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, the Legal Division and the Internal Audit 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 Chairman, oversees the field of economics and financial stability, public procurement, as well as units performing related functions: the Economics and Statistics Departments of the Economics and Financial Stability Service, and the Public Procurement Division.
Marius Jurgilas, Member of the Board, is responsible for the field of banking, research and cash, as well as the following units: the Market Infrastructure 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, Operations and Payments Department and the Risk Management and Reporting Division of the Banking Service and the Financial Stability Department of the Economics and Financial Stability Service.
