OREANDA-NEWS. May 15, 2012. The Bankruptcy Administrator and his team have recovered over LTL 107 million from BAB Bankas SNORAS nostro accounts in 50 banks. These banks are located in 25 different countries and cover 20 currencies, reported the press-centre of Bankas SNORAS.   

Nostro accounts are held by banks in foreign countries and are denominated in the currency of that country to enable efficient settlement of foreign exchange and trade transactions.

In the case of BAB Bankas SNORAS, these accounts contain funds that belong to the Bankruptcy estate and are therefore being recovered for the benefit of creditors.

Commenting on the recovery of these funds, Neil Cooper, Bankruptcy Administrator said:
“Prior to the Bankruptcy process, these funds would have been used to support foreign exchange transactions for BAB Bankas SNORAS clients and we have recovered funds in 20 different currencies including the US Dollar, Yen and Hong Kong Dollar. The LTL 107 million we have recovered so far represents approximately 89% of the total we consider recoverable and we continue to recover the funds held in the nostro accounts for the benefit of creditors.”