OREANDA-NEWS. December 01, 2009.
Results of the inspection of Danske Bank A/S Lithuania Branch
The Board of the Bank of Lithuania was presented information on the results of the inspection of Danske Bank A/S Lithuania Branch conducted by the Credit Institutions Supervision Department of the Bank of Lithuania, reported the press-centre of Bank of Lithuania.

The inspection assessed correctness of the compilation of financial statements and reports for supervisory purposes submitted by Danske Bank A/S Lithuania Branch to the Bank of Lithuania, compliance with the liquidity ratio, effectiveness of the internal control system, and checked compliance with the legal acts regulating the prevention of money laundering and terrorist financing. By way of selective check-up, compliance with the requirements for the data entry into the Loan Risk Database was checked.

Some operational shortcomings were identified in the inspection report. Danske Bank A/S Lithuania Branch was obligated to eliminate the shortcomings by 1 April 2010.

Danske Bank A/S, credit institution of the Kingdom of Denmark, will be notified about the results of the inspection of Danske Bank A/S Lithuania Branch.

2 . Permission to register changes to the articles of association of AB bankas Finasta
The Board of the Bank of Lithuania gave permission to AB bankas Finasta to register amendments to the its articles of association related to the change of the rights granted by shares and the competence of the bank’s general shareholders’ meeting and board approved by the decision of the sole shareholder of AB bankas Finasta on 23 October 2009.

According to the information available, AB “Finasta imonio finansai“, sole shareholder of AB bankas Finasta, adopted the decision on the changes of the bank’s articles of association with regard to the number of members of the supervisory council and the board (the number of the members of both the supervisory council and the board was increased from 3 to 4 members). The said changes were related to the latest amendments to the Law of the Republic of Lithuania on Companies. The amendment to the articles of association removed the provision requiring the bank's board to obtain permission of the general shareholders’ meeting before making decisions on the bank’s assets. Some other amendments to the articles of association were also made.

3. Inclusion of a subordinated loan in the capital of the Central Credit Union of Lithuania
The Board of the Bank of Lithuania permitted the Central Credit Union of Lithuania to include a subordinated 8-year loan of EUR 600,000 (LTL 2,071,680) received from the Belgian private limited company COOPEST SA in Tier 2 capital of the Central Credit Union of Lithuania.

The strategic operation plan presented by the Central Credit Union of Lithuania foresees further growth of its operational and asset volumes, therefore it is necessary to strengthen its capital base accordingly. A larger capital base would enable credit unions that are members of the Central Credit Union to expand their lending. The inclusion of this subordinated loan in the capital base will allow maintaining higher capital adequacy ratios of the Central Credit Union of Lithuania and will ensure compliance with other prudential requirements (maximum exposure, large exposure and liquidity).

After the inclusion of the subordinated loan received from the Belgian private limited company COOPEST SA in Tier 2 capital of the Central Credit Union of Lithuania, its capital will make up LTL 18,221,602.

4. Amendment of the Resolution of the Board of the Bank of Lithuania of 22 July 2004 No. 127 on the Adoption of the Rules for the Implementation of the Right to Provide Financial Services in the Republic of Lithuania and Other European Union Member States
The Board of the Bank of Lithuania made an amendment to the Rules for the Implementation of the Right to Provide Financial Services in the Republic of Lithuania and Other European Union Member States. The amendment removed the provisions regulating the submission of information to the Securities Commission and receipt of its conclusions regarding readiness of banks to provide investment services in the European Union Member States, when banks intend to provide financial services both by establishing a branch and without establishing a branch.

5. Declaring legal tender and issue into circulation of the 50 litas silver commemorative coin featuring Lithuanian nature
The Board of the Bank of Lithuania decided to declare legal tender and issue into circulation the 50 litas silver commemorative coin featuring Lithuanian nature on 8 December 2009. This coin features the Lithuanian campion (Lat. Silene lithuanica). It is the first plant from the Red Book of Lithuania, which will be memorialised in the series featuring the Lithuanian nature issued by the Bank of Lithuania.

The graphic design and the plaster model of the coin were created by Giedrius Paulauskis.

The coins will be minted by UAB “Lietuvos monetu kalykla” (Lithuanian Mint).