| Abstract [eng] |
Civil Liability for the Harm Caused by the Bank of Lithuania Nowadays, the legislation provides huge power and discretion for the public authority thus the amount of discretion the Bank of Lithuania has is considerable. Taking into account, the question raises if the right amount and broadness of the legislation is adopted based on the fragility of the financial system in the society. In the first section, it is analysed the civil liability of the public authorities (the public civil liability). The analysis consists of the review of applicable legislation as well as the examination of relevant legal cases. The purpose of this is to evaluate the development and the trend of public civil liability in the Republic of Lithuania and other countries. In the second section, private and public interests are reviewing through legal cases and legal precedents. It is discussed, what impact for the financial market participants brings financial stability while being the public interest due to the regulation of the Constitutional Court of the Republic of Lithuania. It is analysed how financial stability deals with the principle of full compensation. The third section provides the analysis of functions of the Bank of Lithuania, especially describing the monetary policy and the supervisory of national banks. Additionally, the limits of the discretion of the Bank of Lithuania is reviewed. According to the legislation in the Republic of Lithuania, to prove the civil liability of the Bank of Lithuania it is necessary to comply with all the conditions provided in laws, however, the fault is the condition of most concern. The fault divides into intentional actions either negligence. In the fourth section, the civil liability of the European Central Bank is being analysed as well as the possibility of the solidary civil liability of the Bank of Lithuania and the European Central Bank. |
