Meeting of the Board of the Bank of Lithuania
1. The Board decided to warn the Joint-Stock Company Vilniaus Bank for violating Regulations on the Inspection of Credit Institutions. The Regulations establish that the Bank of Lithuania’s inspection reports are used solely for supervision purposes and are meant for the Bank of Lithuania and top management of the inspected bank. The Joint-Stock Company Vilniaus Bank failed to ensure this requirement.
2. The Board decided to approve standards of the 50 Litas commemorative coin to mark the Trakai Castle. This coin will be the first one from the new series “ Lithuanian Historical and Architectural Monuments”. The coin is planned for the issue at the end of the 3rd quarter of 2002.
3. The Board considered the budget implementation report and the financial state of the Bank of Lithuania of the first semi-annual period of 2002. During six months of 2002, the Bank of Lithuania earned LTL 166.10 million income and experienced expenses in the amount of LTL 78.38 million. The largest part of income was generated from the management of foreign reserves, realisation of securities and foreign currencies. Expenses were made up of interest rates on loans and deposits, foreign market operations, costs on money production and maintenance of the Bank staff.