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Annual Report of the Bank of Lithuania 2011

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Annual Report of the Bank of Lithuania 2011 ANNUAL REPORT OF THE BANK OF LITHUANIA 2011 VILNIUS 2012 ISSN 1392-4702 ISSN 1648-9039 (ONLINE) The Board of the Bank of Lithuania approved the 2011 Report on 10 May 2012. The Annual Report was prepared on the basis of the data from the Bank of Lithuania, Statistics Lithuania, the European Central Bank, Eurostat, the International Monetary Fund and other sources. © Lietuvos bankas, 2012 Contents FOREWORD / 7 I. REVIEW OF THE ECONOMY AND FINANCE / 9 Global Economic Developments / 9 Development of the Economy of Lithuania / 10 Real Sector / 10 Aggregate Demand / 10 Aggregate Supply / 11 External Sector / 12 Foreign Trade / 12 Current Account and Its Financing / 13 External Debt / 14 Box. External Debt Statistics / 15 Labour Market / 19 Employment and Unemployment / 19 Wages / 20 Prices and Costs / 20 Reasons Behind Price Developments / 20 Price Developments / 21 General Government Finances / 22 Revenue, Expenditure and Deficit / 22 Debt / 23 Activities of Non-Financial Corporations / 23 Household Finances / 26 Household Income and Financial Assets / 26 Household Expenses and Financial Liabilities / 27 Households Driven Risk to Credit Institutions / 28 Money and Financial System / 28 Development of Credit Market / 28 Securities Market / 31 Real Estate Market / 33 II. FUNCTIONS OF THE BANK OF LITHUANIA / 35 Exchange Rate and Monetary Policy / 35 Exchange Rate Policy / 35 Monetary Policy Instruments / 36 Required Reserves and Banking Sector Liquidity Development Factors / 38 Foreign Exchange Operations / 39 Supervision of Credit and Payment Institutions / 40 Institution of Bankruptcy Proceedings Against AB Bankas Snoras / 40 Supervision of Credit Institutions: Main Trends / 41 Work Done After the Global Financial Crisis / 42 Review of Credit Institutions’ Activities / 43 Review of Banking Activities / 43 Bank Capital / 47 Banks by Market Share / 48 Review of Bank Activity Risks / 49 Credit Risk / 49 Liquidity Risk / 50 Market Risk / 51 Operational Risk / 51 Review of Credit Union Activities / 52 Review of Payment Institution Activities / 53 Cash Management / 54 Currency Issue and Withdrawal / 54 Collectors (Commemorative) Coins / 56 Counterfeit Banknotes and Coins / 58 Foreign Reserve Management / 59 Official Foreign Reserves and Key Principles of Their Management / 59 Foreign Reserve Liquidity, Safety and Return on Foreign Reserves / 60 Handling of Statistics / 62 Payment and Securities Settlement Systems / 63 Litas and Euro Payment Systems / 63 Oversight of Payment and Securities Settlement Systems / 64 Non-Cash Payments / 64 SEPA and TARGET2-Securities Projects / 65 Administration of the Accounts of the State Treasury and Institutions / 66 Participation in the ESCB and International Cooperation / 66 Participation in the ESCB / 67 Participation in the Activities of EU Institutions / 68 Cooperation with the IMF / 68 Relations with Foreign Central Banks and Financial Supervisory Authorities / 69 Cooperation in Other Areas / 70 III. ORGANisatiON OF ACTIVITIES OF THE BANK OF LITHUANIA / 71 Staff and Organizational Structure / 71 Mission, Values and Ethics / 71 Staff / 71 Organizational Development and Social Dialogue / 72 Staff Training / 72 Vladas Jurgutis Award and Scholarship / 74 Transparency of Activities and Public Communication / 74 Accountability and Transparency / 74 Public Communication under Extraordinary Circumstances / 75 Presentation of Activities / 75 Economic Education / 76 IV. THE ANNUAL FINANCIAL StatemeNTS OF THE BANK OF LITHUANIA 2011 / 79 ANNEXES / 102 Resolutions Passed by the Board of the Bank of Lithuania and Published in Valstybės Žinios (Official Gazette) in 2011 / 102 Banknotes and Coins in Circulation / 105 Glossary / 109 List of tables and charts TABLES Table 1. Real GDP and inflation in the world / 9 Table 2. Key performance indicators of non-financial corporations / 25 Table 3. Development of the bank loan portfolio / 30 Table 4. Monetary policy instruments of the Bank of Lithuania / 37 Table 5. Net purchase of foreign currency from the Bank of Lithuania (–) or net sale to the Bank of Lithuania / 39 Table 6. Loan portfolio quality indicators / 50 Table 7. Net currency issue or withdrawal (–) / 54 Table 8. Banknotes and coins in circulation / 55 Table 9. MD of foreign reserves and their functional parts / 61 Table 10. Return on functional parts of foreign reserves / 61 Table 11. LITAS-RLS and LITAS-MMS transactions / 63 Table 12. TARGET2-LIETUVOS BANKAS transactions / 64 Table 13. Non-cash payments / 65 Table 14. Payments by payment cards / 65 Table 15. Publications of the Bank of Lithuania in 2011 / 76 CHARTS Chart 1. Contributions to real GDP growth by the expenditure approach / 10 Chart 2. Contributions to real GDP growth by production approach / 11 Chart 3. Foreign trade balance / 12 Chart 4. Components of the current account balance / 13 Chart 5. Current account deficit financing sources / 14 Chart 6. Gross external debt by sector / 14 Chart 7. Main indicators of the labour market / 19 Chart 8. Wage developments / 20 Chart 9. Contributions to the annual HICP inflation / 21 Chart 10. General government revenue, expenditure and balance / 22 Chart 11. Contributions determining operating results of non-financial corporations and the number of initiated bankruptcy proceedings / 24 Chart 12. Capacity of non-financial corporations to return debt / 25 Chart 13. Contributions to household financial assets / 26 Chart 14. The ratio of household loans to GDP in Lithuania and selected EU Member States / 27 Chart 15. New loans to households and their interest rates / 28 Chart 16. Annual change of the bank loan portfolio and the nominal GDP in selected EU Member States / 29 Chart 17. Development of the portfolio of loans to households / 30 Chart 18. Contributions to interest rates of new loans to the private sector / 31 Chart 19. Development of stock indexes in the world and Lithuania / 32 Chart 20. Interest rates on five-year credit default swaps / 32 Chart 21. Real estate price developments / 33 Chart 22. Development of residential housing supply and investment indicators / 34 Chart 23. Spreads between sovereign bond yields and interbank interest rates / 36 Chart 24. Bank reserves in litas held at the Bank of Lithuania / 38 Chart 25. Foreign exchange trade of the Bank of Lithuania with banks and other depositors / 39 Chart 26. Dynamics of assets, loans and deposits of the banking sector / 44 Chart 27. Composition of bank assets / 45 Chart 28. Composition of bank liabilities / 46 Chart 29. Net profit of banks / 47 Chart 30. Market share of banks by assets / 49 Chart 31. Key indicators of credit unions / 52 Chart 32. Litas in circulation / 55 Chart 33. 50 litas silver coin dedicated to the 150th birth anniversary of Gabrielė Petkevičaitė-Bitė / 56 Chart 34. 10 litas silver coin dedicated to Theatre (from the series “Lithuanian Culture”) / 56 Chart 35. 50 litas gold coin dedicated to Basketball / 57 Chart 36. 1 litas coin of copper/nickel alloy dedicated to Basketball / 57 Chart 37. 50 litas silver coin dedicated to Vilnius Upper Castle (from the series “Historical and Architectural Monuments of Lithuania”) / 57 Chart 38. 50 litas silver coin dedicated to the XXX Olympic Games in London / 58 Chart 39. Numismatic set of circulation coins of the 2011 issue / 58 Chart 40. Foreign reserves / 59 Chart 41. Breakdown of investment by financial instrument / 60 Chart 42. Breakdown of investment by rating / 60 Chart 43. Number of staff actually employed at the end of the period / 72 Chart 44. Organizational chart of the Bank of Lithuania / 73 Abbreviations and other explanations AB public limited liability company CCUL Central Credit Union of Lithuania CSDL Central Securities Depository of Lithuania ECB European Central Bank ERM II Exchange Rate Mechanism II ESCB European System of Central Banks EU European Union EUR euro Eurostat Statistical Office of the European Communities GDP gross domestic product HICP harmonised index of consumer prices IMF International Monetary Fund Lt, LTL Lithuanian litas MFI monetary financial institution p.p. percentage point UAB private limited liability company US, USA United States of America USD US dollar VĮ state enterprise Totals / percentages in some tables and charts may not add up due to rounding (“Total” and 100%). FOREWORD This Annual Report provides a comprehensive presentation of the work performed by the Bank of Lithuania in 2011 in implementing the central bank’s objectives and performing its functions in the context of the development of domestic and global economy and financial system. In the second half of 2011, the growth of the global economy started to slow down and in a number of developed economies it nearly came to a halt. Economic activity was sup- pressed by the tension in the financial sector, which transformed into confidence crisis, high unemployment, which restricted consumption, and the tightening of fiscal policy in many countries. In order to stabilise the situation, effective wide-scale measures were taken, however, the situation in the euro area economy remained complicated. The real GDP growth in Lithuania was mostly supported by domestic demand in 2011. In the first half of the year, especially fast growth of investment was observed, however, in the second half investment grew significantly slower due to more cautious assessments of the future. The largest slowdown was registered in investment into vehicles and machine- ry and equipment. Private consumption increased throughout the year in line with the improving situation in the labour market. Unemployment
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