Bank of Lithuania
2012-04-26

Insurance activity licence of AB “Lietuvos draudimas” amended

The Board of the Bank of Lithuania decided to amend the insurance activity licence of AB “Lietuvos draudimas”, which was issued by the Insurance Supervisory Commission of the Republic of Lithuania in 2005, by terminating the part of the licence, which grants the right to engage in the provision of insurance services for insuring performance of travel organiser’s obligations.

The licence was amended under the request of AB “Lietuvos draudimas”. This company ceased concluding new contracts for the insurance of the performance of travel organiser’s obligations from 2010.

The Bank of Lithuania will transfer LTL 72.94 million from its profit for 2011 to the state budget.

The Board of the Bank of Lithuania approved the Annual Financial Statements of the Bank of Lithuania for 2011 and allocated the profit of the year.  The Bank of Lithuania earned the profit of LTL 128.03 million last year, the largest share of which (LTL 72.94 million) will be transferred to the state budget. In 2010, the profit of the Bank of Lithuania was LTL 90.49 million, whereas the contribution to the state budget amounted to LTL 63.34 million.

According to the Law on the Bank of Lithuania, the share of the Bank of Lithuania profit to be paid to the state budget makes up 70 per cent. According to this rule, the calculated contribution of the Bank of Lithuania profit to the state budget amounts to LTL 89.62 million.

According to the Law on the Bank of Lithuania, a part of the profit contribution of 2011 will be allocated to ensure the compensation of the market value of the real estate unused by the Bank of Lithuania, which was recognised by the resolution of the Board of the Bank of Lithuania as unneeded and should be transferred to public institutions under the procedure established by the laws of the Republic of Lithuania.

In 2011, the Board of the Bank of Lithuania decided to transfer the buildings in Lithuanian resorts and Klaipėda to the State Property Fund and the building in Vilnius centre to the Competition Service, as these buildings were recognised as unneeded. For this reason, the contribution to the state budget was reduced by the market value of real estate objects transferred to the state, i.e. by LTL 16.67 million to LTL 72.94 million.

Thirty per cent of the last year’s profit (LTL 38.41%) was allocated to the reserve capital of the Bank of Lithuania. After profit allocation, the capital of the Bank of Lithuania will amount to LTL 1,397.56 million: reserve capital will make up 1,197.56 million, while authorised capital will be LTL 200 million.

Two licences of an insurance brokerage company issued

The Board of the Bank of Lithuania decided to issue a licence of an insurance brokerage company to the newly established insurance brokerage company “Draudūna”, UADBB. The company is established in Telšiai, where currently there are no insurance brokerage companies registered.

The Board of the Bank of Lithuania decided to issue a licence of an insurance brokerage company to UAB “Guramita” (Vilnius), which changes the type of its activity to that of an insurance brokerage company.