OREANDA-NEWS. June 16, 2010. 1. On the amendment of Bank of Lithuania Board resolution No. 195 "On the Authorizations Granted by the Bank of Lithuania to Credit Unions”, reported the press-centre of Bank of Lithuania. 

The Board of the Bank of Lithuania amended the Rules for Granting the Authorisation to Become a Credit Union Manager taking into account amendments of laws and with a view that credit unions are more observant not to allow persons who are civil servants to be elected credit union managers. Prior to electing a person the manager of a credit institution, the credit institution is required to assess that person establishing whether he complies with the requirements of the Law on Credit Unions, the present Rules and other legal acts for the credit institution manager. In addition, it is instructed to communicate the results of the assessment to the Bank of Lithuania.  

The amended Rules for Granting the Authorisation to Become a Credit Union Manager also indicate in which cases the licence granted to a credit union and in which the licence form only shall be replaced. This procedure was not regulated sufficiently before. 

2. On declaring legal tender and issue into circulation of the 500 litas gold, 50 litas silver, and 1 litas alloy of copper and nickel collector (commemorative) coins dedicated to the 600th anniversary of the Battle of Grunwald

The Board of the Bank of Lithuania decided to declare legal tender and to issue into circulation on 29 June 2010 the 500 litas gold, 50 litas silver, and 1 litas alloy of copper and nickel collector (commemorative) coins dedicated to the 600th anniversary of the Battle of Grunwald.

The author of the coins’ graphic designs is Rytas Jonas Belevieius. The coins were minted by the Lithuanian Mint.