World Bank2013-03-112013-03-112002-06https://hdl.handle.net/10986/12635A joint International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP) mission visited Lithuania during November 4-15, 2001 to undertake an assessment of the financial sector. The principal objective of the mission was to assist the authorities in identifying potential vulnerabilities in the Lithuanian financial system and obstacles to its future development. Financial activity is likely to grow markedly in years to come, but a large share of the intermediation of saving and investment will not take place locally, but will instead involve a specific pattern of domestic and cross-border financial activity. Institutions in the Lithuanian financial system comprise banks, leasing companies, insurance companies, and securities firms. The insurance sector is small but likely to develop significantly in the years ahead. The payment system handles only a limited number of transactions and has shown itself to be robust in previous periods of stress. The Lithuanian financial system is likely to undergo significant further development and change, driven mainly by stepped-up domestic financial system reform and the increasing integration among financial markets in Lithuania and other countries in Europe. Lithuania appears committed to fighting money laundering and terrorist finance. Controls on money laundering in the insurance and securities sectors fall well short of those in the banking sector.en-USCC BY 3.0 IGOACCESS TO FINANCINGACCOUNTABILITYACCOUNTINGADVERSE EFFECTSAFFILIATESARREARSASSET MANAGEMENTAUDITINGAUDITSBANK CREDITBANK LENDINGBANK LOANSBANKING LEGISLATIONBANKING SECTORBANKING SUPERVISIONBANKING SYSTEMBANKRUPTCYBENEFICIARIESBONDBOND MARKETSBORROWERBROKERAGEBROKERAGE FIRMSBROKERSBUDGETARY AUTONOMYCAPACITY CONSTRAINTSCAPITAL FLOWSCAPITAL MARKETCAPITAL MARKETSCAPITALIZATIONCENTRAL BANKSCENTRAL SECURITIES DEPOSITORYCOMMERCIAL BANKSCONSOLIDATED SUPERVISIONCONSOLIDATIONCONSUMER PROTECTIONCORPORATE BORROWERSCORPORATE GOVERNANCECREDIT EXPOSURESCREDIT FACILITYCREDIT GROWTHCREDIT INSTITUTIONSCREDIT UNIONSCREDITORCREDITOR RIGHTSCREDITWORTHINESSCROSS-BORDER TRANSACTIONSCURRENCYCURRENCY BOARDCURRENCY BOARD ARRANGEMENTCURRENT ACCOUNT DEFICITDEBTDEBT SECURITIESDEBT SERVICEDEGREE OF TRANSPARENCYDEPOSITDEPOSIT INSURANCEDEPOSITSDERIVATIVESDOMESTIC BANKSDOMESTIC CREDITDOMESTIC FINANCIAL MARKETSDOMESTIC SECURITIESELECTRONIC COMMUNICATIONSEQUITIESEQUITY SECURITIESEXPOSUREEXPOSURESFAIR VALUEFEDERAL RESERVEFEDERAL RESERVE BANKFEDERAL RESERVE BANK OF NEW YORKFEE INCOMEFINANCIAL CONGLOMERATESFINANCIAL MARKETSFINANCIAL POLICIESFINANCIAL RESTRUCTURINGFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL SYSTEMFINANCIAL SYSTEM STABILITYFISCAL DISCIPLINEFOREIGN BANKSFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVEFOREIGN FINANCIAL INSTITUTIONSFOREIGN INDEBTEDNESSFOREIGN INVESTORSFRAUDGOVERNMENT DEBTGOVERNMENT DEBT SECURITIESGOVERNMENT SUPPORTGROSS SETTLEMENT SYSTEMHARMONIZATIONHOLDINGSHOME COUNTRYHOUSEHOLD INCOMEHOUSINGHOUSING FINANCEHUMAN RESOURCESILLIQUIDITYINFORMATION TECHNOLOGYINITIAL PUBLIC OFFERINGSINSOLVENCY REGIMEINSTITUTIONAL INFRASTRUCTUREINSTITUTIONAL INVESTORSINSURANCEINSURANCE ACTIVITYINSURANCE COMPANIESINSURANCE INDUSTRYINSURANCE MARKETSINSURANCE POLICIESINSURANCE PREMIUMSINSURANCE PRODUCTSINSURERSINTERESTS OF INVESTORSINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL BANKINTERNATIONAL CAPITALINTERNATIONAL CAPITAL FLOWSINTERNATIONAL STANDARDSJURISDICTIONSLAWSLEGAL FRAMEWORKLEGAL PROTECTIONLENDERLIFE INSURANCELIFE INSURANCE COMPANIESLIFE INSURANCE PREMIUMSLIQUID INSTRUMENTSLIQUIDATIONLIQUIDITYLOANLOAN CLASSIFICATIONLOAN PORTFOLIOSLOAN QUALITYMACROECONOMIC POLICIESMAJORITY SHAREHOLDERSMARKET CAPITALIZATIONMARKET INFRASTRUCTUREMINIMUM RESERVE REQUIREMENTSMINORITY SHAREHOLDERMINORITY SHAREHOLDER RIGHTSMONEY LAUNDERINGMORTGAGE LENDINGMORTGAGE LOANMORTGAGE LOAN PORTFOLIOSNATIONAL STOCK EXCHANGENEW PRODUCTSPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPENSION FUNDSPENSION REFORMPERIODS OF STRESSPOOR ASSET QUALITYPRIVATE PENSIONPRIVATIZATIONPRIVATIZATIONSPROTECTION OF MINORITY SHAREHOLDERSPROVISIONING RULESPRUDENTIAL REGULATIONPRUDENTIAL REQUIREMENTSPUBLIC COMPANIESPUBLIC DEBTRAPID GROWTHREAL ESTATEREGIONAL INTEGRATIONREGULATORREGULATORY AGENCIESREGULATORY AGENCYREGULATORY FRAMEWORKRESERVERESERVE BANKRESERVE BANK OF NEW ZEALANDRESERVE REQUIREMENTSRESERVESRESIDENTIAL MORTGAGERISK MANAGEMENTRISK MANAGEMENT SYSTEMSSAFETY NETSSECURITIESSECURITIES MARKETSECURITIES MARKET LAWSECURITIES MARKETSSECURITIES REGULATIONSECURITIES TRANSACTIONSSETTLEMENTSETTLEMENT SYSTEMSHAREHOLDERSMALL INVESTORSSOLVENCYSTOCK EXCHANGESSUBSIDIARIESSUPERVISION OF BANKSSUPERVISORY AGENCYSUPERVISORY AUTHORITIESSYSTEMIC RISKTAXTRACK RECORDTRADINGTRANSACTIONTRANSITION ECONOMIESTURNOVERVALUATIONVALUATION STANDARDSVALUE OF COLLATERALWorld Bank10.1596/12635