Board of the Bank of Lithuania

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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 the supervised financial market participants or non-compliance with legal acts, applies enforcement measures, gives instructions, imposes obligations and prohibitions, as well as 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 the 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 Republic of Lithuania Law on the Bank of Lithuania.

The Board of the Bank of Lithuania meets on an ad hoc basis, but at least once a month.

Areas overseen by the Members of the Board

The Members of the Board of the Bank of Lithuania oversee certain functions and fields of activities of the Bank of Lithuania that are divided into 10 areas: monetary policy, financial stability, economics, supervision, banking, payment systems, research, statistics, cash and organisational management (administration).

• Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, oversees the field of monetary policy that falls under the responsibility of the Monetary Policy Division of the Economics Department of the Economics and Financial Stability Service. The Chairman is also in charge of organisational management (administration) to the extent that it is implemented by the Communications Department, the International Relations Department, the Legal Division, the Internal Audit Division and the Personnel Division.
• Asta Kuniyoshi, Deputy Chair of the Board of the Bank of Lithuania, oversees the field of cash and organisational management (administration) to the extent that it is implemented by the Organisation Service. She is also responsible for the activities of the Bank of Lithuania in exercising the rights conferred by the state-owned shares at the Lithuanian Mint.
• Raimondas Kuodis, Deputy Chair of the Board of the Bank of Lithuania, is in charge of the field of economics to the extent that it falls within the scope of the Economics Department of the Economics and Financial Stability Service (except for the Monetary Policy Division) as well as the field of statistics that falls under the responsibility of the Statistics Department of the Economics and Financial Stability Service. He also oversees organisational management (administration) to the extent that it is implemented by the Public Procurement Division.
• Marius Jurgilas, Member of the Board of the Bank of Lithuania, oversees the field of supervision that falls under the responsibility of the Financial Market Supervision Service, payment systems that fall under the responsibility of the Market Infrastructure Department, research that falls under the responsibility of the Center for Excellence in Finance and Economic Research (CEFER), and organisational management (administration) to the extent that it is implemented by the Security Department.
• Gediminas Šimkus, Member of the Board of the Bank of Lithuania, oversees the field of banking that falls under the responsibility of the Banking Service, and financial stability that falls under the responsibility of the Financial Stability Department of the Economics and Financial Stability Service.

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