2005-06-30
On Thursday the Board of the Bank of Lithuania was presented a report on the inspection of Bank Snoras. The inspection focused on management, internal control, management of individual risks (credit, liquidity, market and operational risks) and compliance with regulating legislation and the Bank’s internal regulations.
The Board instructed Bank Snoras to remove the legal violations and drawbacks in its operations indicated in the inspection report by 1 October 2005. In addition, Bank Snoras was instructed to draw up a plan of removing the violations of legal acts and the drawbacks established during the inspection and present the plan to the Bank of Lithuania.
Taking into account the results of the recent inspection, the Board of the Bank of Lithuania decided the extend the term for implementing additional requirements in relation to containing operational risks set during the inspection last year for one year until 30 June 2006.