Legislation: nationalisation of AB bankas SNORAS

The Bank of Lithuania imposed moratorium on operations of AB bank SNORAS and the Government of the Republic of Lithuania adopted a resolution regarding nationalisation of bank SNORAS on 16 November, 2011. On the same day, the Central Bank assigned a temporary administrator for the bank SNORAS and the Government approved and submitted certain legislative proposals. As a consequence, On 17 November 2011, the Parliament of the Republic of Lithuania, in an urgent manner, adopted amendments of six laws pertaining to the nationalisation of the bank indirectly:

• Amendment of Articles 10, 23, 72, 76, 85 of the Banking Law, supplementing by Article 76(1) and abolishment of Articles 28, 29 Law;
• Amendment of Articles 2, 4, 11, 14 and the name of 3rd chapter,  and supplementing  with Articles 7(1) and 13(1) of Financial Stability Law;
• Amendment of Articles 20,21, 25 and supplementing with Article 12(1) of the Law on insurance of deposit and liabilities to investors;  
• Amendment Law of Article 145 and supplementing with Article 267(1) of Civil Procedure Code; 
• Amendment of Article 6.116 of Civil Code Law; 
• Amendment of Article 71 and supplementing by Article 881(1) the Administrative Proceedings law; 
• Amendment of Article 10 of Public Procurement Law.

These laws set out rules related to management, possession, use and disposal of bank assets and liabilities, litigation relating to the bank administration after the measures strengthening the financial sustainability of the banking system determined in the Financial Stability Law are adapted to the Bank.

Back