November 16, 2011 / 3:23 PM / 8 years ago

Lithuania bank Snoras was source

VILNIUS, Nov 16 (Reuters) - Lithuanian authorities decided to take control of fifth-largest bank Snoras as it was insolvent, said a source at the central bank.

“Its liabilities exceeded its assets,” said the source, who was speaking on condition of anonymity.

The source said he did not think that Lithuania would need to call in outside lending help due to the Snoras problems. Neighbouring Latvia had to rescue a bank at the end of 2008, forcing it to apply for a bailout from the International Monetary Fund and the European Union. (Reporting by Nerijus Adomaitis, writing by Patrick Lannin)

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