On Nov. 13, LTH CB issued board resolutions, changed its oversight.
LTH CB issued board resolutions, inspection results, announced changes in supervision.
Special, Commemorative Coins
LTH CB announced it will put in circulation, in Dec. 2024, 750 pieces of 100 euro gold and 3,000 pieces of 20 euro silver coins and a commemorative 2-euro coin in 2025.
UAB Urbo Bankas Supervisory Review
Considered the results of the Supervisory Review and Evaluation Process (SREP) of UAB Urbo Bankas re risk areas, management system, capital adequacy requirements.
Board decided minimum own funds requirements and recommended for the bank to have 1 percent. level of second-tier guidelines (P2G) capital, included in bank's plans.
United Central Credit Union
LTH CB conducted inspection of the United Central Credit Union (JCKU); it identified violations of credit, interest rates in the bank book and liquidity risk management.
Also, violations re internal management and control and operational deficiencies.
Deficiencies re the supervision of credit unions and payment of variable remuneration.
JCKU recognized the specified violations and shortcomings of legal acts, provided LTH CB with information on their correction, measures taken to prohibit future violations.
LTH CB decided to impose penalties and to publicly announce the bank's violations.
Financial Market Supervision
LTH CB adopted amendments to the legal acts re the activities of the Financial Market Supervision Committee (FRPK) and individual financial market supervision units.
FRPK can now make decisions regarding certain newly created supervisory functions.
E.g. the issuance of licenses to credit administrators, crypto-asset service providers and asset-linked token issuers, decisions re the process of out-of-court settlements.
The Banking and Insurance Supervision Department is entrusted with issues re the prudential supervision of financial brokerage firms, e-money and payment institutions.
The name of the department will be changed to the Department of Prudential Supervision to match the nature of the activity; changes effective on Jan. 1, 2025.
