Meeting of the Board of the Bank of Lithuania
1. The Board discussed the results of the inspection of Vilniaus Bankas carried out from May to July 2002.
The Board instructed Vilniaus Bankas to remove the deficiencies in the classification of doubtful assets, make the necessary provisions, remove other shortcomings indicated in the inspection report and report to the Bank of Lithuania.
The Boar also decided to present information regarding the deficiencies in the operations of Vilniaus Bankas to the Bank’s shareholder, the Swedish Skandinaviska Enskilda Banken.
2. The Board gave permission to Sampo Bank to register changes in its Articles of Association (a new edition), including changes related to the increase of the share capital to the total of LTL 57,040,000.
In addition, the Board decided to replace the previous restricted license of the Bank with a license allowing the Bank to perform all operations provided by the Law on Commercial Banks and the Bank’s Articles of Association.
3. The Board approved the Key Principles of the Preparation of Credit Institutions Financial Accounting and Accountability.
The Principles will replace the Key Principles of the Preparation of Credit Institutions Financial Accounting and Accountability According to the International Accounting Standards approved by the Board of the BoL on 15 August 1996.
The new Principles provide for a more detailed regulation of drafting financial accounting and accountability and the conditions for changing accounting policies. The new Principles were developed in view of the requirements of the Law on Accounting, International Accounting Standards and other legislation.