Bank of Lithuania
2013-07-11
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Penalty of 12, 500 litas imposed on the Head of Administration of Finvesta, FMĮ; Maximum technical interest rate approved; Regulations for the transfer of participants and the sale of assets of pension funds in liquidation approved; Graphic designs for the 50 litas coin, dedicated to the 300th birth anniversary of Kristijonas Donelaitis, approved; Graphic designs for the 10 litas coin from the series "Lithuanian Science" approved

1. Penalty of 12, 500 litas imposed on the Head of Administration of Finvesta, FMĮ   

The Board of the Bank of Lithuania has examined the administrative violation of law proceedings initiated against the Head of Administration of the financial brokerage firm Finvesta, Vincas Vanagas. The Board established that Vincas Vanagas did not ensure, although he had to and was in position to do that, that UAB Finvesta, FMĮ submitted to the Board of the Bank of Lithuania on time and according to the established procedure its audited annual financial statements, information about the results of its internal capital adequacy assessment process, prepared the accounting policy according to amended requirements, and published the information established in legal acts to the public. For these violations, the Board of the Bank of Lithuania imposed on  Vanagas an administrative penalty — 12, 500 litas.  

2. Maximum technical interest rate approved

The Board of the Bank of Lithuania approved the maximum technical interest rate — 2.08%, applicable by insurance undertakings.

The supervisory authority must establish the maximum technical interest rate on a quarterly basis.

3. Regulations for the transfer of participants and the sale of assets of pension funds in liquidation approved 

The Board of the Bank of Lithuania approved the Regulations for the Transfer of Participants of the Accumulated State Social Insurance Share Pension Fund in Liquidation to Another Pension Fund, and the Regulations for the Sale of Assets of the Supplementary Voluntary Accumulation Pension Fund in Liquidation.    

The regulations for the transfer of participants provide that the rights and obligations of the Second Pillar Pension Fund in liquidation shall not be transferred to another pension accumulation company, and the participants of the Fund in liquidation shall not conclude pension accumulation agreements with another pension accumulation company; all participants would be transferred to one pension fund. It would be selected by the supervisory authority, following the pension fund selection criteria defined in the Regulations.

The Regulations for the Sale of Assets will be applied in those cases when the management of the assets and the liabilities under pension accumulation agreements of the Third Pillar Pension Fund in liquidation cannot be transferred to another management company.  They provide for the procedure to be followed during the sale of the assets of the Third Pillar Pension Fund and settlement with the Pension Fund's participants. 

4. Graphic designs for the 50 litas coin, dedicated to the 300th birth anniversary of Kristijonas Donelaitis, approved

The Board of the Bank of Lithuania approved the results of the competition for the graphic design of the 50 litas collectors (commemorative) silver coin dedicated to the 300th birth anniversary of Kristijonas Donelaitis.  The first place went to Tadas Žebrauskas for the created graphic designs of the obverse and reverse of the coin. The edge of the coin is to bear the inscription Jau saulelė vėl atkopdama budino  svietą (The Sun, rising again, woke up the world).  

The coin is to be put into circulation in the first quarter of 2014.

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5. Graphic designs for the 10 litas coin from the series "Lithuanian Science" approved

The Board of the Bank of Lithuania approved the results of the competition for the graphic design of the 10 litas gold collectors (commemorative) coin dedicated to a field of the humanities  — Baltistics — from the series "Lithuanian Science".  The first place went to Vaidotas Skolevičius for the created graphic designs of the obverse and reverse of the coin.

The coin is to be put into circulation in the second quarter of 2014. This is the second coin of the series "Lithuanian Science". The first coin of this series, dedicated to a field of biomedical sciences — cardiac surgery — was put into circulation in 2012. 

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