OREANDA-NEWS. February 25, 2008.
1. The subdivisions of banks and foreign bank branches in the Republic of Lithuania
The Board of the Bank of Lithuania established that the bank that established a branch in the Republic of Lithuania, in which financial services are provided, must provide to the Bank of Lithuania copies of the registration certificate and registered articles of association of the branch no later than within 15 days from the date of its establishment, when submitting the notification set forth in Section 3 of Article 11 of the Republic of Lithuania Law on Banks, reported the press-centre of Bank of Lithuania. 

It was also established that the bank of the foreign bank branch that established another subdivision, including foreign exchange offices, in which financial services are provided, must provide to the Bank of Lithuania the information about the structural dependence of such subdivision (subordination to the bank, branch, etc.), address and the services provided no later than within 15 days from the date of its establishment, when submitting the notification set forth in Section 3 of Article 11 of the Republic of Lithuania Law on Banks.

The current resolution updated the list of documents and information to be provided to the Bank of Lithuania by banks that established a branch or another subdivision in Lithuania and the information to be provided when the initial information changes. The banks will have to provide less information than earlier. The earlier resolutions of the Board of the Bank of Lithuania that regulated these issues were repealed.

2. On cancellation of the permission to become the manager of the branch of AB Bankas Snoras in Tallinn, Republic of Estonia
The Bank of Lithuania cancelled the permission for Mr. Boris Spungin to become the manager (deputy director) of the branch of AB Bankas Snoras in Tallinn, Republic of Lithuania.

Such decision was made due to the fact that the said person provided incorrect information about himself.

This decision was made in accordance with Article 11 of the Republic of Lithuania Law on the Bank of Lithuania and Article 34 of the Republic of Lithuania Law on Banks and taking into consideration the information provided by the Financial Supervision Authority of Estonia, the institution of the Republic of Estonia that conducts supervision of credit institutions.

5. On declaring legal tender and the issue of the 50 litas commemorative coin dedicated to the 550th birth anniversary of St Casimir
The Board of the Bank of Lithuania declared the 50 litas commemorative coin dedicated to the 550th birth anniversary of St Casimir legal tender and decided to issue the coin into circulation on 27 February 2008.

The graphic design and plaster model of this coin was created by Giedrius Paulauskis. The coins have been minted by the Lithuanian Mint. The mintage of the coin is 5,000 pieces.

6. On declaring legal tender and the issue into circulation of 10 litas and 100 litas banknotes of 2007 issue
The Board of the Bank of Lithuania resolved to declare 10 litas and 100 litas banknotes of 2007 issue legal tender and to issue them into circulation on 5 March 2008. These banknotes have an additional security feature.

10 litas banknotes of 1997 and 2001 issue and 100 litas banknotes of 2000 issue will remain legal tender.

10 litas banknotes of 2007 issue were produced by the German banknote printing company Giesecke & Devrient GmbH.

Along with the traditional security features, the new issue 10 litas banknotes contain additional security features against colour copying of banknotes: iridescent strip visible when the banknote is tilted towards the light at an acute angle and the inscription LTL 10 becomes visible on the strip; latent numerals - the numeral 10 printed twice on the iridescent strip becomes visible when the banknote is viewed at an acute angle. 10 litas banknotes of 2007 issue do not have a perforated numeral 10.

100 litas banknotes of 2007 issue were produced by the French banknote printing company Francois - Charles Oberthur Fiduciaire.

Along with the traditional security features, the new issue 100 litas banknotes contain additional security features against colour copying of banknotes: holographic metallic strip with the inscriptions 100 LTL changes colours when the banknote is slowly turned over; “chameleon” numeral - in the daylight the numeral 100 changes its colour from green to magenta, when the banknote is slowly turned over; additional watermark - the denomination numeral 100; banknote paper is tinted in green. The new 100 litas banknotes do not have a perforated numeral 100.