Central Credit Union of Lithuania was instructed to eliminate shortcomings in its operation
The results of the inspection of the Central Credit Union of Lithuania, which was conducted by the Credit Institutions Supervision Department, were presented to the Board of the Bank of Lithuania. After their assessment, the Board instructed the Central Credit Union of Lithuania to prepare the plan for the reduction of concentration risk according to the maximum exposure value for one debtor (institution) acceptable for the Bank of Lithuania and to implement it by 30 September 2011.
The Central Credit Union of Lithuania was also instructed to eliminate deficiencies related to the risk management and internal control systems as well as other shortcomings in its operation that were ascertained during the inspection and the supervisory review and evaluation by the said date.
The head of administration of the Central Credit Union of Lithuania was instructed to arrive to the Bank of Lithuania no later than within ten days of the receipt of this resolution and to explain how the Union intends to remove the established shortcomings in its operation and, after the deadline for the implementation of these instructions, to report on their implementation.