OREANDA-NEWS. August 26, 2010.
1. On the results of inspection and supervisory review and assessment of AB Siauliu bankas.

The Board of the Bank of Lithuania discussed the results of target inspection of AB Siauliu bankas. During the inspection a number of issues of the credit and liquidity risk management and ICAAP have been assessed, reported the press-centre of Bank of Lithuania.  

The Board of the Bank of Lithuania instructed AB Siauliu bankas to eliminate the shortcomings identified in the activity of the bank during the inspection and supervisory review by 31 December 2010.

The bank was instructed to draw up a plan to remove the drawbacks and present it to the Bank of Lithuania.

2. On the results of inspection and supervisory review and assessment of “Swedbank”, AB
The Board of the Bank of Lithuania discussed the results of target inspection of “Swedbank”, AB. During the inspection, bank management, internal control, management of credit and liquidity risks and ICAAP have been assessed.

The Board of the Bank of Lithuania instructed “Swedbank”, AB to eliminate the shortcomings identified in the activity of the bank during the inspection and supervisory review and assessment by 31 December 2010.

The bank was instructed to draw up a plan to remove the drawbacks and present it to the Bank of Lithuania.

3. On acquisition of a qualified holding of authorised capital and/or voting rights of AB PAREX BANKAS
The Bank of Lithuania received a notification of AS ”Citadele banka” of the Republic of Lithuania of the intention to acquire 2,862,070 ordinary shares, i.e. 100% of the qualified holding and of authorised capital and/or voting rights of AB PAREX BANKAS during the general shareholders’ meeting. The Bank of Lithuania also received documents and information about the acquirer and the assessment of the offered acquisition.

AS “Citadele banka” was established on 30 June 2010. The founder of the bank is state enterprise Latvian Privatisation Agency holding 100% shares of AS “Citadele banka”. Therefore, Latvian Privatisation Agency will acquire indirectly 100% of qualified holding of authorised capital and/or voting right of AB PAREX BANKAS. The aim of the establishment of AS “Citadele banka” was to fulfil the reorganisation of AS “Parex banka” of the Republic of Latvia.
The Board of the Bank of Lithuania permitted to the AS “Citadele banka” of the Republic of Latvia Latvian Privatisation Agency to acquire directly and indirectly respectively the qualified holding of the authorised capital and/or voting rights of AB PAREX BANKAS to the extent that AB PAREX BANKAS is controlled by it.

4. On the permission to register amendments to the articles of AB PAREX BANKAS and change of bank licence
The Board of the Bank of Lithuania permitted AB PAREX BANK to register amendments to the bank articles related to the change of the name of the bank approved on 28 July 2010 by the resolution of the single shareholder.

Moreover, the Board of the Bank of Lithuania resolved to change the bank licence issued the AB PAREX BANK by the Board of the Bank of Lithuania on 16 July 1998 to the bank licence with its new indicated name ? AB “Citadele” bankas. The said point of the resolution will come into force on the date when the amendments to the articles of AB PAREX BANKAS are registered at the Register of Legal Persons.

5. On the amendment of the Board of the Bank of Lithuania Resolution of 22 January 2009 No. 13 On the Approval of the Procedure for Setting Financial Crises Prevention and Management Stages and for Information Exchange of the Bank of Lithuania
The Board of the Bank of Lithuania revised the Procedure for Setting Financial Crises Prevention and Management Stages and for Information Exchange of the Bank of Lithuania.

This document regulates the internal processes aimed at the prevention of financial crises as provided for in the Financial Crises Prevention and Management Plan as approved by the Government.

6. Medium term macroeconomic projections of Lithuania
The Board of the Bank of Lithuania approved the medium term macroeconomic projections of the Bank of Lithuania. They are published on the website of the Bank of Lithuania.