“With renewed distribution of savings notes, we see great interest from people. Residents continue to invest actively in savings notes, thus employing their savings and contributing to the financing of the government functions”, said Minister of Finance Gintarė Skaistė.
After renewal of GSN distribution this year, residents could purchase the second issue GSN on 4-18 September. The redemption of this issue will be on 19 September 2024. GSN are distributed via dealers selected by the Ministry of Finance – Swedbank and SEB banks.
During the aforementioned period, Swedbank concluded 2,764 agreements to purchase GSN in the amount of EUR 37.9 million, while SEB – 250 agreements for EUR 6.3 million.
Preliminary schedule for GSN issue foresees to distribute the third issue on 2-16 October to be redeemed on 17 October 2024. The schedule is updated on monthly basis and published on the website of the Ministry of Finance.
The GSN interest rates are set for each issue individually, taking into account the appropriate term average Government borrowing rate on behalf of the State. GSN interest rates are fixed no later than one working day before the start of placement of savings notes and published together with other GSN issue distribution terms and conditions on the website of the Ministry of Finance.
The GSNs are the Government securities to be purchased solely by natural persons. It is a safe investment that generates returns, similar to term deposits with a commercial bank, only in this case the residents would entrust their savings to the Government. In turn, the GSNs is an opportunity for the Government to form one more borrowing instrument – to borrow from residents directly and thus attract the residents’ savings not invested elsewhere.
Anyone willing to purchase GSNs during their emission will be able to do so via the distributors chosen by the Ministry of Finance, Swedbank or SEB, on their online bank with a few clicks of buttons. SEB will make it possible to purchase GSNs in bank branches as well.
When the time comes to redeem the GSNs, the investor will not have to do anything – the money for the redeemed GSNs and the interest due will be automatically transferred to the same account from which the payment for the purchased GSNs was made.
Additional information:
After renewal of GSN distribution this year, residents could purchase the first issue GSN on 7-21 August. During this period, residents purchased GSN in the amount of EUR 65.7 million and 4,303 transactions were made, i.e. Swedbank concluded 3,466 agreements to purchase GSN for EUR 51.2 million, while SEB – 837 agreements for EUR 14.5 million. Most frequently invested amounts in GSN were such as EUR 20 thousand, EUR 10 thousand, EUR 5 thousand, EUR 2 thousand and EUR 1 thousand.
