Lithuania's central bank said early on Monday its board would mull its options before making a decision on Snoras Bank operations no later than Thursday.
Lithuania unexpectedly took control of Snoras, the country's fifth largest bank by assets and third by deposits, at the request of the central bank, which said it found a significant hole in the bank's assets last week. Prosecutors said they had opened a probe.
The board of Lithuania's (central) bank plans to make the final decisions on actions needed to protect the interests of savers, creditors and other clients no later than November 24, the central bank said in a statement released shortly after midnight on Monday.
Snoras was put under temporary administration, and the government has said it planned to restructure the bank by moving healthy assets and deposits covered by state-guaranteed insurance to an as yet to be established institution.
Snoras' temporary administrator -- Simon Freakley, a senior partner at Zolfo Cooper -- was asked to provide the final proposals on restoring Snoras operations and cost analysis of alternatives by November 23, the central bank added.
It did not elaborate on the alternatives.
The Finance Ministry said on Friday the government probably will not need to inject public money into the restructuring of the bank, unless missing assets exceed 1.5 billion euros.
The central bank has said it suspected that Snoras, 68-percent owned by Russian businessman Vladimir Antonov, had over reported its balance sheet by about 300 million euros.
Restrictions on money withdrawals at Snoras branch offices would remain in place until November 23, the central bank said.
On Monday, Lithuanian Prime Minister Andrius Kubilius plans to meet with representatives of business associations and investors to discuss the situation.