The Riigikogu has passed an amendment to the Bank of Estonia Act to concretize the basis on which the supervisory board of the Bank of Estonia is formed, as well as conditions members of the supervisory board need to meet and the maximum duration of their powers.
The bill was supported by 61 MPs, there were no impartial votes or votes against.
According to the amended law, the Supervisory Board of the Bank of Estonia is made up of representatives of Riigikogu factions and four experts appointed by the chairman of the supervisory board.
It is specified that members of the Supervisory Board of the Bank of Estonia must have sufficient knowledge and experience to take part in the work of the board and cannot be appointed for more than two consecutive terms.
The amendment ensures legal clarity for the nomination of Bank of Estonia supervisory board members and rules out situations where the appointment of the new composition of the supervisory board is late.
Editor: Marcus Turovski