2005-10-27
1. The Board of the Bank of Lithuania authorised AB Siauliu bankas to register amendments to its articles of association in relation to the change of competence of the bank’s supervisory council adopted at the extraordinary general shareholders’ meeting of 23 September 2005.
In addition to its earlier functions, the supervisory council of Siauliu bankas will analyse bank income and expenses, own investment, capital adequacy issues, approve the annual budget, supervise the implementation of the bank’s operational plans and discuss other issues established in the articles of association of the bank.
2. The Board was presented information on credit risk in domestic commercial banks.
After the assessment of the situation, the Board made the decision to draw attention of commercial banks to the management of the credit risk assumed. Banks were recommended to follow conservative principles in property valuation and assess the degree of the risk assumed in a well-founded manner and taking into consideration the possibility of unfavourable market developments. The Board also proposed to form sufficient general provisions (reserves) to cover possible losses related to the likely risk, as established by Part 5 of Article 32 of the Law on Financial Institutions.
3. The Board was presented a review of the operations of domestic credit institutions and the activities of the Credit Institutions Supervision Department of the Bank of Lithuania in the third quarter of 2005.
4. The Board approved the model of the 50 litas commemorative coin to mark the 100th anniversary of the Great Seimas of Vilnius.
This coin is to be issued in the fourth quarter of 2005. The coin was designed by the artists Albertas Gurskas and Rytas Jonas Belevičius.
5. It is planned to issue a commemorative coin featuring the nature of Lithuania in the first quarter of 2006. Its reverse shall depict a lynx.
The Board approved the results of the graphic (artistic) design competition for the 50 litas commemorative coin featuring the nature of Lithuania. The design by Rimantas Eidejus was granted the first place, with the designs by Marius Zavadskis and Giedrius Paulauskis ranking second and third.
The Board approved the graphic (artistic) designs of the obverse and the reverse of the coin by Rimantas Eidejus. The layout of the edge, containing a stylised foot of the lynx, was also approved.