Finance Committee initiates bill of amendments to Bank of Estonia Act

Bank of Estonia interior.
Bank of Estonia interior. Source: Priit Mürk/ERR

The Finance Committee of the Riigikogu has decided to initiate a bill of amendments to the Bank of Estonia Act with which it wants to clarify the rules regarding the nomination of members of the central bank's supervisory board.

According to committee chairman Aivar Kokk (Isamaa), it's necessary to clarify the forming of the composition of the Bank of Estonia's supervisory board and the terms and conditions applicable to supervisory board members as well as the duration of their terms, spokespeople for the Riigikogu said.

"The bill aims to clarify that in addition to experts of the field, all parliamentary parties are represented on the supervisory board," Kokk said.

He explained that the composition of the central bank's supervisory board must reflect reporting requirements before the Riigikogu, and thus it is appropriate that the supervisory board include representatives of all political parties represented in the Riigikogu. He noted that this has been the default agreement thus far as well.

The committee's amendments will specify that the Riigikogu's parliamentary groups will nominate their representatives, while experts of the field will be nominated by the chairman of the Bank of Estonia's supervisory board.

The bill will specify that supervisory board members must have sufficient knowledge and experience to participate in the work of the supervisory board, and that a member of the central bank's supervisory board may not be appointed for more than two consecutive terms, Finance Committee deputy chairwoman Maris Lauri said.

Last month, the Riigikogu did not approve Bank of Estonia supervisory board chairman Mart Laar's list of supervisory board candidates.

Laar submitted to the Riigikogu a bill to appoint Enn Eesmaa (Centre), Kaie Kerem, Enn Listra, Rein Minka, Ivari Padar (SDE), Jaanus Tamkivi and Urmas Varblane as members of the supervisory board of the Bank of Estonia.

Despite the fact that the law does not require it, Laar was criticized for failing to consult with parliamentary parties when nominating candidates. Laar explained that he wanted a politically independent team.


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Editor: Aili Vahtla

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