Interesting article today in The Conversation…
Interesting story, and one which builds on my idea that Lithuania isn’t the right place to go hunting an EU Banking licence, and there is more sense being in Ireland, the Netherlands or Luxembourg for long term safety and stability.
You have to wonder why they chose to apply for a banking licence from there, don’t you?..
Because Lithuania made it an excellent environment for Fintechs like Revolut to get a banking licence, with government support, shorter waiting periods and smaller capital requirements etc. Such a licence was then valid across the EU, including in the UK.
It sounds like one of those great ideas in principle. Hopefully it remains sustainable.
Might not though.
My point exactly - find the weakest link in the chain and use that to legally operate everywhere in the EU.