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Tuesday 28.01.2020 | Name days: Spodris, Kārlis
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Lithuania suspends work of Snoras bank

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Lithuania Central Bank Lietuvos bankas decided on November 16 to appoint a temporary administrator to AB Snoras bank and apply temporary preventive measures to ensure protection of the bank’s assets, reports bbn.ee, in reference to www.news2biz.com.

Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RUThe Vilnius-listed bank is the 5th largest bank in Lithuania.

It is planned to renew the bank’s operations on Monday, November 21.

According to the statement of the Central Bank, “The analysis of information compiled for supervisory purposes revealed poor quality of Snoras Bank assets and evaluation of the assumed risk was inappropriate due to the lack of responsibility. Snoras had ignored the Central Bank’s instructions to slash operational risks. It is also said that he bank has treated these instructions formally.

The decision was taken to protect the interests of Snoras clients and the public in general and to ensure confidence and stability on the domestic banking system.

The Board of the Bank of Lithuania is also set to submit to the Government a conclusion saying that the most effective solution of the bank’s problems is the government using its right laid down in the Law on Financial Sustainability and taking over the bank’s shares for the benefit of public needs. The measure is said to be able ensure maximum protection of depositors’ interests and minimize potential losses the state could post.

Temporary administrator Simon Freakley, Zolfo Cooper LLP, senior partner, was appointed to take over the functions of Snoras bank’s Supervisory Council, its Board and Administration.”

Ref: 102.105.105.243


Leave a reply

  1. Reto says:

    We heard it all before “Nasing Special” just a crisis.

  2. Octav says:

    Lithuanian banks are in turmoil Latvian ones are following.Do not trust bankers anymore.

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