The Lithuanian Seimas' Committee on Budget and Finance, investigating the circumstances of the decade-old economic crisis, have in principle approved its conclusions on Wednesday.
Stasys Jakeliūnas
Stasys Jakeliūnas
© DELFI / Šarūnas Mažeika

They state that the crisis was sparked by banks, and the central Bank of Lithuania failed to ensure proper supervision. The committee will endorse the final conclusions later, and they will be put before parliament by the end of October.

"The conclusions, recommendations have been approved in principle. The additional proposal, probably, will be to produce an investigation summary, but it will be done in the future probably. The conclusions have in principle been approved," Stasys Jakeliunas, the committee chairman, representing the ruling Lithuanian Farmers and Green Union, told BNS Lithuania.

Jakeliunas is leaving to work in the European Parliament in early July.

He says the key conclusions will no longer be changed but they still need a bit of editing. Moreover, a list of recommendations has also been produced but it will be updated.

"It's stated very clearly that banks sparked the crisis, and the Bank of Lithuania did not supervise them. And Sweden's Financial Supervisory Authority is also responsible for that. There are also proposals regarding Vilibor to take the judicial path. In all other cases, there's political responsibility and learning the lessons for all institutions, including the Bank of Lithuania, the government and the Seimas," Jakeliunas told the committee sitting.

The committee concluded earlier there was sufficient financial discipline in 2005-2006 but it started deteriorating in 2007, and the budget was adopted in 2008 in breach of fiscal discipline.

Besides, the committee states, the government had the possibility to receive cheaper loans from international institutions than in 2009-2012 but failed to use the opportunity. Jakeliunas calculated later that the decision not to turn to the European Commission for financial aid cost Lithuania some 2.1 billion euros in 2009-2018, including some 0.2 billion euros because of the late closure of the Snoras bank.

Lithuanian President Dalia Grybauskaite said in May the Seimas is unduly interfering into the activity of the Bank of Lithuania. Last month, Jakeliunas initiated a vote of no-confidence in the Bank of Lithuania's board chairman Vitas Vasiliauskas but the ruling parties failed to secure the necessary number of votes.

It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Online payment business predicts double turnover for e-shops during Black Friday sale

Black Friday , one of the biggest sale campaigns across the Western world, will be slightly different...

Lithuanian airports to add more flight destinations in December

Lithuania's airports are scheduled to add more flight destinations to their schedules in September,...

OECD about Lithuania: COVID-19 crisis reinforces the need for reforms to drive growth and reduce inequality

Effective containment measures, a well-functioning health system and swift public support to firms and...

Restrictions may be imposed on shopping centers if they fail to limit shopper flows

The Lithuanian government may impose restrictions on shopping centers if they fail to regulate...

Paysera continues to expand in the Balkans: launched in Albania, eyeing Serbia

The Lithuanian-founded electronic payment network, Paysera , which provides a current account, money...

Top news

Niclas Rolander | D+ nariams

Sweden rejects face masks as Covid-19 cases soar ICU beds fill up

Sweden ’s health authorities reiterated their skepticism toward face masks on Thursday, despite...

Nausėda gifts Vilna Gaon coin to Israeli president

A coin bearing the image of the Vilna Gaon has been presented to Israeli President Reuven Riblin...

President: full list of proposed ministers won’t be confirmed

The full list of candidates for ministers, proposed by appointed Prime Minister Ingrida Smonyte ,...

Belarusian regime's victim asks prosecutors to launch torture probe

A victim of the Belarusian regime's force structures has asked Lithuanian prosecutors to launch a...

Veryga: there's no basis yet to fear people might get infected from minks

There's no basis yet to fear that people might get infected by the coronavirus from minks at...

|Maža didelių žinių kaina