From 01 January 2020 Šiaulių Bankas will be directly supervised by the European Central Bank

2019-12-06

As of 1 January 2020, the European Central Bank (ECB) has included Šiaulių Bankas in the list of the directly supervised banks operating in the euro area member states.

Šiaulių Bankas became the third largest credit market participant registered in Lithuania and, therefore, the ECB granted Šiaulių Bankas the status of a significant Lithuanian financial institution.

“This recognition is a significant evaluation of Šiaulių Bankas' activities giving grounds for our customers and investors to trust our bank even more. Supervision of Šiaulių bankas will be subject to the same principles and rules as of the largest banks of the euro area," - said Chief Executive Officer of Šiaulių Bankas Vytautas Sinius.

The ECB started direct supervision of euro area banks in 2014 and currently supervises 117 banks operating there. The purpose of the system, called the Single Supervisory Mechanism, is to provide trust and resilience to the European banks. The ECB establishes common principles for banking supervision, takes coordinated supervisory and remedial actions, and ensures consistent application of regulatory requirements and supervisory rules.