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. Last Updated: 07/27/2016

Banking Laws Passed

VILNIUS () -- Lithuania's parliament passed two key laws Tuesday aimed at resolving the banking crisis that broke late last year.

One measure nationalizes what was once the Baltic state's top bank, Innovation Bank, and another issues 1 billion litas ($250 million) of government securities to recapitalize the bank and help other troubled banks.

The closure of Innovation, along with fellow leading bank Litimpeks after they were found by the central bank to be insolvent, sparked a banking crisis in December.