2008-04-11
1. The Board of the Bank of Lithuania permitted AB bankas Snoras to register amendments to its articles of association related to the change of competence of the bank’s board adopted at the general shareholders’ meeting of 18 March 2008.
The competence of the bank’s board was supplemented with responsibility for the implementation of the provisions of the Law on the Prevention of Money Laundering and Terrorist Financing.
2. Information about the results of inspections of credit unions in Q1 2008
The Board of the Bank of Lithuania was presented information of the Credit Institutions Supervision Department on the results of inspection of credit unions in Q1 2008. Full inspections were conducted in nine credit unions. The general inspections examined compliance of credit unions with the Republic of Lithuania Law on Credit Unions and other legal acts regulating their activities, articles of association of credit unions and analysed the activities of credit union bodies and their financial situation (credit and liquidity risk management, capital).
It was established during the inspections that the credit unions inspected complied with all prudential requirements established by the Bank of Lithuania.
Certain shortcomings of operation were ascertained in credit unions during inspections and the terms were set for the removal of the said shortcomings.