Bank of Lithuania
2011-07-20

The Board of the Bank of Lithuania was presented information by the Credit Institutions Supervision Department on the inspection results of AB “Citadele” bankas. The inspection focused on the bank management, internal control...

AB “Citadele”bankas was instructed to remove operational deficiencies 

The Board of the Bank of Lithuania was presented information by the Credit Institutions Supervision Department on the inspection results of AB “Citadele”bankas. The inspection focused on the bank management, internal control, and management of individual risks (credit, liquidity, market and operational). Also, separate issues of the Internal Capital Adequacy Assessment Process were considered.

The Board of the Bank of Lithuania instructed AB “Citadele” bankas to eliminate the deficiencies in its operation identified during the inspection and supervisory review and evaluation processes by 30 November 2011.

AB “Citadele” bankas was instructed to prepare the Action Plan related with the elimination of deficiencies in the bank's risk management systems and other operational shortcomings identified during the inspection and supervisory review and evaluation processes and to submit it to the Bank of Lithuania.  

Head of the Administration of AB “Citadele” bankas was instructed to come to the Bank of Lithuania and explain the bank plans on the elimination of the identified operational deficiencies and, after the expiry of a fixed term, to explain the way of their removal.

A new credit union is being established 

The Board of the Bank of Lithuania allowed the establishment of a credit union “Amber”. The union by-laws determine that a natural entity may be a member of the union if he resides, works or studies on the territory of the Vilnius City Municipality or on the territories of the neighbouring Vilnius and Trakai District Municipalities.

Currently, 72 credit unions and the Lithuanian Central Credit Union are operating in Lithuania.

Acting as a union head is allowed

The Bank of Lithuania received a request of the credit union “Vilniaus  kreditas” for a permission to Mrs Jūratė Černiauskienė to become the credit union Administration Head acting as its Administration Head during his illness, vacation or business trips. The Board of the Bank of Lithuania is not against such an appointment.

The 20th anniversary of Lithuania’s national monetary system will be   perpetuated in a numismatic coin set

The Board of the Bank of Lithuania resolved to order the production of a numismatic set of circulation coins and a commemorative sign of the 2012 issue dedicated to Lithuania’s national monetary system. The 20th anniversary of the creation of Lithuania’s national monetary system developed after the restoration of its independence and the issue of the talonas– the provisional monetary unit – will be marked on 1 October next year.

Four thousand pieces of 10 ct, 20 ct, 50 ct, 1 litas, 2 litas and 5 litas denomination circulation coins and commemorative signs of the 2012 issue will be struck for the numismatic set.

This set will be placed into circulation on 16 January 2012.