A contract signed to transfer the liabilities and assets of Ūkio bankas to Šiaulių bankas
The temporary administrator of Ūkio bankas, Šiaulių bankas, and the state enterprise Indėlių ir investicijų draudimas (Deposit and Investment Insurance) signed a trilateral contract, according to which Šiaulių bankas will take over certain part of the liabilities and assets of Ūkio bankas.
Šiaulių bankas will take over the liabilities of Ūkio bankas to its customers not exceeding the insurance compensations in the case of an insured event, as provided in the Republic of Lithuania Law on Insurance of Deposits and Liabilities to Investors. According to the approved preliminary assessment of the assets, the overall sum of the liabilities to customers that are to be transferred to Šiaulių bankas amount to LTL 2.7 billion. This is the same value as that of the transferred assets and the contribution by the state enterprise Indėlių ir investicijų draudimas—2.7 billion.
“After intense negotiations, the parties were able to reach an agreement, which for the first time solves problem of insolvent bank in such a way that creates the conditions to restore banking services in the nearest future. This means that the most important short-term goal has been reached—the absolute majority of people and companies will be able to again, without any disturbances, dispose of their funds, which are held at Ūkio bankas,” said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.
He stressed that almost all depositors of Ūkio bankas will not lose either their deposits, or the calculated interest, because all of the liabilities of Ūkio bankas to its customers will be transferred to Šiaulių bankas according to the agreements that are valid at this time.
The value of the assets transferred to Šiaulių bankas was ascertained by the audit company KPMG Baltics; however, the trilateral contract foresees an additional detailed assessment of the assets.
The comprehensive assessment, which will last three months, is a safeguard for all the parties involved in this contract. Having specified the value of the assets, the liabilities of the parties involved in the contract will also be revised.
The trilateral contract also foresees that Šiaulių bankas, which will take over the liabilities and assets, is required to renew banking services for the customers of Ūkio bankas in the shortest time possible.