Bank of Lithuania

1. The Board granted permission to the Government of the Republic of Lithuania, represented by the Ministry of Finance, to acquire and manage 1/2 to 2/3 of shares in the Lithuanian Development Bank.

The resolution of the Government of 7 July 1999 provided for privatisation of the Lithuanian Agricultural Bank by exchanging its shares owned by the Government into the shares of the Lithuanian Development Bank owned by the European Bank for Reconstruction and Development.

In this way the amount of Lithuanian Development Bank shares owned by the Government will increase from 29.63 to 59.26 percent of share capital.

2. The Board resolved to grant permission to Ūkio Bank to recognise the USD 1 million loan from NIAF INVESTMENTS LIMITED as a subordinated loan and include it into the eligible bank capital.

3. The Board approved the model of the 50 Litas commemorative coin to mark the 10th anniversary of independence made by the sculptor Gediminas Karalius. The coin will be issued in early March this year.

4. The Board announced the 50 Litas commemorative coin marking the 350th anniversary of the work by Kazimieras Semenavičius The Great Art of Artillery as legal tender and resolved to issue the coin into circulation as of 1 February 2000.

The coin was made of silver, fineness 925, diameter 38.61 mm, weight 28.28 g, mintage 2000. The coin has a mirror surface and a frosted relief.

The obverse of the coin contains the inscriptions LIETUVA, 50 LITŲ arranged in a semicircle. The centre of the coin bears the emblem of the Republic of Lithuania against the background of a shield and a fortification pattern adapted from the illustration used in the book by Semenavičius. The bottom of the coin has the inscription 50 LITŲ.

The reverse of the coin contains the inscriptions KAZIMIERAS SEMENAVIČIUS, DIDYSIS ARTILERIJOS MENAS ? 350, year 2000, patterns from rocket artillery. The edge of the coin contains the wording ARS MAGNA ARTILLERIAE * MDCL *.

The author of the coin is Gediminas Karalius.

The coin can be purchased at the cash offices of the Bank of Lithuania in Vilnius, Kaunas and Klaipėda. The price of the coin is LTL 90.

5. The Board reviewed the results of the examination of credit unions carried out during the 4th quarter 1999.

The examination established that at the time of the examination all credit unions complied with the prudential requirements of the Bank of Lithuania.