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Starkevičiūtė, Margarita

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Lietuvos žinios - Lithuania | 18/11/2011

Bank nationalisation no cause for worry

In a surprise move, the Lithuanian commercial bank Snoras was nationalised on Wednesday night owing to suspicions that it has committed accounting fraud. For the conservative daily Lietuvos Žinios this is no cause for concern: "It's true, many questions still remain open and too few details are known, but in essence things are clear enough. Banks are also nationalised by the state elsewhere in the EU, so the decision by the Lithuanian government is nothing out of the ordinary. Rather it is in the interests of the general public. ... When the state intervenes in this way, it is above all to enable the bank's business operations to continue. This is done by various means: the central bank makes liquidity available, while the Finance Ministry safeguards investments or issues additional bonds. That means that business activities can go on as usual, only under a new owner: the state. That is no cause for panic, and nor will taxpayers have to reimburse additional expenses at some point in the future."

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