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Lithuania transfers first EUR 10 mln to bank resolution fund
BC, Vilnius, 02.02.2016.
Print version
Print versionLithuania's commercial banks have contributed the first 10 million euros to a special fund that can be used to restructure problem banks, the central bank said on February 1st, cites LETA/BNS.
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Banks will have to pay their next contribution to the fund by late June, with their total contribution to reach around 32 million euros by 2024, Vaida Cesnuleviciute of the Bank of Lithuania's Macroprudential Policy Unit told BNS.
"The Single Resolution Fund by 2024 will have to amount to at least 1 percent of insured deposits of the banking union. At the 1 percent target level, Lithuanian commercial banks will have to pay around 32 million euros into the Single Resolution Fund by 2024," she said.
Lithuania's first contribution to the fund includes payments from SEB, Swedbank, DNB, Siauliu Bankas, Citadele, Medicinos Bankas and the Lithuanian Central Credit Union.
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