2006-01-13
1. On Thursday the Board of the Bank of Lithuania was presented a report of the inspection of the Vilnius branch of the German bank Bayerishe Hypo-und Vereinsbank AG.
It was checked whether financial and for supervision meant reports presented to the Bank of Lithuania were prepared rightly, how the bank ensured the implementation of the liquidity requirement in the period from 1 May 2004 to 31 October 2005, accounting procedures and the effectiveness of the internal control system were also analysed. No violations of the established procedure were found.
2. The Board of the Bank of Lithuania allowed SEB Vilniaus Bankas to include a subordinated loan of EUR 25 million (or LTL 86.3 million) received from the Swedish bank Skandinaviska Enskilda Banken after it pays for the subordinated loan bonds issued by SEB Vilniaus Bank into Tire II capital.
This 10 year maturity loan was given to SEB Vilniaus Bankas on 14 December 2005. According to the Bank, the addition interest expenses arising from the subordinated loan will not have any negative consequences to the financial standing of the bank, and having in mind the planned usage of attracted funds for crediting, this situation may be even favourable for the bank income.
3. The Board of the Bank of Lithuania decided to launch a new issue of a numismatic set of circulation coins composed of 10, 20, 50 denomination cents, 1, 2 and 5 litas denomination coins and also of 1991 issue of circulation coins of 1, 2 and 5 cents - all in circulation at the present moment
The mintage of this coin-set to be minted in 2006, will amount to 5 000 pieces, and it will be issued into circulation in the second quarter of 2006.
The Bank of Lithuania has already issued three such coin-sets whose coins were minted in 1991, 2000, and 2003.
4. Regarding a particular recent increase of interest in issued commemorative coins and their boosted demand in our country and abroad, the Board of the Bank of Lithuania established higher as planned coin mintages to be issued this year.
The mintage of the first in the 2006 plan commemorative coin dedicated to the nature of Lithuania is approved to be 3 000 (1 000 pieces more as planned). The mintages of the other two commemorative coins dedicated to commemorate the Medininkai Castle (from the series “Historical and Architectural Monuments of Lithuania”) and the rebellion of 1831 and the 200th birth anniversary of its heroine Emilija Pliaterytė were increased to 2 500 coins (500 coins each more than planned).
5. The Board of the Bank of Lithuania was not against the appointment of Vytautas Sinius, Director of Retail Banking Office of SEB Vilniaus Bankas, also to the position of Vice President of the bank (Deputy Head of the Administration).
6. The Board of the Bank of Lithuania was presented the information on credit union inspections conducted in the fourth quarter of 2005.
At the time of inspection, all credit unions complied with the prudential requirements set by the Bank of Lithuania.
Reports of credit union inspections included orders and terms for the elimination of the tracked shortages.