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Published: 20 april 2012 10:23

Snoras loans 4 million euros to strengthen Finasta's capital

Bankas „Finasta“
Juliaus Kalinsko / 15min nuotr. / Finasta Bank

Having obtained the green light from the Vilnius Regional Court and the Finance Ministry, Lithuania's nationalized bank Snoras, which is undergoing bankruptcy proceedings, has extended a loan of 13.826 million litas (EUR 4 m) to Finasta Holding, a company it owns, which has used the funds to strengthen the capital of the bank Finasta.

Snoras' bankruptcy administrator said that talks on the sale of Finasta are well-advanced.

This contribution helps Finasta to comply with the capital adequacy requirements in order to maintain its banking license and became necessary due to its high exposure to Snoras, Neil Cooper, the bankruptcy administrator, said in a statement.

"Given that negotiations with potential buyers of Finasta are now well advanced, I and my team have taken steps to ensure that Finasta is in its best possible shape at the time of the sale, thus seeking to deliver the greatest likely benefit to creditors," he said.

Rasa Jakilaitienė, advisor to the finance minister, said that the Finance Ministry that owns Snoras does not comment on individual banking matters and advised contacting the bankruptcy administrator about this issue.

Rima Kaziliūnienė, advisor to the Bank of Lithuania's governor, told BNS that Finasta has not increased its share capital, but has contributed the money to the reserve capital, adding that the central bank's approval is not required in such cases.

Finasta Bank said on Tuesday that it suffered a loss of 26 million litas (EUR 7.54 m) in 2011, mostly due to investments in the collapsed bank Snoras. With Finasta Holding having contributed an additional 13.8 million litas to strengthen the bank's capital, Finasta's equity capital amounted to 19.3 million litas in late March and the bank met all of the minimum capital amount, capital adequacy and other requirements.

Finasta Bank, which was established in late 2008, is owned by Finasta Holding, which is part of the Snoras Group. A search for a new investor in the Finasta Group is currently underway.

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