2012-03-06
Results of the inspection of AS “UniCredit Bank” Lithuania branch have been considered
The Board of the Bank of Lithuania considered results of the inspection of the bank AS “UniCredit Bank” Lithuania branch. Correctness of the preparation of financial statements and reports for supervisory purposes submitted to the Bank of Lithuania, assurance of the compliance with the liquidity ratio and effectiveness of the internal control system were checked. By way of sampling the compliance with the requirements for the data entry into the Loan Risk Database was examined. During the inspection some deficiencies in the operation of the bank were identified.
The Bank of Lithuania will inform the Latvian bank AS “UniCredit Bank” and the Latvian Financial Supervisory Authority about results of the inspection of AS “UniCredit Bank” Lithuania branch.
Lithuanian branches of foreign banks licensed in the European Union (EU) member states are supervised by the supervisory authority of the country under whose jurisdiction a foreign bank falls. However, this does not limit the right of the Lithuanian supervisory institution to perform their supervision regarding provisions of EU directives and legal acts of the Republic of Lithuania.
The Bank of Lithuania is responsible for the supervision of compliance with the liquidity ratio, it monitors deposit concentration in these branches, analyses their financial indicators, changes in assets and liabilities, income and costs, internal control mechanisms. For the sake of assurance of the correctness of information presented to the Bank of Lithuania about activities of these branches in our state, their inspections are performed.