OREANDA-NEWS. December 04, 2008. 1. On the results of inspection, supervisory review and assessment of SEB Bank AB
The Board of the Bank of Lithuania was presented information on the inspection of SEB Bank AB. During the inspection, credit and operational risk management was reviewed, reported the press-centre of Bank of Lithuania.

SEB Bank AB is the largest bank in the country by asset size. Like in the entire banking system, the bank group’s loan portfolio growth rates decreased in 2008 as a result of a changing macroeconomic situation. During the period under review, the Bank tightened its requirements for newly granted loans. Loans granted earlier as often as not have been restructurised recently - by postponing their repayment and setting additional conditions.

Starting 1 January 2008, the Bank was granted permission to apply the internal ratings-based credit risk assessment and the advanced operational risk assessment methods for calculating its capital adequacy. In view of this, the Bank of Lithuania has been reviewing on a regular basis the compliance of these methods with the established requirements.

Furthermore, for the first time a supervisory review and assessment of SEB Bankas AB have been conducted - their results were also presented to the Board of the Bank of Lithuania. Both the internal capital adequacy assessment process (ICAAP) and the risk management processes of the Bank were reviewed and assessed. Having assessed the Bank’s ICAAP and taken into account the inspection results, a conclusion is to be made that individual elements of ICAAP are to be improved; in addition, the Bank must improve its risk management systems.

The Board of the Bank of Lithuania obligated SEB Bank AB to remove all the deficiencies indicated in the inspection report by 1 April 2009. The Bank must develop a business improvement plan and present it to the Bank of Lithuania.

2. On the graphic designs for the 50 litas commemorative coin and 1 litas circulation commemorative coin dedicated to the European Capital of Culture 2009, Vilnius

The Board of the Bank of Lithuania approved the results of the competition for the graphic designs for the 50 litas commemorative silver coin and 1 litas circulation commemorative coin dedicated to the European Capital of Culture 2009, Vilnius. The first place went to the designs by Vytautas Narutis, the second - to those by Rytas Jonas Belevicius, and the third one - to those by Marius Zavadskis.

The Board approved the graphic designs for the 50 litas silver commemorative coin and 1 litas circulation commemorative coin dedicated to the European Capital of Culture 2009, Vilnius, by Vytautas Narutis.

The Board also approved the inscription on the edge of the 50 litas commemorative coin: VILNIUS - METROPOLIS CULTURAE EUROPENSIS, and rims at intervals on the edge of 1 litas circulation commemorative coin.

The commemorative coin dedicated to the European Capital of Culture 2009, Vilnius is to be issued in the first quarter of 2009.