Jump to content

Bank of Lithuania: Difference between revisions

Coordinates: 54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E / 54.68611; 25.28333
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
Where does the 1927 come from?
Undid revision 1260903383 by 103.112.37.152 (talk): breakage / disruptive
 
(18 intermediate revisions by 7 users not shown)
Line 1: Line 1:
{{confuse|text=the [[list of banks in Lithuania]]}}
{{Short description|Central Bank of Lithuania}}
{{Short description|Central Bank of Lithuania}}
{{Use dmy dates|date=September 2020}}
{{Use dmy dates|date=September 2020}}
Line 4: Line 5:
|logo = File:Lietuvos Bankas Logo.svg
|logo = File:Lietuvos Bankas Logo.svg
|image = Central Office of the Bank of Lithuania 2019.jpg
|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>
|bank_name_in_local = Lietuvos bankas <small>{{in lang|lt}}</small>
|headquarters = [[Vilnius]]
|headquarters = [[Vilnius]]
Line 15: Line 17:
|reserves = $1.310 billion<ref name="dnbinfo"/>
|reserves = $1.310 billion<ref name="dnbinfo"/>
|website = {{URL|https://lb.lt/en|lb.lt}}
|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>
⚫
[[File:LB by Augustas Didzgalvis.jpg|thumb|Aerial view of Bank of Lithuania headquarters in [[Gediminas Avenue]], built by the order of [[Józef Montwiłł]] in 1889–1891]]

The '''Bank of Lithuania''' ({{lang-lt|Lietuvos bankas}}) is the Lithuanian member of the [[Eurosystem]] and has been the [[monetary authority]] for [[Lithuania]] from 1922 to 2014, issuing the [[Lithuanian litas]], albeit with a long suspension between 1940 and 1993.


==History==
==History==
[[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 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"/>


==Primary functions==
==Primary functions==
Line 50: Line 50:


==Management and structure==
==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.
The Bank is governed by a board consisting of a chairperson, two deputy chairpersons and two members.
Line 60: Line 61:
*[[Lithuanian litas]]
*[[Lithuanian litas]]
*[[Vladas Jurgutis Award]]
*[[Vladas Jurgutis Award]]
* [[List of central banks]]
{{Portal|Banks}}
{{Portal|Banks}}


Line 68: Line 70:
* [https://www.lb.lt/ The Bank of Lithuania] {{in lang|lt|en}}
* [https://www.lb.lt/ The Bank of Lithuania] {{in lang|lt|en}}


⚫
{{Authority control}}
{{Central banks}}
{{Central banks}}
{{Central banks of the European Union}}
{{Central banks of the European Union}}
{{Lithuania topics}}
{{Lithuania topics}}
⚫
{{Authority control}}


[[Category:European System of Central Banks|Lithuania]]
[[Category:European System of Central Banks|Lithuania]]
Line 81: Line 83:
[[Category:Companies based in Vilnius]]
[[Category:Companies based in Vilnius]]
[[Category:Financial regulatory authorities of Lithuania]]
[[Category:Financial regulatory authorities of Lithuania]]
[[Category:European Banking Supervision|Lithuania]]

[[Category:European Single Resolution Mechanism|Lithuania]]

{{Europe-bank-stub}}
{{Europe-bank-stub}}
{{Lithuania-company-stub}}
{{Lithuania-company-stub}}

Latest revision as of 13:31, 3 December 2024

Not to be confused with the list of banks in Lithuania.

Bank of Lithuania
Lietuvos bankas (in Lithuanian)
Head office in Vilnius, former seat of Vilnius Land Bank
Head office in Vilnius,
former seat of Vilnius Land Bank
HeadquartersVilnius
Coordinates54°41′10″N 25°17′00″E / 54.68611°N 25.28333°E / 54.68611; 25.28333
Established27 September 1922 (1922-09-27)[1]
Ownership100% state ownership[2]
ChairmanGediminas Šimkus
Central bank ofLithuania
Reserves$1.310 billion[2]
Websitelb.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]
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.[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]

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

Management and structure

[edit]
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.

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

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

Stub icon

This Lithuanian corporation or company article is a stub. You can help Wikipedia by expanding it.

Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Bank_of_Lithuania&oldid=1260950468"