· On 1 January 2015, all financial obligations in the
litas will be converted into the euro automatically and free of charge at the officially
set conversion rate. Conditions and rules of the agreements will not change;
therefore, it will not be necessary to sign documents or perform any additional
actions. All financial obligations shall have to be fulfilled according to the
conditions stipulated in the corresponding agreement.
· In case of loans issued in the euro, the US Dollar, or
any other foreign currency, no changes with regard to their currency will be
Calculation of Interest
· If interest set under a loan agreement is fixed, the
interest rate value will remain unchanged for existing obligations.
· If interest set under a loan agreement is variable, as
of the euro adoption day, references to interest rate index VILIBOR in the
agreements will be interpreted as references to EURIBOR index of the same
period. If VILIBOR index value has been set for a period that has started
before the date of the euro launch and will end after the date of the euro launch,
the set index value will be applied until expiry of the period for which it has
been set. At the start of a new period, VILIBOR value will be replaced with a
relevant day's EURIBOR value.
Instalments and Fees
· Since 1 January 2015, all currently effective loan
repayment schedules will remain in effect; however, amounts in the litas will
be converted into the euro at the set litas / euro conversion rate.
· Loan repayment instalments, overdue payments that were
paid in the litas before the euro adoption day, as of 1 January 2015 will be paid
in the euro.
· Fees set under loan agreements that have so far been
debited in the litas, as of 1 January 2015 will be debited in the euro at the
set litas / euro conversion rate.
Information for the creditors
The confirmed sums of the creditor claims
of BAB Bank SNORAS creditors from the euro introduction day, i.e. from 1
January 2015, will be automatically and free of charge converted
into euros by applying the official litas and euro conversion rate (EUR 1 = LTL
3.45280) and, in accordance with the Law on Introducing the Euro in the
Republic of Lithuania, by rounding off the resulting sums to two digits following
the decimal mark (according to the mathematical number rounding rules). References
to litas in all related documents will be interpreted as references to euros. We
would like to emphasise that the euro introduction has no impact on the
fulfilment of obligations to BAB Bank SNORAS according to the procedure
stipulated in the Law on Enterprise Bankruptcy.