Bankruptcy administrator comments on progress made since banking operations at SNORAS were suspended one year ago

On 16 November 2011, The Central Bank of Lithuania placed AB Bankas SNORAS under temporary administration and the bank's operations were suspended to allow for a controlled analysis of its financial situation. During the temporary administration, the bank's financial position was evaluated and restructuring options were provided to the Central Bank for their consideration.

Following the period of temporary administration, on 7 December 2011, the Vilnius Regional Court ordered that bankruptcy proceedings be initiated in respect of Akcin