Bank of Lithuania: Difference between revisions

Bank of Lithuania
Lietuvos bankas (in Lithuanian)
	Head office in Vilnius,; former seat of Vilnius Land Bank
Headquarters	Vilnius
Coordinates	54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E
Established	27 September 1922
Ownership	100% state ownership
Chairman	Gediminas Šimkus
Central bank of	Lithuania
Reserves	$1.310 billion
Website	lb.lt

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The Bank of Lithuania (Lithuanian: Lietuvos bankas) is the Lithuanian member of the Eurosystem and has been the monetary authority for Lithuania from 1922 to 2014, albeit with a long suspension between 1940 and 1993. It issued the Lithuanian litas between 1922 and 1940, the Lithuanian talonas in 1991-1993,^{[citation needed]} then a second litas from 1993 to 2014. Since 2015, it has also been Lithuania's national competent authority within European Banking Supervision.^[3]

History

The Bank of Lithuania was first established in Kaunas on 27 September 1922.^[1] Its first governor was Vladas Jurgutis.^[1] The first task of the bank was to replace German ostmark and ostrubel, which circulated after the World War I, with a Lithuanian currency litas. In 1931, the bank became a member of the Bank for International Settlements (BIS) organization.^[1]

Primary functions

According to the Bank's official website, the Bank of Lithuania performs these primary functions:

maintaining price stability,
formulating and implementing the monetary policy,
acting as an agent of the State Treasury.

As a member of the European System of Central Banks, the Bank of Lithuania participates in the formulation and implementation of the monetary policy of the eurozone.

Bank leadership

Governors of the Bank of Lithuania:^[4]

Vladas Jurgutis (1922–1929)
Vladas Stašinskas (1930–1939)
Juozas Tūbelis (1939)
Juozas Paknys (1939–1940)

Chairmen of the board of the Bank of Lithuania:^[4]

Bronius Povilaitis (1990)
Vilius Baldišis (1990–1993)
Romualdas Visokavičius (1993)
Kazys Ratkevičius (1993–1996)
Reinoldijus Šarkinas (1996–2011)
Vitas Vasiliauskas (2011–2021)
Gediminas Šimkus (since 2021)

Management and structure

The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members.

According to The Bank of Lithuania official website, it is managed by Supervision Service; ten departments: Economics, Statistics, Market Operations, International Relations, Payment Systems, Cash, Accounting, Information Technology, General Services and Security; six autonomous divisions (Internal Audit, Legal, Organisation and Personnel, General and Public Relations, Risk Management), and Bank of Lithuania Branches in Kaunas and Klaipėda.

References

^ ^a ^b ^c ^d "Historical timeline". Bank of Lithuania. Archived from the original on 8 February 2023. Retrieved 7 August 2023.
^ ^a ^b Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
^ "National supervisors". ECB Banking Supervision.
^ ^a ^b "Historical timeline". www.lb.lt. Archived from the original on 25 November 2020. Retrieved 22 March 2020.

External links

The Bank of Lithuania (in Lithuanian and English)

This European bank or insurance-related article is a stub. You can help Wikipedia by expanding it.

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[lb-history-1] "Historical timeline". Bank of Lithuania. Archived from the original on 8 February 2023. Retrieved 7 August 2023.

[dnbinfo-2] Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.

[3] "National supervisors". ECB Banking Supervision.

[bankhistory-4] "Historical timeline". www.lb.lt. Archived from the original on 25 November 2020. Retrieved 22 March 2020.

[1]

[2]

[3]

[4]

@@ Line 1: / Line 1: @@
-{{Short description|Central Bank of Lithuania}}{{Use dmy dates|date=September 2020}}
+{{confuse|text=the [[list of banks in Lithuania]]}}
+{{Short description|Central Bank of Lithuania}}
+{{Use dmy dates|date=September 2020}}
 {{Infobox central bank
 |logo = File:Lietuvos Bankas Logo.svg
+|image = Central Office of the Bank of Lithuania 2019.jpg
+|caption = Head office in [[Vilnius]],<br>former seat of [[Vilnius Land Bank]]
 |bank_name_in_local = Lietuvos bankas <small>{{in lang|lt}}</small>
 |headquarters = [[Vilnius]]
 |coordinates= {{coord|54|41|10|N|25|17|00|E|type:landmark|display=inline,title}}
 |ownership       = 100% [[state ownership]]<ref name="dnbinfo">{{cite web |last1=Weidner |first1=Jan |title=The Organisation and Structure of Central Banks |url=https://d-nb.info/1138787981/34 |website=Katalog der Deutschen Nationalbibliothek|year=2017|format=PDF}}</ref>
-|established = {{Start date|1922|09|27|df=y}} [https://web.archive.org/web/20080306182220/http://www.lb.lt/eng/about/history.html]
+|established = {{Start date|1922|09|27|df=y}}<ref name="lb-history"/>
 |president = [[Gediminas Šimkus]]
 |leader_title = Chairman
@@ Line 12: / Line 16: @@
 <!--DO NOT add info on currency, rates, printer or mints, as these are controlled by ECB -->
 |reserves = $1.310 billion<ref name="dnbinfo"/>
-|website = [https://www.lb.lt/ The Bank of Lithuania] {{in lang|lt|en}}
+|website = {{URL|https://lb.lt/en|lb.lt}}
-|succeeded = [[European Central Bank]] (2015)<sup>1</sup>
+|succeeded =
-|footnotes = <sup>1</sup> The Bank of Lithuania still exists but many functions have been taken over by the ECB.
 }}
+The '''Bank of Lithuania''' ({{langx|lt|Lietuvos bankas}}) is the Lithuanian member of the [[Eurosystem]] and has been the [[monetary authority]] for [[Lithuania]] from 1922 to 2014, albeit with a long suspension between 1940 and 1993. It issued the [[Lithuanian litas]] between 1922 and 1940, the [[Lithuanian talonas]] in 1991-1993,{{cn|date=July 2024}} then a second litas from 1993 to 2014. Since 2015, it has also been Lithuania's national competent authority within [[European Banking Supervision]].<ref>{{cite web |website=ECB Banking Supervision |url=https://www.bankingsupervision.europa.eu/organisation/nationalsupervisors/html/index.en.html |title=National supervisors}}</ref>
+==History==
-[[File:Lietuvos bankas by Augustas Didzgalvis.jpg|thumb|Aerial view]]
+[[File:Building of the Bank of Lithuania in Kaunas in 2016.jpg|thumb|[[Interwar period]] head office building of the Bank of Lithuania in [[Kaunas]], the former [[temporary capital of Lithuania]]]]
+The Bank of Lithuania was first established in [[Kaunas]] on 27 September 1922.<ref name="lb-history">{{cite web|title=Historical timeline|url=https://www.lb.lt/en/historical-timeline|archive-url=https://web.archive.org/web/20230208065304/https://www.lb.lt/en/historical-timeline|archive-date=8 February 2023|access-date=7 August 2023|website=Bank of Lithuania}}</ref> Its first governor was [[Vladas Jurgutis]].<ref name="lb-history"/> The first task of the bank was to replace [[German ostmark]] and [[German ostrubel|ostrubel]], which circulated after the [[World War I]], with a Lithuanian currency ''[[litas]]''. In 1931, the bank became a member of the [[Bank for International Settlements]] (BIS) organization.<ref name="lb-history"/>
-'''The Bank of Lithuania''' ({{lang-lt|Lietuvos bankas}}) is the [[central bank]] of the [[Lithuania|Republic of Lithuania]]. The Bank of Lithuania is a member of the [[European System of Central Banks]]. The chairman of the bank is [[Gediminas Šimkus]]. Until 2015, the Bank of Lithuania was responsible for managing the former Lithuanian national currency, the [[Lithuanian litas|litas]]. It became part of the [[European Central Bank]]]  (ECB) when Lithuania adopted the [[euro]] on 1 January, 2015.
 ==Primary functions==
-[[File:Central Office of the Bank of Lithuania 2019.jpg|220px|thumb|left|Bank of Lithuania headquarters in [[Gediminas Avenue]], built by the order of [[Józef Montwiłł]] in 1889–1891]]
 According to the Bank's official website, the Bank of Lithuania performs these primary functions:
@@ Line 28: / Line 31: @@
 * formulating and implementing the monetary policy,
 * acting as an agent of the State Treasury.
+As a member of the European System of Central Banks, the Bank of Lithuania participates in the formulation and implementation of the [[monetary policy]] of the [[eurozone]].
 == Bank leadership ==
 Governors of the Bank of Lithuania:<ref name="bankhistory">{{Cite web|url=https://www.lb.lt/en/historical-timeline|title=Historical timeline|website=www.lb.lt|access-date=22 March 2020|archive-date=25 November 2020|archive-url=https://web.archive.org/web/20201125083355/https://www.lb.lt/en/historical-timeline|url-status=dead}}</ref>
 *[[Vladas Jurgutis]] (1922–1929)
-*[[Vladas Stašinskas]] (1930–1939)
+*[[Vladislav Stashinsky|Vladas Stašinskas]] (1930–1939)
 *[[Juozas Tūbelis]] (1939)
 *[[Juozas Paknys]] (1939–1940)
@@ Line 46: / Line 50: @@
 ==Management and structure==
+[[File:LB by Augustas Didzgalvis.jpg|thumb|Aerial view of Bank of Lithuania headquarters in [[Gediminas Avenue]], built for [[Józef Montwiłł]]'s bank in 1889–1891]]
 The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members.
@@ Line 53: / Line 58: @@
 ==See also==
 *[[Economy of Lithuania]]
+*[[LBCoin]]
 *[[Lithuanian litas]]
 *[[Vladas Jurgutis Award]]
+* [[List of central banks]]
 {{Portal|Banks}}
@@ Line 63: / Line 70: @@
 * [https://www.lb.lt/ The Bank of Lithuania] {{in lang|lt|en}}
-{{Authority control}}
 {{Central banks}}
 {{Central banks of the European Union}}
 {{Lithuania topics}}
+{{Authority control}}
 [[Category:European System of Central Banks|Lithuania]]
+[[Category:Eurosystem|Lithuania]]
 [[Category:Central banks|Lithuania]]
 [[Category:Banks of Lithuania]]
@@ Line 75: / Line 83: @@
 [[Category:Companies based in Vilnius]]
 [[Category:Financial regulatory authorities of Lithuania]]
+[[Category:European Banking Supervision|Lithuania]]
+[[Category:European Single Resolution Mechanism|Lithuania]]
 {{Europe-bank-stub}}
 {{Lithuania-company-stub}}

v t e Central banks
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v t e Central banks of the European Union
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Central banks European Union

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