2012 05 23

Parliamentary commission to approve findings of Snoras bank collapse investigation

A parliamentary commission investigating the circumstances of Snoras bank collapse expects to approve its findings on Wednesday. The document listing reasons why the bank was forced to discontinue operations will not be made available to all members of the Parliament before 1 June, after the classified information has been removed from it.
Valentinas Mazuronis
Valentinas Mazuronis / Juliaus Kalinsko / 15min nuotr.

"We give ourselves an extra week in case heated discussions break out on the findings. We also need time to put in order the documents accumulated by the commission. Some of these documents are restricted and not accessible to the public. We will have to remove them from the findings," Order and Justice Party MP Valentinas Mazuronis, chairman of the commission, told BNS.

All members of the commission have put forward their proposals regarding the findings. "We will now have to make final decisions, because there are differences in opinions," he said.

Where the members differ most is whether steps taken by the Bank of Lithuania and the government to nationalize Snoras and later initiate bankruptcy proceedings against it were well founded, well-reasoned and timely, Mazuronis says.

The commission received no documents or other evidence to support the authorities' claim that Snoras' assets had decreased by 4 billion litas (EUR 1.16 b), the MP said.

The commission has until 1 June to submit its findings to the entire parliament. As part of their investigation, the lawmakers have questioned former and current central bank governors and other officials, as well as Snoras' administrators, two prime ministers and the finance minister.

The commission is to give its answers to 14 questions related to the circumstances of Snoras' collapse last autumn.

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