{"id":121087,"date":"2025-04-03T05:55:02","date_gmt":"2025-04-03T05:55:02","guid":{"rendered":"https:\/\/turtas.lt\/?post_type=about-us&#038;p=121087"},"modified":"2026-05-13T14:25:03","modified_gmt":"2026-05-13T14:25:03","slug":"special-obligations","status":"publish","type":"about-us","link":"https:\/\/turtas.lt\/en\/about-us\/special-obligations\/","title":{"rendered":"Special Obligations"},"content":{"rendered":"\n<p>The <a href=\"https:\/\/www.e-tar.lt\/portal\/lt\/legalAct\/TAR.D5496D69DF98\/asr\">Law<\/a> on the Management, Use and Disposal of State and Municipal Assets of the Republic of Lithuania <a href=\"https:\/\/e-seimas.lrs.lt\/portal\/legalAct\/lt\/TAD\/1fa1f1f2869811eb998483d0ae31615c\/asr\">obliges<\/a> the Minister of Economy and Innovation of the Republic of Lithuania to approve, by order, special obligations for state-owned enterprises and their subsidiaries.<\/p>\n\n\n\n<p><strong>The following special obligations have been assigned to Turto bankas:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Recovery of debts owed to the State and administration of loans, state guarantees, and other financial obligations transferred under mandate agreements with the Ministry of Finance of the Republic of Lithuania, as well as other activities established by legal acts related to debt recovery and administration of loans, state guarantees, and other financial obligations;<\/li>\n\n\n\n<li>Privatization of shares owned by the State and municipalities, as well as other activities established by legal acts related to the privatization of state- and municipality-owned shares;<\/li>\n\n\n\n<li>Organization and coordination of the modernization of state-owned real estate;<\/li>\n\n\n\n<li>Management and maintenance, under lease agreements, of administrative and other-purpose state-owned real estate transferred for centralized management; provision of administrative real estate to state institutions and agencies through the implementation of centrally managed administrative real estate modernization and energy efficiency improvement projects; and other activities established by legal acts related to centralized state real estate management;<\/li>\n\n\n\n<li>Sale of state-owned real estate, assigned state land plots, and other immovable property, as well as conclusion and administration of sale transactions for state land plots assigned to municipal real estate being sold;<\/li>\n\n\n\n<li>Performance of the functions of the State Asset Information Search System (VTIPS) administrator, including mandatory coordination of decisions by asset managers regarding the loan for use, lease, or transfer under trust rights of state-owned real estate under their management; analysis of the efficiency of state real estate management; and preparation of annual state asset management reports using VTIPS;<\/li>\n\n\n\n<li>Administration, sale, and\/or privatization of ownerless, confiscated, inherited by the State, or otherwise transferred state-owned real estate, as well as shares in public and private limited liability companies, and other activities established by legal acts related to the administration of such assets and shares;<\/li>\n\n\n\n<li>Liquidation of legal entities;<\/li>\n\n\n\n<li>Organization of liquidation (demolition) works of written-off state-owned real estate;<\/li>\n\n\n\n<li>Representation of the State, in accordance with the procedure established by the Government, in court cases concerning the establishment of ownership rights to real estate and in other cases related to the protection of the State\u2019s ownership rights to state-owned real estate, where such property has not been transferred to another state institution or agency.<\/li>\n<\/ul>\n\n\n\n<p><strong>The Company\u2019s revenue from performing special obligations consists of:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Remuneration received for the performance of special obligations, calculated in accordance with the procedure established by the Government separately for each activity specified in the <a href=\"https:\/\/e-seimas.lrs.lt\/portal\/legalAct\/lt\/TAD\/47d13e52b64911e3b2cee015b961c954\/asr\">Law<\/a> on the Centrally Managed State Asset Manager of the Republic of Lithuania. The rules for the calculation and payment of remuneration are approved by a Government <a href=\"https:\/\/e-seimas.lrs.lt\/portal\/legalAct\/lt\/TAD\/82bcd870cbde11e49bcec506eeda6c5f\/asr\">resolution<\/a>;<\/li>\n\n\n\n<li>Rental income from leasing real estate meeting the needs of state institutions and agencies and necessary for the performance of state functions, calculated in accordance with the procedure approved by order of the Minister of Finance of the Republic of Lithuania;<\/li>\n\n\n\n<li>State budget funds used to compensate the Company\u2019s costs incurred in performing special <a href=\"https:\/\/e-seimas.lrs.lt\/portal\/legalAct\/lt\/TAD\/e03639c2302711eb8c97e01ffe050e1c\/asr\">obligations<\/a>.<\/li>\n<\/ul>\n\n\n\n<p>The Company\u2019s costs related to the performance of special obligations are incurred in accordance with the procedure established by order of the Minister of Finance of the Republic of Lithuania.<\/p>\n\n\n\n<p>The result of special obligations (profit\/loss) is calculated by assessing the direct and allocated indirect costs incurred during the reporting period and deducting the portion of corporate income tax attributable to special obligations. The result of special obligations is calculated once per year following the end of the reporting period, but no later than the deadline established for completion of the mandatory financial audit of the Company.<\/p>\n\n\n\n<p>EBITDA from special obligations is calculated by adding depreciation and amortization expenses to the operating result generated from the performance of special obligations.<\/p>\n","protected":false},"featured_media":0,"parent":0,"menu_order":1,"template":"templates-about-us\/specific-commitments.php","class_list":["post-121087","about-us","type-about-us","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Special Obligations - Turto Bankas<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/turtas.lt\/en\/about-us\/special-obligations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Special Obligations - Turto Bankas\" \/>\n<meta property=\"og:description\" content=\"The Law on the Management, Use and Disposal of State and Municipal Assets of the Republic of Lithuania obliges the Minister of Economy and Innovation of the Republic of Lithuania to approve, by order, special obligations for state-owned enterprises and their subsidiaries. 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