Lithuania overhauls banking supervision


On January 2, a new unit of the Bank of Lithuania, called the Supervision Service, was launched. It is mandated with supervising all commercial banks and other credit and payment institutions, as well as the securities and insurance markets in Lithuania.

Previously, these functions were performed by the Securities Commission and the Insurance Supervision Commission, as well as the Credit Institutions Supervision Department of the Bank of Lithuania, which are now all defunct.

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