Meeting of the Board of the Bank of Lithuania
Two more payment institution licences to be issued
The Board of the Bank of Lithuania decided to issue payment institution licences to UAB Utenos butų ūkis and UAB EVP International (Vilnius) which allow providing a payment service established in Paragraph 6 of Article 5 of the Republic of Lithuania Law on Payments (money transfers).
A total of 11 undertakings have been granted licences for the provision of payment services to date.
AB SEB Bank allowed repaying its subordinated loan in advance
The Board of the Bank of Lithuania allowed AB SEB Bank to repay in advance the subordinated loan of EUR 20 million granted by its parent bank Skandinavska Enskilda Banken AB (an equivalent of LTL 69, 056) according to the agreement of 13 June 2006. The repayment of the loan is due on 13 June 2016, whereas AB SEB Bank would like to repay it on 13 June 2011.
The buildings in Palanga, Druskininkai and Molėtai region recognised as unnecessary for the performance of the functions of the Bank of Lithuania – they are to be relinquished
The Board of the Bank of Lithuania decided to recognise the Staff Training and Wellness Centre buildings in Palanga, Druskininkai and Molėtai region as unnecessary for the performance of the Bank’s functions. By a resolution of the Board, the most adequate ways to transfer the said assets to the State Property Fund will be analysed and picked out by 1 July.
Apart from the said buildings, the Bank of Lithuania will also transfer to the State Property Fund another few buildings and premises in Palanga and Vilnius that have been recognised as unnecessary for carrying out the Bank’s functions as well.
Graphic designs for the coin dedicated to the Vilnius Upper Castle approved
The Board of the Bank of Lithuania approved the results of the competition for the graphic design of the 50 litas collector silver coin dedicated to the Vilnius Upper Castle. The first place was awarded to designer Rytas Jonas Belevičius. His graphic designs for the obverse and reverse of the coin, as well as the inscription on the edge of the coin: ISTORIJOS IR ARCHITEKTŪROS PAMINKLAI (Historical and Architectural Monuments) were also approved.
Seven authors participated in the open competition for creating the graphic design of the coin. Out of the works presented for the competition, the members and consultants of the Bank of Lithuania’s Currency Design and Production Commission picked out the works of three authors. The authors were proposed to improve their works presented without changing their essence. Upon receipt of the corrected graphic designs, the Currency Design and Production Commission considered the work of Rytas Jonas Belevičius to be the best. The Commission did not award the second and third places.
The coin, which is from the series “Historical and Architectural Monuments of Lithuania”, is to be launched in Q3 2011.
Two documents supplemented
The Board of the Bank of Lithuania supplemented the General Provisions for the Internal Capital Adequacy Assessment Process and General Provisions for the Supervisory Review and Evaluation Process. The amendments were made taking into account new legal acts of the European Union.
The General Provisions for the Internal Capital Adequacy Assessment Process (ICAAP), intended for implementing the risk assessment and management procedures in commercial banks operating in the country, were supplemented with an annex defining the key requirements for the mechanism of the distribution of costs and benefits of the attraction of liquidity resources.
The General Provisions for the Supervisory Review and Evaluation Process (SREP) were supplemented with a statement that the Bank of Lithuania, through regular detailed assessment of liquidity risk management, will monitor a bank’s preparation and implementation of the mechanism of the distribution of costs and benefits of the attraction of liquidity resources.