The “Forbis” Company Announces Successful Development of TARGET2 and FINREP Projects

Vilnius, Lithuania - 29 November 2007

The TARGET2 new generation system of one of the largest settlement systems in the World called TARGET (Trans-European Automated Real-time Gross-settlement Express Transfer) started to operate on the 19th of November, 2007. On the 18th of May, 2008 it will entirely replace the TARGET system currently used in the Eurozone. The specialists of the Forbis Company developed an interface between the FORPOST banking information system and TARGET2 system of EU settlements in Euro, which currently successfully operates in six Lithuanian banks.

According to the resolution of the committee of institutions supervising European banks, from the 1st of January, 2008 the FINREP (Finance Reporting) package of unified finance reporting forms will be mandatory for all the EU-member countries. FINREP is an integral package, which is approved by each country’s institution supervising banks, and slightly adapted for a specific country.

In the beginning of November, the Forbis Company presented the first FINREP package of reporting forms to Lithuanian banks – “Balance Sheet”. In the nearest future, the specialists of the Forbis Company will present the second FINREP package – “Profit and Loss Account”. It will enable Lithuanian commercial banks to duly prepare and provide annual reports to the Bank of Lithuania. Till the end of this year it is planned to complete some other FINREP reports.

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