Seimas of the Republic of Lithuania

Seimas of the Republic of Lithuania 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
3. of this Resolution is the internal debt of the State of the Republic of Lithuania to the population.
4. 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.
5. 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.
6. The Government of the Republic of Lithuania shall within the first quarter of 1994 assess the remaining unprivatized assets of enterprises.
7. 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.
8. 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.
9. 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.
10. 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.
11. The Resolution shall come into effect from the day of its adoption. Ceslovas Jursenas Speaker of the Seimas of the Republic of Lithuania