The central bank recognized Ukio as insolvent and permanently terminated its license. Taking into account the conclusion and proposals presented by the temporary administrator, Adomas Azuolas Audickas, regarding the restoration of the stability and reliability of Ukio, the board of the Bank of Lithuania decided to transfer the assets, rights, transactions and liabilities to Siauliu Bankas, operating in Lithuania.

The decision was adopted after considering that the proposed restructuring method of the problematic bank would require the least monetary resources and allow most of the bank’s depositors, over the short term, to regain th…

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Gene Zolotarev about EU financial system