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Published: 3 january 2013 12:35

Bank of Lithuania hikes supervision cost contributions paid by financial companies

Lietuvos bankas
Irmanto Gelūno / 15min nuotr. / Bank of Lithuania
The Bank of Lithuania has increased the contributions paid by the companies which are active on the financial market and hopes to raise 11.36 million litas (EUR 3.3m) from the financial market players this year.

The new rates of contributions for 2013 were approved by the board of the central bank on 21 December.

“The contributions applied in 2013 will comprise 70 percent of the permissible rate,” Giedrius Simonavičius, the bank’s spokesman, told BNS.

According to him, the contributions had been increased since the bank would need more funds due to the Presidency of the European Union (EU) Council, which Lithuania would hold in the second half of this year, as well as due to an increase in Lithuania’s contributions to various EU organizations, which the country was a member of.

Last year, contributions by financial market members comprised 50 percent of possible maximum rates set forth in legislation. 

The Bank of Lithuania estimates that the costs of national financial market supervision this year will total 20.27 million litas, of which 11.36 million litas should be covered by the market players. The central bank itself will allocate 8.9 million litas for market supervision.

The approach, which involves market members paying for supervision, is common in Sweden, Finland, Germany, the UK, Latvia, Estonia, and other EU Member States. Lithuania applied this approach for the funding of insurers’ supervision until 2012.

Vitas Vasiliauskas, the governor of the Bank of Lithuania, said last year that the supervision contributions paid by the market members with riskier profile would be raised gradually and the contributions paid by the market players with less risky profile would decrease.

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