The Bank of Lithuania is governed by the Board of the Bank consisting of a Chairperson, two Deputy Chairpersons and two Members. The on-going operations of the Bank of Lithuania are managed by five services, three departments and three autonomous divisions. The headquarters of the Bank of Lithuania are situated in Vilnius.
Supervision Service—monitors compliance of financial institutions with the standards of safe and reliable activities established by laws and other legal acts as well as international standards. The Service also investigates disputes between consumers and supervised institutions and provides recommendations on how, according to the Bank of Lithuania, a particular dispute between a consumer and a financial institution should be settled.
Economics and Financial Stability Service—performs monitoring and forecasting of economic processes as well as financial stability analysis and policy, encourages sound and efficient functioning of the financial market infrastructure; collects, validates, compiles, publishes and provides statistical information.
Banking Service—implements the monetary policy of the Eurosystem, manages the financial assets of the Bank of Lithuania, performs payments and settlement of credit institutions and of the Bank of Lithuania, administers the payment systems LITAS-MMS and TARGET2-LIETUVOS BANKAS.
Cash Service—formulates the country’s cash administration policy and is responsible for its implementation, performs accounting of the country’s cash reserves, stores and controls them, organises their supplementation with banknotes and coins of good aesthetic appearance and sufficiently protected against counterfeiting, regulates the quality of cash in circulation, investigates the acceptability of currency and its genuineness.
Organization Service—implements accounting, planning, and accountability, information technology, building and facilities management and maintenance; coordination of general administration, public procurement, and risk management processes.
DEPARTMENTS AND AUTONOMOUS DIVISIONS:
- International Relations Department—responsible for the participation of the Bank of Lithuania in the European System of Central Banks and the activities of the European Union institutions and its cooperation with international financial organisations;
- Security Department—ensures the overall security of the Bank of Lithuania’s property, valuables, staff and information;
- Legal Division—responsible for assistance in performing and implementing the functions and rights of the Bank of Lithuania through legal measures;
Personnel Division—responsible for the implementation of the Bank’s personnel and organisation management policy and the coordination of strategic operational planning within the Bank;
Communications Department—responsible for the provision of information to the public and the media about the activities of the Bank of Lithuania;
- Internal Audit Division—audits all the activities of the Bank and provides recommendations on operational improvements and the efficiency of the internal control system.