The Board of the Bank of Lithuania permitted to include in the second level capital of Bank SNORAS EUR 15 million (LTL 51.8 million) subordinated loan granted by Vladimir Antonov and Raimondas Baranauskas – two largest shareholders of Bank SNORAS – on 24 December 2009. After adopting this resolution of the Board of the Bank of Lithuania, the capital base of Bank SNORAS would be LTL 540.8 million, according to the data as of 1 December this year.
“Including the aforementioned funds in the capital will make a positive impact on the financial status of the bank – it will allow the bank and the bank’s group to consolidate the capital base, it will positively affect execution of the prudential requirements for the activity and will let have a larger reserve to cover possible losses,” states Naglis Stancikas, the first vice president of Bank SNORAS.
This year Bank SNORAS already consolidated the capital on 5 November 2009 after the Bank of Lithuania permitted to include in the second level capital LTL 72.5 million (EUR 21 million) emission of termless debt securities non-publicly distributed on 31 August this year. During the extraordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 5 November 2009, it was also decided to increase the authorized capital of the bank by more than LTL 88 million through additional contributions.