2010-11-16
1. Amendments to the Regulations on the Operation of TARGET2-LIETUVOS BANKAS Payment System
The Board of the Bank of Lithuania made amendments to the Regulations on the Operation of TARGET2-LIETUVOS BANKAS Payment System. The amendments were made with regard to the changes of the Guidelines of the Eurosystem Payment System TARGET2 which were approved by the Governing Council of the European Central Bank on 15 September 2010. These changes are basically associated with the establishment of an Internet access possibility for potential system participants to use the account opened in the system TARGET2. According to the TARGET2 Agreement signed by the Bank of Lithuania on 10 December 2009, all amendments to the Guidelines are also applied to non-euro area central banks that signed the Agreement, unless amendments to the TARGFET2 Guidelines indicate otherwise.
The Bank of Lithuania administers participants of the payment system TARGET2-LIETUVOS BANKAS, a component of TARGET2, and provides support to them. Apart from the Bank of Lithuania, several largest domestic commercial banks and AB Central Securities Depository of Lithuania also take part in this system.
The Regulations on the Operation of TARGET2-LIETUVOS BANKAS Payment System define the manner by which the Bank of Lithuania, national credit and other financial institutions participate in the system TARGET2 providing real time gross payment service in euro. The Regulations establish conditions for the participation in the payment system, duties of parties, services provided by the Bank of Lithuania, security requirements, responsibility level, etc. Annexes to the Regulations determine the procedure for the calculation of the compensation to a system participant for default of payment orders, list of prices, account presentation procedure, etc. Some provisions of the Regulations shall come into effect only after the euro introduction date in the Republic of Lithuania.
2. Amendments to the Regulations on the Operation of the System LITAS-PHA
The Board of the Bank of Lithuania made amendments to the Regulations on the Operation of the System LITAS-PHA. Amendments were made with regard to the changes of the Guidelines of the Eurosystem Payment System TARGET2.
The system LITAS-PHA developed and managed by the Bank of Lithuania is closely linked with the system TARGET2. The system LITAS-PHA participants can make payments for TAERGET2 participants and receive payments from them. Therefore, provisions regulating the operation of the system LITAS-PHA must be harmonised with the provisions of the Guidelines of TARGET2.
The system LITAS-PHA allows financial institutions to make settlements in euro via the Bank of Lithuania. Lithuanian credit institutions may receive euro intraday credits via settlement accounts opened in this system. The system is used by the Bank of Lithuania, the majority of domestic commercial banks, foreign bank branches, the Lithuanian Central Credit Union, and one financial brokerage firm.
3. Amendments to the Rules for Granting Intraday Credit in Euro
The Board of the Bank of Lithuania made amendments to the Rules for Granting Intraday Credits in Euro. Amendments were made with regard to the changes of the Guidelines of the Eurosystem Payment System TARGET2.
The Eurosystem payment system TARGET2 grants intraday credits ensuring liquidity of credit institutions needed for making settlements. The Rules approved by the Board of the Bank of Lithuania establish the entities that may be granted intraday credits in euro, collateral for securing these credits, the procedure for their granting, requirements for a timely repayment of intraday credits in euro, sanctions for intraday credits not repaid in time and the grounds for losing the right to receive intraday credits in euro.
In line with the amendments made to the Rules for Granting Intraday Credit in Euro, provisions of agreements of the system LITAS-PHA participant, regulating the granting of intraday credits in euro, shall be specified.
4. Permission for AB SEB bankas to repay a subordinated loan before maturity
The Board of the Bank of Lithuania did not give permission for AB SEB bankas to repay before the maturity a subordinated 10-year loan of EUR 25 million (an equivalent of LTL 86 320 000 million) received from the Swedish Bank Skandinaviska Enskilda Banken AB on 14 December 2005.
This decision was taken on the grounds that the present time was not suitable for the reduction of the bank capital.
5. Graphic designs of the 50 litas collector (commemorative) silver coin dedicated to the 150th birth anniversary of Gabriele Petkevicaite-Bite
The Board of the Bank of Lithuania approved the results of the tender of graphic designs of the 50 litas collector (commemorative) silver coin dedicated to the 150th birth anniversary of Gabriele Petkevicaitė-Bite. The first place was given to the designs of Rimantas Eidejus.
The Board approved the front and back graphic designs created by Rimantas Eidejus of the coin dedicated to the 150th birth anniversary of Gabriele Petkevicaite-Bite. Also, the Board approved the inscription on the edge of the coin: AD ASTRA (three times).
6. Declaring legal tender and issue into circulation of the 50 litas collector (commemorative) coin dedicated to the Lithuanian nature.
The Board of the Bank of Lithuania decided to declare the 50 litas collector (commemorative) silver coin dedicated to the Lithuanian nature as legal tender and issue it into circulation on 30 November 2010.
The graphic design of the coin was created by Vytautas Narutis and the plaster model was made by Giedrius Paulauskis. The back of the coin bears the image of the fish loach (Misgurnus fossilis) included into the Red Book of Lithuania.
The coins are minted by UAB "Lietuvos monetu kalykla" (Lithuanian Mint). The mintage of the coin is 10 000 pieces.