2005-10-13
1. The Board of the Bank of Lithuania amended several items of the Rules for Managing Depositor Accounts with the Bank of Lithuania related to the accounts of commercial bank required reserves in foreign currencies. The amendments were made due to the fact that, from 24 September 2005, commercial banks must hold required reserves in litas. Several more amendments will allow avoiding problems related to the application of the LIBOR interest rate in the cases, when business days in Lithuania do not correspond to business days of the London interbank market.
This Resolution of the Board of the Bank of Lithuania shall be effective as from 15 November 2005.
2. The Credit Institutions Supervision Department presented to the Board the information on the inspection of credit unions conducted in the third quarter of 2005.
Inspection reports of all credit union inspections conducted in the third quarter contained instructions to eliminate shortcomings over a certain period.