VILNIUS – Unless a person is looking for the Lithuanian Banking, Insurance and Finance Institute (LBIFI), chances are he will not notice it.
Blending in among the various shops and office buildings that line Vilniaus Street, the near-by opera house, government building or river are more likely candidates to catch the wandering eye of a pedestrian. But despite its humble outside appearance, the LBIFI is rapidly becoming an extremely valuable resource of training and knowledge for Lithuania's financial service professionals by holding specialized seminars, conducting a distance learning program, offering library services and publishing books.
First known in 1994 as the Training Center of the Lithuanian Commercial Banks' Association, the LBIFI established itself in December 1996. LBIFI's director, Eugenija Martinaityte, basically described what the institution does.
"Formally we are an institute (of professional training), like the American Banking Institute or anywhere else. But we are also involved in short term research of the current situation (to offer) recommendations and expertise," Martinaityte said. "It is important for parliament to know that this is an institution that is able to build something useful."
As a non-profit organization, LBIFI receives support from a number of sources. The EU-Phare program provides the most significant amount of funding. According to Martinaityte, such a status has both advantages and disadvantages.
"From a financial standpoint we are not so strong, but it's just the beginning of business," said Martinaityte. "Usually it takes five years just to get strong. As a non-profit organization or public institution, our services are the cheapest in Lithuania. But we will provide the same level of quality (as Europe or the United States) at a very low price.
"It's important that we have been in the European Banking Training Network since 1995," she added. "Everything that we're doing in Lithuania is already known in Europe."
Despite Martinaityte's expression of concern regarding the institute's financial situation, she appeared to have no doubt that the LBIFI's current accomplishments and future development will continue. The young institute is already seen in a prestigious light among many in the banking community and other financial institutions, who make up much of LBIFI's management board.
"It's Lithuania's main institution that assists bankers in receiving new knowledge and qualifications," said Stasys Kropas of the Bank of Lithuania. "It's already an important institution. With EU-Phare assistance in preparing books, learning materials and lectures, it will be the most successful program in this area."
LBIFI considers the books which have been published by the institute as one of its most significant accomplishments. Martinaityte said that 10 to 14 books on a number of subjects, ranging from financial mathematics to banking management, have been produced for the EU-Phare supported distance learning program.
"These are the first books of their kind in Lithuania and our main product to date," said Martinaityte. "They are not translations. It is an unbelievable project and the results are so exciting. If our banks were to decide that everybody must take at least four main courses like modern banking, statements, accounting, and financial mathematics, it would mean that our banking business would be jammed in quality on the level of professionalism and financial service, because the quality of contents is quite good."
While Martinaityte said similar courses were offered on some of the subjects in the universities, learning with this set of books has some distinct advantages.
"These books were written by bankers, not academic people," said Martinaityte. "Academic people sometimes like to write thick books. These are written by professional people working in banking and business. It is very important that these people have had their own personal experience in (these sectors). We would like to provide these books to universities as well."
Professionals of the financial sector and students are not the only ones who are discovering the useful knowledge of LBIFI. Lithuanian newspapers and magazines regularly hone in on Martinaityte for analysis and opinions concerning financial trends. The LBIFI director confirmed that she is interviewed from time to time.
"I give interviews, but rarely have time to read them," said Martinaityte with a laugh.
