OREANDA-NEWS. March 20, 2009. 1. On the results of inspection of the Balti Investeeringute Grupi Pank AS branch.
The Board of the Bank of Lithuania was informed about the results of inspection of the Balti Investeeringute Grupi Pank AS branch, reported the press-centre of Bank of Lithuania.

The inspectors of the Bank of Lithuania assessed the veracity of financial statements and of the reports for supervisory purposes submitted to the Bank of Lithuania, the way of ensuring compliance with the liquidity ratio, and the effectiveness of the internal control system. By way of selective check-up, compliance with the requirements of the Bank of Lithuania for data entry into the Loan Risk Database was checked.

Some deficiencies in the operation were identified and some comments were made.

The Credit Institutions Supervision Department was instructed to inform the BIGBANK of thr Republic of Estonia and the Estonian Supervisory Authority about the results of the inspection of the Balti Investeeringute Grupi Pank AS branch.

Supervision of branches established in the Republic of Lithuania of foreign banks licensed in the European Union (EU) Member States is conducted by the Supervisory Authority of the EU Member State within whose jurisdiction that foreign bank is, however this does not limit the right of Lithuania’s Supervisory Authority to conduct their supervision in observance of the provisions of the EU directives and of the legal acts of the Republic of Lithuania.

2. On the results of inspection of the MP Investment Bank hf. Baltic branch
The Board of the Bank of Lithuania was informed about the results of inspection of the MP Investment Bank hf. Baltic branch.

Veracity of financial statements and of the reports for supervisory purposes submitted to the Bank of Lithuania, the way of ensuring compliance with the liquidity ratio, and the effectiveness of the internal control system were assessed. By way of selective check-up, compliance with the requirements of the Bank of Lithuania for data entry into the Loan Risk Database was checked.

Some deficiencies in the operation were identified and some comments were made.

The Credit Institutions Supervision Department was instructed to inform the MP Bank hp. of the Republic of Iceland and the Supervisory Authority of the Republic of Iceland about the results of the inspection of the MP Investment Bank hp. Baltic branch.

3. On permission to register amendment to the Articles of Association of AB PAREX BANK
The Board of the Bank of Lithuania permitted PAREX BANK to register an amendment to the latter’s Articles of Association in relation to the increase of the Bank’s authorised capital to LTL 222,677,000 as approved by the Bank’s sole shareholder’s decision on 26 February 2009.

Currently, the Bank’s authorised capital amounts to LTL 188,149,000.

4. On approval of the Annual Financial Statements of the Bank of Lithuania for 2008
The Board of the Bank of Lithuania approved the Annual Financial Statements of the Bank of Lithuania for 2008 and allocated the profit of the year.

The profit of the Bank of Lithuania for 2008 amounts to LTL 364.08 million. According to Article 23 of the Law on the Bank of Lithuania, 50 per cent of the profit shall be transferred to the State budget, and the remaining part shall be transferred to the capital of the Bank of Lithuania.

After the allocation of the profit for 2008, the capital of the Bank of Lithuania will make up LTL 1,176.17 million (authorised capital - LTL 200.00 million, reserve capital - LTL 976.17 million).
The audit of the Annual Financial Statements of the Bank of Lithuania for 2008 was conducted by UAB Ernst & Young Baltic.