Share Transfers Agreed/Cooling off period

[ScottB]

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https://twitter.com/LithuaniaBasket/...019392/photo/1

Ironically I'll be doing much the same when he flushes Hearts down the toilet...

[Kojock]

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and they've put a pair of specs on a c0ck and called it the manager.

What a brilliant description, made me laugh.

[Lix]

Ukio in administration!

[marinello59]

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Ukio in administration!

BOOM !

[Oscar T Grouch]

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Ukio in administration!

Sauce, link??

[Lucius Apuleius]

Nothing to see here, move along!!!!

[Lix]

Just trying to get the full text .... It's a beaut!
Ps on bloomberg

[andrew70]

What effect will this have on hearts? If any? Also is it not Ukio that basically owns Tynie?

[Lix]

BN 02/12 11:40 *UKIO BANKAS TEMPORARILY SUSPENDED, ADMINISTRATOR NAMED




+------------------------------------------------------------------------------+


The operation of Ūkio bankas is temporarily suspended, a temporary administrator is appointed
2013-02-12 11:38:33.677 GMT


The operation of Ūkio bankas is temporarily suspended, a temporary administrator is appointed


NASDAQ OMX Vilnius
Announcement from the exchange


The operation of Ūkio bankas is temporarily suspended, a temporary
administrator is appointed


Vilnius, Lithuania, 2013-02-12 12:38 CET (GLOBE NEWSWIRE) -- Having assessed
the inspection report, as well as other data gathered for supervision purposes,
and aiming to protect the interests of the general public, depositors and other
customers, the Board of the Bank of Lithuania declared the temporary
restriction of the operation of AB Ūkio bankas. A temporary administrator,
appointed by the Board, is authorized to propose decisions that would enable
ensuring of the compliance of obligations to the bank’s clients.


The decision of the Board of the Bank of Lithuania to restrict the bank’s
operation was made after assessing the risky tendencies of Ūkio bankas in
recent years, actions of shareholders that were harmful to the bank,
non-compliance with the instructions of the Supervision Service, and the
consequent rising threat to the stable and reliable operation of the Bank. The
decision was approved once it was clear that the other statutory enforcement
measures would not be sufficient in ensuring the security of the interests of
depositors and the general public.


During the inspections of Ūkio bankas in December 2012–January 2013 it was
established that the bank performed risky activities, inappropriately assessed
credit risks, in not all cases made sure of the borrower’s possibilities to
fulfil debt obligations, didn’t form enough specific provisions for problem
loans, applied unacceptable methods of portraying transactions in accounting,
and also violated prudential legal acts.


Having assessed the data collected during the inspection, it was established
that, in forming suitable specific provisions for problem loans and properly
evaluating the other assets, the net value of Ūkio bankas would be less than
was declared in the reports presented to the Supervision Service, and the bank
wouldn’t perform the prudential requirements related to the capital. In
addition, based on the data presented to the Bank of Lithuania, on 12 February
Ūkio bankas no longer complies with the liquidity ratio.


The shareholders of Ūkio bankas and the management did not fulfil the loan
restructuring plan, disregarded the Bank of Lithuania’s order to essentially
reduce the part of the loan portfolio related to the main shareholder, or they
only formally complied. Particularly the loans issued to companies related to
the main shareholder make up the largest part of the problem loan portfolio.


Ever after several repeated demands, the Bank of Lithuania did not receive data
that could prove that Ūkio bankas’ main shareholders are ready to ensure
reliable management of the bank and had real opportunities to strengthen the
bank’s capital and remove the other deficiencies in the bank’s operation.


The deficiencies in the bank’s operation and violations of legal acts have been
established more than once. However, as was revealed in the information
collected during the last inspection, the earlier requirements set for the bank
to improve the quality of its assets, strengthen the capital base, and curtail
operation risks, were not fulfilled.


Having assessed all the circumstances related to the operation of Ūkio bankas,
in observance of the Republic of Lithuania’s Law on Banks and aiming for
stability of the financial system, the Board of the Bank of Lithuania adopted
the decision to announce the restriction of the activities of AB Ūkio bankas
and appointed a temporary administrator, Adomas Audickas.


According to the Law on Banks, the administrator has the function of the bank’s
supervisory board, the management and administration. He is authorized to
assess in detail the financial standing of Ūkio bankas and carry out adequate
and effective actions to protect the interests of the bank’s depositors and
customers. Taking into account the need to find a solution to the problem as
soon as possible, the administrator is instructed to present to the Bank of
Lithuania his conclusion and proposals no later than six days from the date of
taking the decision.


Temporarily, until it is decided what means will be used to find a solution to
the problems of Ūkio bankas, the bank will not be providing financial services.


The Bank of Lithuania stresses that the enforcement measures applied to Ūkio
bankas are solely related to this bank only. All other banks operating in
Lithuania and foreign bank branches implement prudential requirements and there
is no risk to their stability. The obligations of Ūkio bankas to other banks
and credit unions operating in the country are insignificant.






The Bank of Lithuania
Public Relations Division

[Oscar T Grouch]

Thnx Lix, great news on a cr@p day

[Thecat23]

Is this good news or bad news for Hearts? The way I see it, don't Hearts owe them millions? If so could this now be written off? I'm not clued up with all this.

[EdinMike]

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Is this good news or bad news for Hearts? The way I see it, don't Hearts owe them millions? If so could this now be written off? I'm not clued up with all this.

Was about to say the same thing, what does this really mean, If anything !?

[blackpoolhibs]

I'm guessing its not good news lol.

[andrew70]

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Is this good news or bad news for Hearts? The way I see it, don't Hearts owe them millions? If so could this now be written off? I'm not clued up with all this.

Am not sure either but given its the bank that's went into Admin rather than the club, then I think the banks administrators would be well within their rights to call in all their debts to assume the greatest return for whoever they are due money to.

[JeMeSouviens]

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What effect will this have on hearts? If any? Also is it not Ukio that basically owns Tynie?

No, it's UBIG that effectively owns Hearts and has a security over Tiny. It's separate from but linked to the bank. This might not be the killer blow but it's got to be good news.

[Russell The Dug]

How much debt do the tramps owe the bank and not the investment company? Does the bank hold security of the pink dump?

Business has erm certainly picked up.

[Russell The Dug]

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No, it's UBIG that effectively owns Hearts and has a security over Tiny. It's separate from but linked to the bank. This might not be the killer blow but it's got to be good news.

Was Tynie not transferred from the group to the bank recently?

Call in the debt mother ****ers. Call in the debt.

[andrew70]

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No, it's UBIG that effectively owns Hearts and has a security over Tiny. It's separate from but linked to the bank. This might not be the killer blow but it's got to be good news.

Thanks for this. Appreciated.

[EH6 Hibby]

Given that the ground and club are only worth what someone is willing to pay for it, I can't help thinking this is going to be good for them. They will get rid of their crippling debt and Romanov in one go and one of the groups already mentioned will pick the ground and the club on the cheap.

[Biggie]

oh boy oh boy:

[JeMeSouviens]

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Given that the ground and club are only worth what someone is willing to pay for it, I can't help thinking this is going to be good for them. They will get rid of their crippling debt and Romanov in one go and one of the groups already mentioned will pick the ground and the club on the cheap.

Yeah, but this ground isn't in the middle of a *****hole part of Weegieland. It might not have CALA drooling over it any more but it's got to be worth more as real estate than continuing use as a football stadium.

[monktonharp]

there could be trouble ahead

[Sergey]

When are their wages due?

[monktonharp]

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Yeah, but this ground isn't in the middle of a *****hole part of Weegieland. It might not have CALA drooling over it any more but it's got to be worth more as real estate than continuing use as a football stadium.

are you forgetting, there will be a huge new stand with a hotel complex attached to it one of these days

[EH6 Hibby]

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Yeah, but this ground isn't in the middle of a *****hole part of Weegieland. It might not have CALA drooling over it any more but it's got to be worth more as real estate than continuing use as a football stadium.

Really really really hope you're right.

[CyberSauzee]

The Lithuanian Robert Maxwell's house of cards is crumbling. Good news to lift last night's gloom.

[greenginger]

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When are their wages due?

Thursday 14th if due in the middle of the month, normally meant to be paid on 16th Saturday.

Unless Hearts have cash in a separate bank or a safe at the PBS they really should stop trading as they will be incurring debts they have no means of satisfying.

Admin. here as well ? Cav./Cwg/ other learned people Hibs.Net need you.

[Kato]

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No, it's UBIG that effectively owns Hearts and has a security over Tiny. It's separate from but linked to the bank. This might not be the killer blow but it's got to be good news.

UBIG transferred 6.5M squids worth of their security over Tynie to UKIO a few weeks ago.

[Treadstone]

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Unless Hearts have cash in a separate bank or a safe at the PBS they really should stop trading as they will be incurring debts they have no means of satisfying.

I'm sure someone was keeping Share issue ready cash in a suitcase just before Christmas.

[Baldy Foghorn]

Tick Tock......

Well done Vlad, you are playing a blinder