OREANDA-NEWS. January 27, 2009.
1. On the results of inspection and supervisory review and assessment of UAB Medicinos Bankas

The Board of the Bank of Lithuania was presented information on the target inspection of Medicinos Bankas carried out. During the inspection, credit risk and liquidity risk management were reviewed, reported the press-centre of Bank of Lithuania.

Presenting the inspection report it was pointed out that with a change in the macroeconomic situation in the country the Bank has been sticking to a conservative principle in the formation of its specific provisions and increasing their volumes. Given the situation, the Bank maintained a higher level of liquid funds and liquidity ratio during the inspection period.

The Board of the Bank of Lithuania obligated Medicinos Bankas to remove the deficiencies indicated in the inspection report by 1 May 2009.

A supervisory review and assessment of Medicinos Bankas was conducted for the first time, during which the internal capital adequacy assessment process (En. ICAAP) carried out by the Bank and the Bank’s risk management were assessed. The results of the review were presented to the Board of the Bank of Lithuania.

2. On the approval of the Procedure for Setting Financial Crises Prevention and Management Stages and for Information Exchange of the Bank of Lithuania

The Board of the Bank of Lithuania approved the Procedure for Setting Financial Crises Prevention and Management Stages and for Information Exchange of the Bank of Lithuania.

This document shall regulate the internal processes of the Bank of Lithuania aimed at implementing financial crises prevention, as provided in the Plan for the Prevention and Management of Financial Crises approved by the Government on 24 November 2008, and, where necessary ensuring also financial crises deterrence and management.

The document approved by the Board sets out who in the Bank and based on what characteristics shall fix those three stages (financial crises prevention, deterrence and management) and what actions shall be taken in each individual case.

3. On the permission to register an amendment to the Articles of Association of AB FINASTA Bank and the change of the Bank’s licence

The Board of the Bank of Lithuania permitted AB FINASTA Bank to register an amendment to its Articles of Association in relation to the change of its registered office as approved by the decision of its sole shareholder on 2 December 2008.

Therefore the banking licence issued previously to the AB FINASTA Bank has been replaced by a banking licence in which the Bank’s new registered office is indicated. It has been established that this part of the decision shall become effective as of the day of registering the amendment to the Articles of Association with the Register of Legal Entities.