World Bank2013-03-212013-03-212009-12https://hdl.handle.net/10986/12822The 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.en-USCC BY 3.0 IGOADMINISTRATIVE COSTSAGREEMENT OF CREDITORSARREARSASSET RESOLUTIONASSET VALUESASSETSAUDITINGBALANCE SHEETBALANCE SHEETSBANK BRANCHESBANK DEBTBANK EQUITYBANK FAILURESBANK LOANSBANKING SECTORBANKING SYSTEMBANKING SYSTEMSBANKRUPTBANKRUPTCY CASESBANKRUPTCY FILINGSBANKRUPTCY LAWBANKRUPTCY MANAGEMENTBANKRUPTCY PETITIONBANKRUPTCY PROCEDURESBANKRUPTCY PROCEEDINGBANKRUPTCY PROCEEDINGSBANKRUPTCY PROCESSBORROWERBUSINESS PLANCAPITAL ADEQUACYCASH FLOWSCLAIMCLAIMS OF CREDITORSCLAIMS OF EMPLOYEESCOLLATERALCOLLECT DEBTSCOMMERCIAL BANKSCONCESSIONSCONFLICT OF INTERESTCORPORATE DEBTCORPORATE DISTRESSCOURT OF APPEALSCOURT ORDERCREDIBILITYCREDIT INSTITUTIONSCREDIT LOSSESCREDIT MARKETSCREDIT RISKCREDITORCREDITORSCREDITORS COMMITTEECREDITORS HOLDING CLAIMSCREDITORS MEETINGCREDITSCROSS-BORDER INSOLVENCIESCURRENCY DEVALUATIONDEBT GUARANTEEDEBT GUARANTEESDEBT RESTRUCTURINGDEBTORDEBTORSDEFAULTSDEPENDENTDEPOSITDEPOSIT INSURANCEDEPOSIT INSURANCE FUNDDEPOSIT INSURANCE SCHEMEDEPOSITORDEPOSITORSDEPOSITSDISCRETIONARY POWERSDISPOSAL OF ASSETSDISPUTE RESOLUTIONDISSENTING CREDITORSDISTRESSED ASSETDISTRESSED COMPANYDOMESTIC BANKDOMESTIC BANKSECONOMIC SITUATIONSEMPLOYEE CLAIMSEMPLOYEE WAGESENCUMBRANCESENTERPRISE RESTRUCTURINGEQUITY SECURITIESEQUITY VALUEESTATEEXCHANGE RATEEXTERNAL DEBTFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DIFFICULTIESFINANCIAL INSTITUTIONSFINANCIAL POLICYFINANCIAL POSITIONFINANCIAL PROBLEMSFINANCIAL RESOURCESFINANCIAL SERVICESFINANCIAL SITUATIONFINANCIAL STABILITYFINANCIAL STATEMENTSFINANCIAL SYSTEMFORCED SALEFOREIGN BANKFOREIGN BANKSFOREIGN EXCHANGEGOOD FAITHGOVERNMENT BONDSGOVERNMENT GUARANTEESGOVERNMENT SECURITIESGUARANTEE FUNDIMMOVABLE PROPERTYINDIVIDUAL BANKRUPTCYINDIVIDUAL BANKSINITIATION OF BANKRUPTCYINITIATION OF BANKRUPTCY PROCEEDINGSINSOLVENCYINSOLVENCY CASESINSOLVENTINSOLVENT BANKSINSOLVENT INSTITUTIONINSTITUTIONAL FRAMEWORKINSTITUTIONAL FRAMEWORK FOR INSOLVENCYINSUFFICIENT ASSETSINSURANCE COMPANIESINTEREST RATEINTEREST RATESJUDGEJUDGESJUDGMENTSJUDICIAL PROCEDUREJUDICIAL PROCEEDINGLAST RESORTLAWSLEGAL FRAMEWORKLEGAL FRAMEWORK FOR BANKRUPTCYLEGAL FRAMEWORK FOR CREDITOR RIGHTSLENDERLENDER OF LAST RESORTLENDERSLIABILITYLIQUIDATIONLIQUIDATION PROCEDURELIQUIDITYLIQUIDITY CRISISLIQUIDITY PROBLEMSLIST OF CREDITORSLOANLOAN ASSETSLOAN CLASSIFICATIONLOAN LOSSLOAN LOSS PROVISIONINGLOAN LOSSESLOAN PORTFOLIOLOAN PORTFOLIOSLOCAL BANKSLOSS OF VALUEMACROECONOMIC CONDITIONSMAJOR CREDITORMAJOR CREDITORSMAJORITY OF CREDITORSMANDATESMARKET RISKMODEL LAWMODEL LAW ON CROSS-BORDER INSOLVENCYMODERN REHABILITATIONMORTGAGEMORTGAGESNEW INSOLVENCYNEW INSOLVENCY LAWNUMBER OF BANKRUPTCYNUMBER OF BANKSOPERATIONAL RISKOVERDUE LIABILITYOVERDUE LOANSPENALTIESPENALTYPETITION FOR BANKRUPTCYPRINCIPAL CREDITORSPRIORITY OF PAYMENTPROBABILITY OF DEFAULTPROFITABILITYPROPERTY RIGHTSPUBLIC DISCLOSUREPURCHASE AND ASSUMPTION TRANSACTIONSRECAPITALIZATIONRECEIVERSHIPRECOVERY RATESREGULATORY FRAMEWORKREGULATORY REPORTSREORGANIZATIONREORGANIZATION CASESREORGANIZATION PLANSREPAYMENTREPAYMENT OF CREDITORSREPOSRESERVE REQUIREMENTSRESTRUCTURING PLANRESTRUCTURING PROCESSRESTRUCTURING PROCESSESRESTRUCTURING PROGRAMSRISK MANAGEMENTSALE OF ASSETSSALE PROCEEDSSATISFACTION OF CLAIMSSECURITIES AS COLLATERALSETTLEMENTSOLVENCYSOVEREIGN GUARANTEESYSTEMIC CRISISTRADITIONAL BANKRUPTCYTRUSTEEUNANIMOUS CONSENTUNSECURED CREDITORSVALUATION OF ASSETSVOTE OF CREDITORSWAGESWORKOUTSWorld Bank10.1596/12822