The Lithuanian Central Credit Union (LCCU) is a credit institution organised on co-operative basis, established by credit unions of legal persons and the Government of the Republic of Lithuania or a body authorised by it, registered in the manner prescribed by this Law, functioning as a co-operative company. The Central Credit Union functions on the basis of share capital and discharges the functions of supporting liquidity and restoration of solvency of credit unions, accepts deposits and other repayable funds, grants loans, assumes related risk and responsibility, as well as:
- supports liquidity of credit unions;
- represents the interests of the credit unions-members of the Central Credit Union;
- renders technical service to the Stabilisation Fund which is formed at the Central Credit Union;
- adopts decisions related to the membership in the Central Credit Union;
- accepts demand and time deposits from its members, associations of credit unions, public organisations, religious communities registered in the Republic of Lithuania, institutions authorised by the Government of the Republic of Lithuania and/or local authorities, Lithuanian, international and/or foreign charity (sponsorship) foundations and financial institutions;
- borrows funds in the manner prescribed by the laws of the Republic of Lithuania;
- grants loans, issues guarantees and renders, in the manner prescribed by the Bylaws of the Central Credit Union, financial assistance to credit unions-members of the Central Credit Union;
- invests free funds in securities issued of the Government of the Republic of Lithuania, securities issued by the Bank of Lithuania, and securities issued by the governments of the foreign states which have the highest rating (A Group countries);
- conducts clearing operations among its members and participates in clearing settlements operations through the settlements centre of the Bank of Lithuania and other clearing institutions;
- participates in programmes and projects initiated by various institutions of the Republic of Lithuania and other states aimed at credit institutions and receives resources and assets related to such programmes and projects; maintains relationships with similar international institutions or institutions of other states, represents credit unions of Lithuania therein, receives resources, technical and other assistance from the institutions, as well as the obligations related thereto;
- monitors and, when necessary, examines credit unions-members of the Central Credit Union and provides information, proposals and recommendations to the supervisory authority regarding the disclosed violations and non-compliance with the prudential requirements;
- performs money transfer operations;
- issues payment instruments (payment cards, traveller’s cheques, bills of exchange) and services them;
- performs operations with foreign currency;
- submits proposals and remarks on legal acts regulating the activities of credit unions;
- consults credit unions and their associations;
- organises the training of credit union staff on the issues of co-operative banking and provides methodological assistance to credit unions;
- establishes for the credit unions-members of the Central Credit Union forms and rules of unified standardised document processing, information systems, financial statements;
- carries out other functions and operations, appropriate for credit unions, with which the Central Credit Union is tasked by its members at a general meeting, when approving the Bylaws of the Central Credit Union.
Non-financial Services of the Lithuanian Central Credit Union
Technical maintenance of KUBAS software;
Workshops for members of management bodies of credit unions;
Design and implementation of banking products.
Management. We consult on credit union management issues. Assess credit union results and provide conclusions and recommendations individually for each credit union. Where necessary, provide on-site consultations.
Incorporation. We draft all documents necessary for incorporation and submit them to the Bank of Lithuania for obtaining a license.
Information technologies. We implement advanced technologies which facilitate the work of credit unions and improve the quality of service provided to their members; we design and improve standardised KUBAS© software used in credit unions.
Marketing. We create services necessary for credit union members, promote credit unions and services offered thereby, organise marketing campaigns, and prepare promotional-information material.
Finances. We consult credit unions on the use of free funds; carry out financial analyses of credit unions, and help to prepare reports for public authorities.
Training. Introductory workshops for those who are going to set up a credit union. Workshops for members of management bodies of credit unions on the subjects of responsibility of members of management bodies, workshops for board and administration, loan committee, supervisory board.Specialised workshops: training course on KUBAS© software (financial accounting system for credit unions), financial products, marketing for a newly set up credit union, strategic planning and budget formation, management information system, management of information in a credit union.
Participation of credit unions in local workshops organised by the Central Credit Union is FREE.
