The MNB would consider it important to supervise Revolut Bank as well

In the announcement sent to MTI, it was noted that the prudential and consumer protection supervision of Revolut Bank, which provides electronic financial services to domestic customers, is carried out by the supervisory authority of the bank’s headquarters, i.e. Lithuania. The MNB, as the “host country” supervisor, has only limited powers: in the event of a breach of interest, clients can primarily initiate action with the Lithuanian supervisor, and the protection of depositors is also guaranteed by the Lithuanian deposit insurance system.

Attention was drawn to the fact that Revolut Ltd.’s auditor indicated that there is a risk that the British company’s 2021 income statement contains material errors. According to the auditor, three-quarters of the British company’s income – 477 million pounds, partly cryptocurrency-based items – may differ from reality.