Bank of Lithuania: Difference between revisions
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{{Short description|Central Bank of Lithuania}}{{Use dmy dates|date=September 2020}} |
{{confuse|text=the [[list of banks in Lithuania]]}} |
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{{Short description|Central Bank of Lithuania}} |
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{{Use dmy dates|date=September 2020}} |
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{{Infobox central bank |
{{Infobox central bank |
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|logo = File:Lietuvos Bankas Logo.svg |
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|image = Central Office of the Bank of Lithuania 2019.jpg |
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|caption = Head office in [[Vilnius]],<br>former seat of [[Vilnius Land Bank]] |
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| president = Vitas Vasiliauskas |
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|president = [[Gediminas Šimkus]] |
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|bank_of = [[Lithuania]] |
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| succeeded = [[European Central Bank]] (2015)<sup>1</sup> |
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|reserves = $1.310 billion<ref name="dnbinfo"/> |
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| footnotes = <sup>1</sup> The Bank of Lithuania still exists but many functions have been taken over by the ECB. |
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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> |
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[[File:LB by Augustas Didzgalvis.jpg|thumb|Aerial view]] |
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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 a part of the [[Eurosystem]] when Lithuania adopted the [[euro]] on 1 January 2015. |
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==History== |
==History== |
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[[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]]]] |
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The Bank of Lithuania was first established 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 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"/> |
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==Primary functions== |
==Primary functions== |
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==Management and structure== |
==Management and structure== |
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The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members. |
The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members. |
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==See also== |
==See also== |
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*[[Economy of Lithuania]] |
*[[Economy of Lithuania]] |
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*[[LBCoin]] |
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*[[Lithuanian litas]] |
*[[Lithuanian litas]] |
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*[[Vladas Jurgutis Award]] |
*[[Vladas Jurgutis Award]] |
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* [[List of central banks]] |
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{{Portal|Banks}} |
{{Portal|Banks}} |
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* [https://www.lb.lt/ The Bank of Lithuania] {{in lang|lt|en}} |
* [https://www.lb.lt/ The Bank of Lithuania] {{in lang|lt|en}} |
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{{Central banks}} |
{{Central banks}} |
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{{Central banks of the European Union}} |
{{Central banks of the European Union}} |
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{{Lithuania topics}} |
{{Lithuania topics}} |
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[[Category:European System of Central Banks|Lithuania]] |
[[Category:European System of Central Banks|Lithuania]] |
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[[Category:Eurosystem|Lithuania]] |
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[[Category:Central banks|Lithuania]] |
[[Category:Central banks|Lithuania]] |
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[[Category:Banks of Lithuania]] |
[[Category:Banks of Lithuania]] |
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[[Category:Companies based in Vilnius]] |
[[Category:Companies based in Vilnius]] |
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[[Category:Financial regulatory authorities of Lithuania]] |
[[Category:Financial regulatory authorities of Lithuania]] |
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[[Category:European Banking Supervision|Lithuania]] |
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[[Category:European Single Resolution Mechanism|Lithuania]] |
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{{Europe-bank-stub}} |
{{Europe-bank-stub}} |
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{{Lithuania-company-stub}} |
{{Lithuania-company-stub}} |
Latest revision as of 13:31, 3 December 2024
Headquarters | Vilnius |
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Coordinates | 54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E |
Established | 27 September 1922[1] |
Ownership | 100% state ownership[2] |
Chairman | Gediminas Šimkus |
Central bank of | Lithuania |
Reserves | $1.310 billion[2] |
Website | lb.lt |
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
[edit]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
[edit]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
[edit]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
[edit]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.
See also
[edit]References
[edit]- ^ 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
[edit]- The Bank of Lithuania (in Lithuanian and English)
- European System of Central Banks
- Eurosystem
- Central banks
- Banks of Lithuania
- 1922 establishments in Lithuania
- Banks established in 1922
- Companies based in Vilnius
- Financial regulatory authorities of Lithuania
- European Banking Supervision
- European Single Resolution Mechanism
- European bank stubs
- Lithuanian company stubs