Bank of Lithuania

1. The Board decided to repay the outstanding amount of funds allocated to the Bank of Lithuania from the loans granted by the IMF to the Republic of Lithuania. The decision was taken on the grounds that the level of foreign reserves is sufficient, while liabilities to the IMF are related with additional expenses. The IMF has agreed with the repayment of the loan.

Under the Extended Fund Facility, from 1994 to 1997 the IMF granted SDR 134.55 million* to the Republic of Lithuania. The loan was distributed in equal parts to the Ministry of Finance and the BoL. The repayment of the loan in parts was started in 1999. On 30 September 2002 BoL liabilities to the IMF made up SDR 41.83 million (LTL 193.83 million).

2. The Board discussed the results of the inspection of the German VEREINS UND WESTBANK Vilnius Branch carried out from August 22 to September 4, 2002. The inspection focused on the correctness of provided statements and information and performed the analysis of the structure and development trends of assets, income and expenses, liquid assets and current liabilities.

3. The Board resolved to issue permission to Sampo Bank to establish a branch in Klaipėda. The branch in Klaipėda will be established by Sampo Bank in relation to the expansion of its activities and following its Strategic Business Plan.

4. The Board decided to approve the Interest Rate GAP calculation statement form. The decision was taken in relation to the fact that, next to credit risk, the development of the domestic financial market and increasing competition between banks makes adequate interest rate risk management more important. The statement data would make it possible to assess changes in the real interest rates in the banks and the banking sector in the course of the nearest period of one year brought about by interest rate decrease or increase.

5. The Board decided to approve the results of the graphic design competition for the 200 litas commemorative coin to mark the 750th Anniversary of the Coronation of Mindaugas.

The first place was awarded to the graphic design of the coin made by Petras Rep?ys. The designs by Rytas Jonas Belevičius and Jonas Gediminas ?ukauskas were nominated as second and third.

The Board also approved the graphic designs of the obverse and reverse created by Petras Rep?ys, to be used in making the coin that should be issued in the second quarter of 2003. This will be the first Lithuanian bimetallic commemorative coin made from gold and silver.