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The fine was imposed by decision of the Board of Directors of the Bank of Lithuania after a specific inspection by the Financial Market Supervisory Authority, during which the selected credit agreements were inspected.
It was established that the Lithuanian branch of Luminor Bank AS due to a technical error of 2017. July 1 to 2020 January 30 89 clients were subject to a higher penalty (0.2%) than the Real Estate Credit Law (0.05%) and violated the requirements of this law.
According to the Bank of Lithuania, the bank acknowledged the infringement due to the sanctions, stopped the infringing activities during the inspection, corrected the identified infringement and compensated 89 customers, therefore no sanction was applied for this infringement.
In addition, the bank since 2019. July 1 to December 31. it did not always act in accordance with the law in cases where consumers terminated credit agreements due to improper performance or breach of obligations.
In the cases of termination of credit contracts, the bank did not provide evidence of its cooperation with the borrowers and used all the objectively possible possibilities, proposing possible measures to comply with the obligations established in the credit contract.
Luminor Bank A / S has not been sanctioned for infractions of the Law and Regulations on Real Estate Credit.
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