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Presentation of the results of the inspection of Nordea Bank Finland Plc Lithuania Branch

April 28, 2011

The inspection report of Nordea Bank Finland Plc Lithuania Branch was presented at the meeting of the Board of the Bank of Lithuania. Correctness of the preparation of the branch's financial statements and reports for supervisory purposes submitted to the Bank of Lithuania, ensuring compliance with the liquidity ratio, compliance with the Bank of Lithuania requirement regarding the liquidity reserve and liquidity counterbalancing capacity, and effectiveness of the internal control system were checked. Compliance with the requirements of the legal acts regulating money laundering and terrorist financing prevention was checked. In addition, by way of selective check-up, compliance with the requirements established by the Bank of Lithuania for the data entry into the Loan Risk Database was checked. Interest was taken in the ratio of loans to mortgaged assets when engaging in crediting activity in the area of housing loans. The branch assured that, taking into account the adjustment of the values of the mortgaged assets, the ratio of housing loans to mortgaged assets will not exceed 90 per cent.

The Credit Institutions Supervision Department of the Bank of Lithuania was instructed to inform the bank of the Republic of Finland Nordea Bank Finland Plc and the credit institutions supervisory authorities of the Republic of Finland and the Kingdom of Sweden about the results of the inspection of Nordea Bank Finland Plc Lithuania Branch.

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