Posts tagged as Bank of Lithuania

Bank of Lithuania urges electronic money and payment institutions to comply with capital requirements

Friday, August 28, 2020

The Bank of Lithuania reminds electronic money and payment institutions (EMIs/PIs) about the necessity of holding sufficient and legally established capital buffers. ‘Capital requirements, along with the prevention of money laundering and safeguarding of customer funds, are the key areas that fall under our supervision. Unfortunately, some EMIs and PIs pay too little attention to this particular aspect, which is in fact an important indicator of their financial state. However,…

Parliament cannot cut salary for Lithuanian central banker, ECB says

Friday, June 5, 2020

The European Central Bank says Lithuania’s parliament cannot cut the salary of the country’s central bank governor, an initiative proposed by a liberal MP. Remuneration for board members of the Bank of Lithuania cannot be changed in the middle of their terms and all planned changes must first be coordinated with the ECB, 15min.lt has reported. Giving a pay cut to Vitas Vasiliauskas, the chief of Lithuania’s central bank, was…

The Bank of Lithuania approved the prices at which Ignitis Grupė will offer the buy-out of ESO shares

Tuesday, May 5, 2020

AB Energijos Skirstymo Operatorius (hereinafter – ESO and the Company), code 304151376, registered office address Aguonų g. 24, Vilnius. The total number of ordinary registered shares issued by ESO is 894,630,333; ISIN code – LT0000130023. The Ignitis Grupė informs that on 4 May 2020 the Bank of Lithuania (hereinafter – the Bank) approved the prices at which the Ignitis Grupė UAB will purchase the shares of the subsidiary ESO at the…

Bank of Lithuania issues Guidelines on Security Token Offering

Tuesday, October 22, 2019

The Bank of Lithuania has issued the Guidelines on Security Token Offering which provide greater regulatory clarity and aim at higher investor protection. “The current focus on security token offerings (STOs) is taking over the waning interest in initial coin offerings (ICOs). Businesses are interested in this particular way of raising capital as an alternative to bank lending. The Guidelines on Security Token Offering are aimed at explaining our position…

Bank of Lithuania: Facebook’s Libra may turn into ‘something interesting’

Friday, October 11, 2019

Facebook’s plans to issue Libra has prompted central banks to take a closer look at stablecoins – cryptocurrencies offering price stability, a member of the Bank of Lithuania’s board has told the business daily Verslo Zinios. According to Marius Jurgilas, Libra could “turn into something interesting”. “The Bank of Lithuania has no official position on the Libra cryptocurrency. I, as a member of the Bank of Lithuania’s board, think that this…

Transferwise joins instant payments system via Bank of Lithuania

Wednesday, November 21, 2018

International money transfer platform Transferwise has opened a euro account with the Bank of Lithuania, thus gaining direct access to the instant euro payments system. This means that euro transfers moving through the account are now instant, due to Bank of Lithuania’s participation in the Single Euro Payments Area’s (SEPA) instant payment system, Transferwise said. The company also opened an account with the Bank of England in April, joining the latter…

Lithuania’s financial regulator launches its regulatory sandbox

Friday, September 28, 2018

Startups and other businesses developing financial technologies (FinTech) will soon be able to test their innovative products in a live environment under the guidance and supervision of the central bank of Lithuania. Submission of applications to enter the Bank of Lithuania regulatory sandbox opens on 15 October 2018. “Having developed an innovation-friendly space, we seek to pave the way for faster and easier access to new financial solutions. Ideas generated…