Milestones

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Milestones

The main dates in the history of Lithuanian Rural Credit Guarantee Fund

August 22, 1997

Agricultural Credit Guarantee Fund (ACGF) was founded according to the resolution No. 912 of the Government of Lithuania. Guarantees could be issued only for credits to farmers or their groups implementing joint business project.

February 24, 1998

The first cooperation agreement was signed with AB Lietuvos Taupomasis Bankas (Lithuanian Savings Bank).

April 6, 1998

The first guarantee was issued to AB Vilniaus Bank for the credit to V. Vaičionis, farmer from Anykščiai district.

June 16, 1998

According to the Government resolution No. 734 Agricultural Credit Guarantee Fund can guarantee credits taken by Lithuanian Agricultural and Food Products Market Regulation Agency.

July 30, 1998

The first guarantee was issued to AB Vilniaus Bank for the credit taken by Lithuanian Agricultural and Food Products Market Regulation Agency

September 20, 1999

According to the Government resolution No. 1026 Agricultural Credit Guarantee Fund started issuing 70 percent credit guarantees rather than 100 percent, sharing the risk between a bank and ACGF.

April 25, 2000

The first obligations were carried out for the credit issued by AB Lietuvos Taupomasis Bankas (Lithuanian Savings Bank).
July 28, 2000

According to the Government resolution No. 901 RCGF can issue guarantees for long-term credits granted to:

- all agricultural entities;

- entities engaged to activities alternative to agriculture.

June 13, 2001 Agricultural Credit Guarantee Fund became associated member of European Association of Mutual Guarantee Societies (AECM).
July 27, 2001

According to the Government resolution No. 940 Agricultural Credit Guarantee Fund can issue guarantees for long-term credits granted to companies buying and processing or selling agricultural production and offering services to agriculture.

As well ACGF has the right to issue guarantees for medium-term credits granted to agricultural entities and entities engaged to activities alternative to agriculture for purchasing raw materials, goods and paying for services.

February 20, 2002 The first guarantee issued for credit to business project financed by European Union SAPARD program funds.
June 9, 2003 The new guarantee scheme was introduced (Government resolution No. 732).
According to the new guarantee scheme, ACGF guarantees the repayment of up to 70 percent of the unpaid credit amount (or up to 80 percent of a credit granted to a farmer under 40 years of age).
August 20, 2003 Agricultural Credit Guarantee Fund issued more than 100 million Lt. credit guarantees to farmers, processing companies and other rural businessmen.
October 9, 2003 Agricultural Credit Guarantee Fund guarantee portfolio exceeded 1 billion Lt (ca. 300 thousand EUR).
March 24, 2004 According to the order No. 3D-124 of the Ministry of Agriculture RCGF started to administer partly reimbursement of credit interests to credit beneficiaries.
September 1, 2005 Agricultural Credit Guarantee Fund can also issue guarantees to credit unions.
September 18, 2005 The first guarantee for credit union was issued (for credit union "Kelmės taupa").
December 11, 2007 By the order of the Minister of Agriculture guarantees were allowed to be issued not only for the credits, but for the credit lines as well.
April 29, 2008
Agricultural Credit Guarantee Fund was entitled to issue guarantees to credit institutions in relation to credits granted to educational and study institutions as well as professional education institutions having experimental, demonstrative or educational farms, and implementing investment projects under the measures of Lithuanian Rural Development 2007-2013 programme yet not having enough collateral.
July 17, 2009 Credit Fund was established by the Ministry of Agriculture as a measure of financial engineering. ACGF was assigned to carry out the administrative functions of the Credit Fund.
December 31, 2009 Total amount of the guarantees issued by RCGF exceeded 2 billion LTL.
January 1, 2012 Agricultural Credit Guarantee Fund can also issue guarantees to finance lease (leasing) companies.
November 1, 2013 Raised guarantee extent: to finance lease (leasing) companies to 60 per cent and to the economic entities engaged in livestock breeding the repayment of outstanding credits raised to 80 per cent.