Brussels, 27/09/2012 (Agence Europe) - On Tuesday 26 September, the European Commission approved the 6 million lita (approx. €1,738 million) bailout of the Lithuanian Central Credit Union (LCCU), on the grounds that the bailout plan will ensure the bank's long-term viability and member credit unions will make a sufficient contribution to the bailout costs, thus reducing any distortions of competition. Member credit unions have provided more fresh cash than the government, in fact, covering more than 50% of the LCCU's finance needs. LCCU provides financial services as well as liquidity and solvency aid to 62 different credit unions in Lithuania, particularly in country areas where commercial banks are rare. It also acts as a supervisor, clearing house and issuer of bank cards for its member credit unions, but had problems when it was unable to recover 18.5 million litas lent to the Bank Snoras AB, which went under. The bailout plan will boost risk surveillance at LCCU and will pay back capital very quickly. (FG/transl.fl)