2007-09-27
1. Permission to Register an Amendment to the Articles of Association of AB Siauliu bankas.
The Board of the Bank of Lithuania permitted AB Siaulių bankas to register the amendment to its Articles of Association in relation to the increase of the bank’s authorised capital to LTL 161 033 512, adopted at the General Shareholders’ Meeting on 29 March 2007.
It was stated at the Siaulių bankas shareholders meeting that the aim of the increase of the Bank's authorised capital was the strengthening of its capital base and the improvement of financial and prudential indicators of the Bank.
2. Change of the Accounting Policy of AB PAREX bankas
The Board of the Bank of Lithuania permitted PAREX bankas to change its accounting policy by envisaging in it principles for the preparation of consolidated financial accounting.
On 4 July 2007 PAREX bankas acquired from the parent bank in Latvia AS Parex banka a 100% block of shares of UAB Parex faktoringas ir lizingas. As from that date, the financial group of the AB PAREX bankas is composed from the bank and a leasing and factoring company controlled by the bank. To that date the bank did not have any controlled enterprises. Therefore, consolidated accounting principles were not dealt with in the bank?s accounting policy.
According to the bank, the change of its accounting policy will not exercise any negative impact on the financial performance results of the bank.
3. Inclusion of the Retained Profit of SEB Vilniaus Bankas for the Current Year in the Bank's Capital
The Board of the Bank of Lithuania was presented information on the inclusion of the retained profit of SEB Vilniaus Bankas for the current year into the capital of the bank.
SEB Vilniaus Bankas addressed the Bank of Lithuania by submitting the 30 June 2007 Financial Accounting Report of the bank and the bank?s financial group, prepared by the bank auditors, and requesting a permission to include 60% of the current year profit audited by auditors to both, the bank and financial group, (LTL 132.2 million to the Bank, and LTL 123.5 million - to the financial group) into the calculated capital of the bank and banking group. The Board was not against this inclusion.
After the inclusion of the mentioned share of the capital, according to the data on 1 July 2007, the bank capital adequacy ratio will amount to 10.28%, and of the banking group - to 9.3 %.
4. Securities Eligible for Concluding Repurchase Agreements between the Bank of Lithuania and Commercial Banks
The Bank of Lithuania supplemented the list of securities eligible for concluding repurchase agreements between the Bank of Lithuania and commercial banks with the securities of one more bank.
On 3 January 2006, Chairman of the Board of the Bank of Lithuania approved requirements and criteria for the Market Operations Department in selecting debt securities that might be recognised by the Bank of Lithuania Board as eligible for concluding repurchase agreements.
The list of these securities is published on the website of the Bank of Lithuania. Currently, the list includes 19 securities of the Government of the Republic of Lithuania and two commercial banks.