Bank of Lithuania

Members of the Board of the Bank of Lithuania

The Chair is appointed for a term of five years by the Seimas upon nomination by the President of the Republic. The total number of terms of office is unlimited. The President appoints the Members of the Board to their respective positions for no more than two consecutive terms. The duration of their term of office is six years (prior to April 2011 – nine years).

Currently, the Board comprises Vitas Vasiliauskas, Chairman of the Board, Raimondas Kuodis, Deputy Chair of the Board, Tomas Garbaravičius and Marius Jurgilas, Members of the Board.

In implementing specific objectives, fulfilling their functions and carrying out certain activities, Members of the Board of the Bank of Lithuania, as the organisation’s other employees, follow the principle of independence established in the Law on the Bank of Lithuania. The Law stipulates that the Government of the Republic of Lithuania and state institutions must respect the independence of the Bank of Lithuania and not seek to influence the Bank of Lithuania and its staff in discharge of their duties. They must not take instructions from EU institutions and other national governments.

Functions and responsibilities of the Board

The Seimas of the Republic of Lithuania authorised the Board of the Bank of Lithuania to take all important decisions on the activities of Lithuania’s central bank. The Board performs the following functions:

  • establishes procedures and principles for the management, use and disposal of the holdings of foreign reserves;
  • introduces macroprudential policy measures necessary to ensure financial stability in Lithuania;
  • develops financial market supervision policy;
  • if the Bank of Lithuania detects any operational shortcomings of financial market participants under supervision or non-compliance with legal acts, applies enforcement measures, gives instructions, imposes obligations and prohibitions, and applies other mandatory measures;
  • when necessary, takes decisions on the resolution of financial sector entities, appeals to court regarding the initiation of bankruptcy proceedings against financial market participants under supervision;
  • issues licences and other types of authorisation for operating in the financial market, suspends or revokes them when necessary;
  • takes decisions regarding issuance of banknotes and coins, their withdrawal from circulation and other issues related to currency in circulation.

All rights and obligations of the Board of the Bank of Lithuania are laid down in the Law on the Bank of Lithuania.

Meetings of the Board, where Resolutions are adopted on various issues discussed, are held as necessary, but at least once a month.

Areas overseen by Members of the Board

The Members of the Board, governing the central bank, supervise certain areas and fields of activities of the Bank of Lithuania.

Vitas Vasiliauskas, the Chairman of the Board of the Bank of Lithuania, oversees organisational management (administration), as well as the following units: the Organization Service, the Communications Department, the International Relations Department, the Security Department, the Personnel Division, and the Legal Division. Until a fifth Member of the Board, substituting a Deputy Chair who left her office early and was responsible for the field of supervision, is elected, the Chairman is also responsible for the Supervision Service.

Raimondas Kuodis, Deputy Chair, oversees the field of economics and the Economics and Statistics Departments of the Economics and Financial Stability Service.

Marius Jurgilas, Member of the Board, is responsible for the field of banking, research and cash, as well as the following units: the Operations and Payments Department of the Banking Service, the Center for Excellence in Finance and Economic Research (CEFER) and the Cash Department.

Tomas Garbaravičius, Member of the Board, is in charge of banking and economics and financial stability, as well as the following units: the Investment Management Department and the Risk Management and Reporting Division of the Banking Service and the Financial Stability Department of the Economics and Financial Stability Service.

Last update: 20-04-2017