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Resolutions of the Board of the Bank of Lithuania

October 19, 2012

New regulations provide for more convenient conditions for the acquisition of Bank of Lithuania numismatic valuables

The Board of the Bank of Lithuania approved the Regulations for Selling Numismatic Valuables of the Bank of Lithuania, which provide for more convenient conditions for residents and coin distributors to acquire collector (commemorative) coins, collector (commemorative) and circulation coin sets, specimen litas banknotes and other numismatic valuables. The procedure which had been effective by now was changed due to changes in the numismatic market.

The Rules establish in a detailed manner the procedure for ordering numismatic valuables through the Bank of Lithuania’s information system for ordering numismatic valuables and other means (by e-mail, fax, post or delivering an application directly to the Bank of Lithuania).    

50 per cent of the amount of numismatic valuables being issued will now be spared for orders acceptable by the date on which collector (commemorative) coins and their sets, collector (commemorative) circulation coins and their sets become legal tender, up from previous 25 per cent.    

Under the new Rules, one buyer will be able to order collector (commemorative) coins and their sets, collector (commemorative) circulation coins in a numismatic package and sets of such circulation coins before their issue date and/or to acquire them later within the first four trading days: minted from precious metals – no more than 2 pieces of each; minted not from precious metals – no more than 5 pieces of each. Given the demand for numismatic valuables, a greater amount of numismatic valuables being sold can also be fixed for orders before the issue date of the valuables and sold per individual. 

The procedure for payment for and withdrawal of numismatic valuables ordered was improved, it was described in greater detail who and under what conditions could become distributors of Bank of Lithuania numismatic valuables. 

Graphic designs for coins featuring Lithuanian resorts approved

The Board of the Bank of Lithuania approved the graphic designs for the 2 litas collector (commemorative) coins featuring the Lithuanian resorts of Birštonas, Druskininkai, Neringa and Palanga. They depict the coats-of-arms of the resorts.   

100,000 coins of usual quality and 2,500 coins of proof quality (mirror surface, mat relief) from this series are to be launched in November this year.  

Artist Giedrius Paulauskis was commissioned with creating the designs in digital format. The coins are minted by the UAB Lithuanian Mint.

The four Lithuanian resorts are being featured on collector (commemorative) coins for the first time.

New liquidity requirement for credit unions  

The Board of the Bank of Lithuania decided to apply a new liquidity requirement to credit unions – the liquidity coverage ratio. Credit unions will be subject to this requirement from the beginning of next year.

The aim of this ratio is to ensure that credit unions always hold a certain amount of highly liquid assets which in an unfavourable situation might immediately be converted to cash. This would enable credit unions satisfying additional demand for money which might occur for a period of one month without attracting additional cash flows and avoiding a necessity to sell other assets at a loss.

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