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AB DnB NORD Bankas instructed to remove operational deficiencies

June 23, 2011

The Board of the Bank of Lithuania discussed the results of the inspection of AB DnB NORD Bankas.  Having assessed them, the Board of the Bank of Lithuania instructed the Bank to come up with a plan of measures to eliminate the deficiencies related to the Bank's risk management and internal control systems, as well as to other deficiencies in the Bank’s operation established during the inspection, and to submit it to the Bank of Lithuania.  The Bank’s attention was drawn to the fact that it needs to take into account capital requirement while also assessing the results of stress testing. 

AB DnB NORD Bankas was instructed to eliminate the deficiencies in its operation established during the inspection and supervisory review and evaluation by 31 October 2011.  The Head of Administration of AB DnB NORD Bankas was instructed to come to the Bank of Lithuania and explain how the Bank intended to eliminate the established operational deficiencies and, after the expiry of the fixed term, to explain how it had eliminated them.