Bloomberg News

Lithuania Lawmakers Approve Legislation Allowing Snoras Split

November 17, 2011

Nov. 17 (Bloomberg) -- Lithuanian lawmakers approved seven amendments to legislation that will help the country split AB Snoras Bank, which the government took over yesterday.

The government wants to split Snoras into two banks, with good and bad assets. Lithuania needs to complete the process and stabilize the situation within a month and a half to limit takeover costs, Finance Minister Ingrida Simonyte told lawmakers today.

The government decided to take over Snoras after the central bank said the bank failed to contain credit risk and was involved in illegal banking operations.

BIO MILDA SEPUTYTE

--Editors: Balazs Penz, Louis Meixler

-0- Nov/17/2011 18:49 GMT

-0- Nov/17/2011 18:56 GMT

To contact the reporter on this story: Milda Seputyte in Vilnius at mseputyte@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net -0- Nov/17/2011 18:30 GMT


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