2012-03-06
The Board of the Bank of Lithuania discussed the report on the inspection of AB bank Finasta conducted by the Bank of Lithuania. The inspection focussed on individual issues in relation to the Bank’s management and internal control, credit and liquidity risk management; interest was taken in the internal capital adequacy assessment process. A significant event which has had an impact of the Bank’s operation – bankruptcy of its indirect shareholder AB bankas SNORAS was taken note of. At the same time it was noted that at that time the operation of bank Finasta remained stable, the Bank observed the established risk ratios.
AB bank Finasta was instructed to eliminate the deficiencies related to its risk management systems and other shortcomings in its operation established during the inspection and the supervisory review and evaluation by 31 March 2012. The Bank’s Head of Administration was instructed to arrive to the Bank of Lithuania to explain how the Bank was going to remove the identified deficiencies in its operation and, after the expiry of the fixed term, to advise of how this had been done.