System assesments

Overview of System Assessments Made by the Bank of Lithuania

Year	The system assessed	Recommendations, principles and/or standards applied	Assessment results
2004	Payment system LITAS	BIS Core Principles	The system fully observed nine out of ten principles and broadly observed one principle (7th)
2005–2006	Securities Settlement System and its link with the securities settlement system of Clearstream Banking Luxembourg Plc., international securities depository operating in Luxembourg	Standards for the use of EU securities settlement systems in ESCB credit operations	System and the link between the securities settlement systems – with a few minor reservations – observed the standards established by the ECB
2006–2007	Payment System LITAS-PHA	BIS Core Principles	The system fully observed all Core Principles applicable to it
2008	Securities Settlement System	BIS–IOSCO Recommendations on Securities Settlement Systems	System observed 14 out of 19 recommendations, broadly observed 3 (3rd,11th and 18th) recommendations and partly observed 2 (5th and 9th) recommendations
2009	Securities Settlement System	BIS–IOSCO Recommendations on Securities Settlement Systems. The assessment of 2008 was updated, taking into consideration the measures implemented and the changes in the market situation	System observed 16 out of 19 recommendations, broadly observed one (3rd)recommendation, partly observed one (9th) recommendation and one (5th) recommendation was not applicable
2009	Payment systems LITAS-RLS and LITAS-MMS	BIS Core Principles and ECB Business Continuity Oversight Expectations	System observed all applicable Core Principles. Referring to management of business continuity, the assessment showed that the Bank of Lithuania properly formulated objectives of business continuity, was ready to incident management and communication while preparation of the plans for business continuity, their testing and updating thereof need additional attention.