Complaint to European Commission regarding depositors’ interest

Motieka & Audzevičius, on behalf of the client, a group of depositors of an insolvent Lithuanian bank, has filed a complaint against the Republic of Lithuania to the European Commission. In the complaint it was argued that the Lithuanian legislation regulating deposit guarantee schemes contradicts the norms of EU law and fundamental legal principles.

An EU Pilot procedure was started, however, the European Commission has decided to terminate the investigation because a new EU directive came in force which harmonizes deposit guarantees across Europe. Since Lithuanian legal acts correspond to the new directive, there is no more contradiction between national and EU law.