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Bank of Lithuania issues new coins dedicated to Sea Festival; no violations identified during inspection.

Bank of Lithuania issues new coins dedicated to Sea Festival

The Board of the Bank of Lithuania decided to issue into circulation €5 silver and €1.50 copper/nickel alloy coins dedicated to the Sea Festival on 21 July 2021.

The mintage of the proof-quality €5 silver coin will be 2,500 pieces, while the mintage of the €1.50 UNC quality copper/nickel alloy coin will be 30,000 pieces. The reverse of the coins was designed by Rytas Jonas Belevičius and the obverse – by Eglė Ratkutė and Adelė Žemaitienė. The coins were minted by UAB Lietuvos Monetų Kalykla (Lithuanian Mint).

The coins dedicated to the Sea Festival are part of the Traditional Lithuanian Celebrations series, which was launched in 2017 with the issue of €5 silver and €1.50 coins dedicated to the Kaziukas’ Fair that were followed up with the coins dedicated to Joninės in 2018 and Užgavėnės in 2019.

No violations identified during inspection

The Bank of Lithuania conducted a targeted inspection to assess the compliance of SEB bankas with legislative requirements governing the services rendered by real estate related credit providers. The inspection involved checking of 25 credit agreements selected at random from 50 credit agreements concluded between 1 and 30 December 2020, which were submitted by the bank for the exercise.

The Bank of Lithuania examined the bank’s compliance with legislative requirements pertaining to the assessment of borrowers’ creditworthiness, credits granted in foreign currency, the loan-to-value ratio, management of defaults or improper fulfilment of obligations under credit agreements, termination of credit agreements, provision of standard information on credits, the period for the submission and consideration of binding offers to grant a credit, calculation of penalties and payment of a part of the value of the real estate using own funds or full credit repayment to the lender. No violations were identified.