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Lithuanian report Lithuanian report
by Euro Reporter
2011-01-29 10:51:04
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Lithuania banking sector cuts losses in 2010

Lithuania's banking sector, dominated by Scandinavian groups, made only a small loss in 2010, showing a recovery from the big deficits of 2009, the central bank said on Friday. The figures were in line with statistics office data earlier, which showed gross domestic product grew last year by 1.3 percent after a 14.7 percent output decline in 2009. The bank sectors of Latvia and Estonia have also shown improvements.

"The year 2010 was much better for the banks than 2009," Reinoldijus Sarkinas, Lithuanian central bank governor, said in a statement. The banking sector, which, like Latvia and Estonia, is dominated by such groups as SEB, (SEBa.ST) Swedbank SWEDAa.ST and Nordea, (NDA.ST) reported a preliminary net loss of 0.2 billion litas ($79.40 million) in 2010. That compares to a net loss of 3.7 billion litas in 2009.

Analysts said a recovery of the banking sector would result in rising investments and help growth this year. In the fourth quarter, banks made a preliminary net profit of 0.9 billion litas, despite provisions for bad loans still growing slightly to 5 billion litas by year-end. (Reporting by Nerijus Adomaitis)


Lithuania consumer morale brightens in January

Lithuania's overall consumer confidence improved in January, a survey conducted by the Department of Statistics showed Friday. The consumer confidence index rose by two percentage points to minus 24 in January from minus 26 in the previous month. Consumer sentiment improved significantly from January 2010, when the reading was minus 45.

The indicator of consumers' perception of changes in the economy over the next 12 months improved to minus 13 from minus 16, while lesser number of people expected the country's unemployment scenario to deteriorate, as the index dropped to 26 from 27 in December.

Further, the latest survey indicated an increase in optimism among the residents about their household financial situation in the next 12 months. The indicator for Lithuanians' view of savings in the next twelve months improved to minus 46 from minus 48 in the previous month.


57 of 60 Lithuanian city councils have millions-litas worth credits

Only two cities and one district in Lithuania have no debts, as LETA/Runet.lt reports. Millions-litas worth credits have been taken by 57 of 60 Lithuanian city councils, with just Birstonas, Visaginas, and Vilnius regions having no liabilities.

As Lithuanian Financial Ministry stated, Lithuania's municipalities' overall debt was more than 1.266 billion litas in October last year. This amount totals approximately one third of all expected revenues of Lithuania's municipalities. The biggest amount of liabilities accounts for Vilnius city council, writes ELTA.
As Vilnius major Raimundas Alekna pointed out, Vilnius' debt exceeds 800 million litas. The second biggest municipal debtor is Kaunas with more than 172 million litas of liabilities to financial institutions. Klaipeda owed 67.4 million litas in October last year, or almost 30% of the planned budget. The smallest amount of credits was taken by Anyksciai municipality – 5.3% of the approved income, or 1.7 million litas.

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