Vilnius, Oct. 04, 2018 (GLOBE NEWSWIRE) -- On 25 September 2018, the Board of the Bank of Lithuania discussed the results of the inspection of Medicinos Bankas UAB for the period from 31 March 2017 to 31 March 2018 carried out by the Supervision Service. It was found that the results of the first quarter of 2018 of Medicinos Bankas UAB failed to represent the true financial situation of the bank. However, Medicinos Bankas UAB eliminated the defects in its financial statements for the first six months of 2018. Therefore, the Bank of Lithuania decided that no sanctions are to be imposed for the deficiencies found during the inspection. Other operational deficiencies of the bank are to be eliminated by 31 December 2018.
On 25 September 2018, the Board of the Bank of Lithuania also discussed the results of the supervisory review and evaluation process (SREP) of Medicinos Bankas UAB. Having examined the SREP report, the Board of the Bank of Lithuania decided that Medicinos Bankas should meet the following minimum own funds requirements: total first-level capital adequacy ratio of 9.2 percent and total capital adequacy ratio of 12.7 percent.