Bank of Lithuania
2012-04-13

After the authorisation given by the Board of the Bank of Lithuania, the Supervision Service of the Bank of Lithuania (BoL) started to solve independently certain financial market supervision issues entrusted to it. The Supervision Service takes the decisions, taking into consideration the opinion of the BoL Supervision Service Committee. The following decisions were taken during the first meeting of the Committee.

The public list of consumer credit intermediaries supplemented

The Supervision Service of the BoL decided to include the intermediaries of the consumer credit lender UAB Ūkio banko lizingas into the public list of consumer credit intermediaries. The supplemented list is published on the website of the Bank of Lithuania.

No objection to the acquisition of UAB “LORDS LB ASSET MANAGEMENT” shares raised

The Supervision Service of the BoL did not object to the increase of the share of voting rights and authorised capital in UAB “LORDS LB ASSET MANAGEMENT”, the management company registered in the Republic of Lithuania, held by the company Mart Inn Food Ltd, the company registered in the Republic of Cyprus, to 30 per cent or more without exceeding 50 per cent.

UAB “LORDS LB ASSET MANAGEMENT”, which is licensed in Lithuania, currently manages four closed type real estate investment funds: Lords LB Baltic Fund I, Lords LB Baltic Fund II, Lords LB Opportunity Fund I and Lords LB Opportunity II.

The maximum technical interest rate remained unchanged

The maximum technical interest rate used by life assurance companies when calculating the technical provision for loss cover was left unchanged. According to the Resolution No. N-486 of 28 December 2011 by the Insurance Supervisory Commission (its functions were taken over by the Bank of Lithuania), the maximum technical interest rate is 2.63 per cent.

The supervisory authority sets the maximum technical interest rate each quarter according to the Resolution of the Insurance Supervisory Commission No. N-117 of 1 October 2004 “On the adoption of the methodology for the calculation of the amounts of insurance technical provisions”.