Meeting of the Board of the Bank of Lithuania
1. The Board reviewed the information on the results of the partial inspection of Nordea Bank Finland Plc Lithuania Branch carried out from 6 March to 20 March, 2002.The Board instructed Nordea Bank Finland Plc Lithuania Branch to remove the deficiencies presented in the inspection report by 1 June 2002 and report to the Bank of Lithuania.The Board also decided to inform the Finnish Supervisory Authority of the established deficiencies.
2. The Board decided to issue a banking license to AB VB Mortgage Bank.The license will allow AB VB Mortgage Bank to accept deposits and other repayable funds into client accounts and manage them, grant and take loans, perform foreign exchange operations and carry out other operations specified in BoL legislation.
3. The Board gave permission to AB Lithuanian Agricultural Bank to register changes in its Articles of Association related to sale of ordinary shares owned by the state to the strategic investor Norddeutsche Landesbank Girozentrale.
4. The Board reviewed the report on the implementation of the Bank of Lithuania budget in Q1 2002.Over the period the income of the Bank of Lithuania amounted to LTL 85.27 million and expenses totalled LTL 35.99 million.The profit in Q1 was LTL 49.28 million.