OREANDA-NEWS. On 01 June 2009 was announced, that the Board of the Bank of Lithuania was presented information on the inspection of the Latvian bank “UniCredit Bank” Lithuania branch. Some shortcomings in its operation were identified.

The UniCredit Bank Lithuania Branch letter to the Bank of Lithuania states that the shortcomings indicated in the inspection report have already been removed.

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 legal acts of the Republic of Lithuania.

The Bank of Lithuania is responsible for the supervision of the compliance with the liquidity ratio requirement, monitors the concentration of deposits of these branches, analyses their financial indicators, developments of assets and liabilities, income and costs, internal control mechanisms. To be assured of the correctness of the information presented to the Bank of Lithuania about activities of these branches in Lithuania, inspections are performed during which the above mentioned information is being checked, and on the request of the Supervisory Authority of the EU member state other pieces of information may also be inspected.