OREANDA-NEWS. October 24, 2008.
1. Amendments to Resolution No. 105 of 17 June 2004 of the Board of the Bank of Lithuania on the Election or Appointment of Bank Managers, reported the press-centre of Bank of Lithuania

The Board of the Bank of Lithuania made amendments to the Rules for the Election or Appointment of Bank Managers.

Banks have been provided with larger possibilities for the selection of a person with required qualification and experience to be appointed to the post of the administration deputy manager responsible for the management of such areas as the bank maintenance, information technologies, etc. Such a person must have a higher education. However, requirements applied for the administration manager or one of his or her deputies to have a higher education in law, management, business administration or economics and at least three years of experience working as manager without any break, will not be applied for such a person.

In addition, simplified procedures for the issue of the Bank of Lithuania permission when the bank needs to elect or appoint the bank manager in order to ensure safe and sound activities of the bank, have been set up.

2. Permission to register changes in the Articles of Association of the Bank Snoras
The Board of the Bank of Lithuania gave its permission to the Bank Snoras to register changes in its Articles of Association related to the increase of its authorised capital to LTL 411 922 567 as well as other amendments related to the change of the bank's name and competence of the bank board, approved at the extraordinary general shareholders meeting of 10 September 2008.

The Bank of Lithuania Board decided to change the bank licence issued earlier to the Bank Snoras into the bank licence indicating a new name of the bank: Joint-Stock Company Bank Snoras. It has been laid down that the decision will become effective as of the date of registering amendments to the Articles of Association with the Register of Legal Entities.

At the moment, the Bank Snoras registered authorised capital amounts to LTL 253 354 240. Shareholders decided to increase it by LTL 158 568 327. In the shareholders meeting it was decided to increase the bank capital from the bank funds: LTL 59 431 046 from retained profit of 2007, LTL 99 137 281 from capital reserve (share premium).

It was indicated in the Bank Snoras request that ”although such a capital increase will not change the capital indicator basically, according to the settled international standards used by foreign rating agencies in their work, potential investors, partners and contrahents, even this reallocation of capital will have an impact on the assessment of the bank situation, financial position and stability”. At the same time, the bank states that the increase of the bank authorised capital will have only a positive influence on the bank, will enable to develop its business and intensify it.

3. Review of the Lithuanian economy and medium - term macroeconomic projections
The Board of the Bank of Lithuania listened to the information of the Economics Department on the current situation of the Lithuanian economy and its likely further development, and approved new medium-term macroeconomic projections of the Bank of Lithuania.

A more detailed presentation including forecasts will be posted on the Bank of Lithuania in the nearest time.