The Bank of Lithuania appointed temporary administration for SNORAS bank management

17.11.2011 November 16, 2011 the Board of the Bank of Lithuania has decided to appoint temporary administration of SNORAS bank as well as take temporary preventive measures to protect the bank's assets. Such actions of the Bank of Lithuania were the result of the financial analysis of SNORAS bank, its activity in recent years.
SNORAS bank ignored numerous instructions of the Bank of Lithuania to reduce risks. Also the requirements of the Bank to provide it with necessary documents in order to check them were not taken into consideration.

Expert’s opinion

“The Bank of Lithuania took all the necessary measures to protect assets and SNORAS bank is still payable. Investors that have deposits in SNORAS can be calm for their monetary funds safety. Such bank is ready for new investments transactions”.

On the basis: www.lb.lt

Vorontsova Maria ( the lawyer of international consulting department of Honest&Bright)