Central Bank promotes cost-cutting

VILNIUS - The Bank of Lithuania starts 2013 having created a new structure with four specialized services devised to perform its main functions, and one internal services service as the basis for it, reports ELTA.
After its restructuring, the number of staff has declined substantially, thus the Bank performs its functions more efficiently, the bank said in a statement.

“At the Bank of Lithuania the number of heads at different levels has nearly halved, many independent divisions have been eliminated, cash handling has been reorganized. Having streamlined our activities, we have the possibility to reduce costs in spite of the fact that last year we took over functions that are new to the Bank - financial services and market supervision, and settling of consumer disputes,” said the chairman, Vitas Vasiliauskas.

During the restructuring, heads at different levels were cut, from 165 to 87. Total staff has declined by nearly a fourth, from 794 to 599.