Bank of Lithuania

Bank awards Vladas Jurgutis scholarship

The Board of the Bank of Lithuania ruled to award the Vladas Jurgutis scholarships to Simona Kairaitytė, a postgraduate student in banking at the Economics Faculty of Vilnius University, and Tadas Vaicekauskas, a postgraduate student in finance at the Economics and Management Faculty of Vytautas Magnus University for the period from 1 September 2012 to 1 July 2013.

Nominations for the Valdas Jurgutis Award were received from Vilnius University, Vytautas Magnus University, and Kaunas University of Technology.  The Chairman of the Bank of Lithuania had issued an order to form a jury for selecting the winners of the Vladas Jurgutis Scholarship, which reviewed the information presented by the universities and presented its decision.

Vladas Jurgutis Scholarship was established in 1990. It is awarded for one academic year to two full-time students of banking and finance at universities of the Republic of Lithuania. Candidates for the scholarship are nominated by university departments that have banking and finance cathedrals. Decisions on awarding the Scholarship are taken by the Board of the Bank of Lithuania. The Scholarship amounts to the minimum monthly wage.

Changes to methodology for calculating solvency margin

The Board of the Bank of Lithuania has made amendments to the methodology for calculating the solvency margin, applied to all insurance and reinsurance providing companies, including branches of foreign insurance and reinsurance companies. The solvency margin is an additional measure used to protect interests of insurers, the insured, beneficial owner, aggrieved third parties, and other creditors.

Minimum values of the guarantee fund specified in the Methodology for Calculating Solvency Margin, as well as the values used to calculate particular contributions and payouts have been recalculated taking into account amendments to the European Consumer Price Index which is published by Eurostat.

The resolution will enter into force on 1 January 2013.