Lithuania economy

Good news for the Baltic state of Lithuania. One of the three major ratings agencies, Fitch, has upped the rating of its long-term foreign-currency sovereign debt to an investment grade of BBB+. This compares to a rating of BBB (one notch below) from Standard and Poor’s and Baa1 (investment grade) for Moody’s. Read more

Most clients of the failed bank, Ukio Bankas, Lithuanian sixth-largest lender by assets, received some good news this week – they can access their bank accounts once more.

It was the latest development in the rapid rescue of the operations of Ukio by Siauliu Bankas, the country’s seventh-largest bank, and a clear sign that Lithuanian banking has been stabilised after the upheaval. Read more

Lithuania’s central bank is moving quickly to clear up the country’s latest banking collapse after Ukio Bankas, the country’s sixth-largest lender by assets, was declared insolvent and had its licence terminated.

It is seeking buyers for Ukio’s operations, after its activities were suspended and an interim administrator appointed. Siauliu Bankas, one of Lithuania’s ten biggest banks, is the main contender to take over the assets, rights, transactions and liabilities. Read more