2013-02-15
Three more banks are interested in the opportunity to be involved in the restructuring of Ūkio bankas
Performing the instructions of the Bank of Lithuania to begin preliminary negotiations on the possibility of banks participating in the restructuring of Ūkio bankas, the temporary administrator addressed the banks operating in Lithuania, with the request to be informed on whether they would be interested in participating in this process. Besides Šiaulių bankas, with which preliminary negotiations have already begun, three more banks expressed interest in the process.
The Bank of Lithuania, aiming to protect the interests of depositors, other customers and the public, and taking into account the necessity to as quickly as possible find a solution to the issue of the prospects of Ūkio bankas, on 13 February permitted the Bank’s temporary administrator, Adomas Audickas, to begin preliminary negotiations with Šiaulių bankas and other similarly interested banks in regard to their possible participation in the restructuring of Ūkio bankas.
The temporary administrator addressed the 14 Lithuanian and foreign bank branches that are operating in Lithuania, inviting them to inform him whether they will participate in preliminary negotiations on the possible transfer of the obligations, assets, rights and transactions of Ūkio bankas.
The first to express interest in the Bank’s restructuring process were three banks, which in the nearest future will have to inform the temporary administrator whether or not they are interested in participating in the further stages of the process. Other banks did not respond to the invitation, or notified that they are not interested in participating in the restructuring of Ūkio bankas.
The possibility to restructure a problematic bank by transferring its obligations, assets, transactions, and rights to another bank is consolidated by the Republic of Lithuania Law on Banks.
The Board of the Bank of Lithuania considers its highest priority such a reorganization of Ūkio bankas that would best guarantee further compliance of obligations to clients, and would have the least influence on public finances.
Conclusions and proposals on the possibilities and means of restoring the Bank’s operation should be presented by the temporary administrator no later than by 18 February.