Publication: Lithuania : Banking System Assessment
Date
2009-12
ISSN
Published
2009-12
Author(s)
World Bank
Abstract
The Bank of Lithuania (BoL), the Central
Bank, was established in 1990. BoL has the exclusive right
to grant and revoke licenses to local and foreign banks and
to supervise their activities. Private commercial banking
boomed from 1991 to 1994 while bank regulation was lax. In
late 1995, a bank crisis caused failures of most of the
Lithuanian banks, and the remaining banks resulted in better
managed and supervised institutions. BoL also applied
tougher regulation on the banking sector. All commercial
banks now need to have their financial records audited every
year by an international auditing firm. This report includes
the following headings: risks and contingency crisis
management in the Lithuanian banking system; credit risk and
regulatory issues; and description of corporate debt
restructuring procedures in Lithuania.
Citation
“World Bank. 2009. Lithuania : Banking System Assessment. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/728d3fea-a866-5a74-80c1-4340173d2221 License: CC BY 3.0 IGO.”