval the Regulations
of the Savings Restoration and Compensation Fund, as well as
amendments to the laws relative thereto.
9. During the autumn session of 1994 the Seimas and the
Government of the Republic of Lithuania shall establish further
procedure for the compensation of deposits and payments.
10. The Resolution shall come into effect from the day of
its adoption.
Ceslovas Jursenas
Speaker of the Seimas
of the Republic of Lithuania