OREANDA-NEWS. March 01, 2010.
1. Results of inspection and supervisory review and assessment of AB PAREX BANKAS
The results of a target inspection of AB PAREX BANKAS were presented to the Board of the Bank of Lithuania. The inspection focused on the management of credit and liquidity risks, prevention of money laundering and terrorist financing, as well as certain issues of the bank’s internal capital adequacy assessment process (ICAAP) at AB PAREX BANKAS, reported the press-centre of Bank of Lithuania.

The Board of the Bank of Lithuania instructed AB PAREX BANKAS to eliminate the shortcomings related to the bank’s risk management systems and other shortcomings of the bank’s bank operation that were ascertained during the inspection and supervisory review and assessment by 31 July 2010.

Head of administration of AB PAREX BANKAS was instructed to visit the Bank of Lithuania at the nearest time and explain how AB PAREX BANKAS intends to eliminate the shortcomings of the bank’s operation established during the inspection.

2. Results of inspection and supervisory review and assessment of AB bankas “FINASTA”

The Board of the Bank of Lithuania discussed the results of inspection of AB bankas “FINASTA”. The inspection focused on the management of AB bankas “FINASTA”, its internal control, management of individual risks (credit, liquidity, market and operational), as well as on certain issues of the bank’s internal capital adequacy assessment process (ICAAP).

The Board of the Bank of Lithuania instructed AB bankas “FINASTA” to prepare the plan of measures to eliminate the shortcomings related to the bank's risk management and internal control systems and other shortcomings of the bank’s operation established during the inspection and submit it to the Bank of Lithuania.

AB bankas “FINASTA” must eliminate the shortcomings of the bank’s operation established during the inspection and supervisory review and assessment by 31 July 2010.

Head of administration of AB bankas “FINASTA” was instructed to visit the Bank of Lithuania at the nearest time and explain how AB bankas “FINASTA” intends to eliminate the shortcomings of the bank’s operation established during the inspection. After the deadline for the implementation of these instructions, the head of administration of AB bankas “FINASTA” will have to report on their implementation.