New Bank of Estonia supervisory board composition appointed

Weather vane atop the Bank of Estonia building in Tallinn.
Weather vane atop the Bank of Estonia building in Tallinn. Source: Siim Lõvi /ERR

Despite the ongoing deadlock at the Riigikogu, the chamber did at least on Tuesday appoint MPs to the Bank of Estonia's (Eesti Pank) supervisory board (Nõukogu).

As with most of Estonia's public and state bodies, the central bank has a supervisory board which includes representatives of the Riigikogu, with Andres Sutt, a former IT and foreign trade minister, being nominated from the Reform Party, Igor Taro from Eesti 200 and Anti Allas from the Social Democrats (SDE).

From the ranks of the opposition, Jaak Valge (EKRE), Jaanus Karilaid (Center) and Aivar Kokk (Isamaa) have been nominated the Bank of Estonia supervisory board.

The Bank of Estonia supervisory board consists of the chair, MPs from each represented party, plus four non-partisan experts from the same field and nominated by the chair. 

The latter are: Ivi Proos, Enn Listra, Rein Minka and Urmas Varblane; President Alar Karis earlier this month proposed Varblane as new supervisory board chair, to replace Mart Laar, whose second, five-year term ends on June 12.

The expert members of the board's powers begin at their appointment, and end when the board chair's powers expire, while the MPs' powers begin with the decision entering in force, and end when their term as an MP ends.

The powers of the Riigikogu members of the Council begin when the decision enters into force and last until the Riigikogu member's powers stop or end.

The supervisory board is distinct from the central bank's management board, which is headed by Madis Müller.


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Editor: Andrew Whyte, Barbara Oja

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