Breaking News: Ukio Bank in Administration, hearts to follow?

[Ricky_ 893]

Chris McLaughlin ‏@BBCchrismclaug

Reports coming from Lithuania that temporary administrator appointed to Ukio bank. #Hearts #BBCSport

[Troubled Genius 73]

[AlCapone 7,678]

Heres hoping

[Ricky_ 893]

Looks like the jambos giving their money to a litho bank via the share issue enough to save it

[Ricky_ 893]

[johanhentze 14,167]

Well, thats them REALLY fucked...

[LineysLament 182]

Oh dear, how sad.

NOT!

[Pastie 11]

Always thought us and Hearts had a decent connection.

[Chef 436]

Surely no way out this time, now I await a wages saga

[johanhentze 14,167]

Apparently the share issue money has been spent on wages and bonuses (?) and there are now wage issues again..

[Troubled Genius 73]

Always thought us and Hearts had a decent connection.

Not anymore.

[Chef 436]

Looks like hearts will be division three next season if they get through this

[cushynumber 25,178]

[Goianegra 4,684]

As a Hearts fan told me last year:

Shit happens.

[sandymcm 25]

Operations have been suspended at a bank owned by Hearts' Vladimir Romanov.

On Tuesday, the central bank in Lithuania announced they had appointed a temporary administrator to Ukio Bankas.

The decision was made after the board of the Bank of Lithuania looked at inspection reports from December 2012 to January 2013.

It was decided the bank had "risky tendencies" in recent years, actions of shareholders had been "harmful" to the bank and these threatened the bank’s stability.

A statement from the central bank said: "During the inspections of Ukio 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."

It goes on to say shareholders and management did not follow a loan restructuring plan and ignored the central bank’s orders to reduce the number of loans related to the main shareholder.

The statement said: "Particularly the loans issued to companies related to the main shareholder make up the largest part of the problem loan portfolio."

Romanov is the main shareholder at Ukio Bankas.

The administrator now has six days to work out how to fix the problems at the bank.

The central bank said they were keen for a solution to be found for Ukio Bankas, with restructuring the most likely outcome.

Chairman Vitas Vasiliauskas said: "A lot will depend on the actual financial standing of the bank, which will be registered by the administrator and the auditors who inspect the bank, but our priority is clear - continuity of the operation of the bank in fulfilling obligations to its clients and ensuring that the restructuring would be the most effective, rational and cheapest means for the state in solving the problem."

Hearts are owned by Ukio Banko Investment Group (UBIG) which started off life as an arm of Ukio Bankas before becoming a company in its own right.

[Edmiston Drive 3,846]

Should this not e more a

[caseyjones 3,009]

As a Hearts fan told me last year:

Shit happens.

Your attitude towards Hearts and Portsmouth fans differs greatly, although I'm sure that you're not alone.

Still strikes me as strange.

[Thermopylae 15,287]

Did hearts not start the ball rolling against us last summer?

[The Godfather 72,082]

Did hearts not start the ball rolling against us last summer?

Nah I think that was Whyte tbh.

[Edmiston Drive 3,846]

One of their Directors said to me a couple of months ago..............have you found a new team to follow.

[Thermopylae 15,287]

One of their Directors said to me a couple of months ago..............have you found a new team to follow.

We will dance on their paupers grave

[Edmiston Drive 3,846]

We will dance on their paupers grave

Have left message on his mobile and sent off email also.

[cushynumber 25,178]

Have left message on his mobile and sent off email also.

shag his missus while your at it, the cheeky cunt deserves it.

[Edmiston Drive 3,846]

shag his missus while your at it, the cheeky cunt deserves it.

She is a stunner.

[cushynumber 25,178]

She is a stunner.

go for it - you know you want to - then get the pics posted