Law of the Republic of Lithuania Amending Articles 1, 6, 7, 8, 11, 12, 14, 19, 20, 25, 31, 33, 35, 36, 38, 47, 49, 50, 53, 54, 541, 55 and the Headings of Chapters IV and V, Repealing Articles 26, 27, 28, 29, 30, 32, 37 and Supplementing Annex to the Law


Published: 0000-00-00

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LAW OF THE REPUBLIC OF LITHUANIA
AMENDING ARTICLES 1, 6, 7, 8, 11, 12, 14, 19, 20, 25, 31, 33, 35, 36, 38, 47, 49, 50, 53, 54, 541, 55 AND  THE HEADINGS OF CHAPTERS IV AND V,  REPEALING ARTICLES 26, 27, 28, 29, 30, 32, 37
AND SUPPLEMENTING ANNEX TO THE LAW ON THE BANK OF LITHUANIA ,  AMENDING ARTICLES 4, 5 AND 32, REPEALING ARTICLE 31 OF LAW  No X-569
SUPPLEMENTING THE ANEX TO THE LAW
 
17 July 2014 No XII-1046 Vilnius
 
 
 
Article 1. Amendment of Article 4
Article 4 shall be amended and set forth to read as follows:
“Article 4. Amendment of Article 8
Article 8 shall be amended and set forth to read as follows:
“Article 8. Functions and activities of the Bank of Lithuania
1. In implementing the provisions of the Treaty on the Functioning of the European Union and acting as an integral part of the European System of Central Banks, the Bank of Lithuania shall perform the following functions:
1) issue banknotes and perform other related activities;
2) implement monetary policy;
3) manage, use and dispose of the official foreign reserves of the Bank of Lithuania (hereinafter: ‘foreign reserves’);
4) encourage stable and efficient operation of payment and securities settlement systems;
5) collect statistical information necessary for the performance of the tasks of the European System of Central Banks from state and municipal institutions and economic entities.
2. In addition, the Bank of Lithuania shall:
1) act as a state treasury agent according to the agreement with the Ministry of Finance of the Republic of Lithuania (hereinafter: ‘the Ministry of Finance’);
2) perform the financial market supervision;
3) settle disputes between the consumers and financial market participants out of court;
4) collect statistical information necessary for the performance of the functions of the Bank of Lithuania that are not related to the activities of the European System of Central Banks from state and municipal institutions and economic entities, set the procedures for the collection, compilation and dissemination of the said statistical information, and compile the balance of payments and international investment and financial accounts of the Republic of Lithuania;
5) may grant loans, secured by adequate collateral for the Bank of Lithuania, to credit institutions registered in the Republic of Lithuania in accordance with the procedure, conditions and terms established by the Bank of Lithuania, without prejudice to the requirements derived from its participation in the European System of Central Banks and notably those resulting from operations on behalf of public entities;
6) issue coins in compliance with the requirements of the Treaty on the Functioning of the European Union and perform other related activities;
7) implements a policy that aims to contribute to the protection of the stability of the entire financial system, including strengthening the resilience of the financial system and the reduction of systemic risks in order to ensure sustainable financial sector's contribution to economic growth (hereinafter - macroprudential policy).
3. The Bank of Lithuania shall carry out activities necessary for the implementation of the functions laid down in paragraph 1 and 2 of this Article and for the development and maintenance of the infrastructure necessary for their implementation.
4. In carrying out its functions, and pursuing its activities, the Bank of Lithuania shall participate in maintaining stability and soundness of the entire financial system and, within its remit, shall take all the necessary measures."
 
Article 2. Amendment of Article 5
Article 5(8) shall be amended and set forth to read as follows:
"8. Article 11(2) shall be amended and set forth to read as follows:
"2. The Board may authorise the Chairperson of the Board of the Bank of Lithuania to carry out a part of its functions, except for the functions provided for by points 4, 6, 7, 9, 10, 12, 13, 14, 15, 16, 18, 19 and 20 of paragraph 1 of this Article.
 
Article 3. Repealing of Article 31
Article 31 shall be repealed.
 
Article 4. Amendment of Article 32
Article 32 shall be amended and set forth to read as follows:
“Article 32. Amendment of Annex 2 to the Law
Annex 2 shall be supplemented with point 8 as follows:
"8. Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ 2004 special edition, Chapter 10, Volume 3, p. 89).
 
I promulgate this Law passed by the Seimas of the Republic of Lithuania.
 
 
 
 
 
 
 
 
 
PRESIDENT OF THE REPUBLIC                                          DALIA GRYBAUSKAITĖ