2. Content
• Snoras story summary
• Main findings in the book
• Why did Snoras collapse?
• How did I do that?
• What’s next
3. Snoras story
summary
• New bank in Šiauliai, etablished in 1992
• Baranauskas started working as a “Lithuanian”
• Rapid development of services and branches
• First turning point
– Russia’s default in 1998 and serious threat to
Snoras
– New owners in Snoras
– Rescuing a bank
4. Snoras story summary
• Second turning point
– Vladimir Antonov investing in Snoras, 2003
• Central bank’s attitude
• Rapid growth and profliglate behaviour
• Third and most important turning point
– World crisis, 2008
– Investment in Lietuvos rytas
– Change of central bank governor
5. What was not published
before
• Juicy details
– R.Baranauskas as a human being, not a banker
– Pyramid of power: how it was built
– The cult of Baranauskas
• More details about ties between Snoras and
central bank
6. What was not published
before
• How the head of central banks surveillance
department was put aside
• V.Antonov’s car park
• Baranauskas’ claims that Snoras didn’t want to
buy Lietuvos rytas
7. What was not published
before
• How central bank did it
– Decision to nationalise was made in September
2011 (or even before)
– Scheduling fake meetings with shareholders
– Central bank governor’s fake trip to Frankfurt
– Fake vacations of governor of central bank
• However, information has leaked out
8. Why did Snoras collapse?
• Bad risk assesment (risky loans)
• Financing own businesses and personal
needs
– Wasting bank’s money
• Investing deposits to raise bank’s capital
(probably)
9. Why did Snoras collapse?
• Negligent regulation
– Fear to act
– Deliberate concealment of Snoras problems
(probably)
– Tight relations between Snoras and central bank
• Transfer of bank’s securities into personal
accounts
• Result:
– Lack of assets more than 3,8 bn. LTL
10. How did I do that?
• 9 years of gathering information, 6 weeks of
writing
• Dozens of meetings with sources
• What’s most important to information
sources
– Reputation of a journalist
– Reputation of an magazine (newspaper, TV, etc.)
– Acquaintances and recommendations
11. What’s next
• Politicians in the spotlight
• Long lawsuits
• Long bankrupcy procedure
• Losses to creditors
• Saved reputation of bank sector
More “Snoras cases”?
