The Executive Board of Eesti Pank
Ülo Kaasik, Governor of Eesti Pank
Governor Ülo Kaasik manages Eesti Pank and is a member of the Governing Council of the European Central Bank, which sets monetary policy for the euro area. The Governing Council is the highest decision-making body of the European Central Bank, and one of its tasks is setting monetary policy for the euro area. Ülo Kaasik also represents Eesti Pank at the General Meetings of the Bank for International Settlements (BIS) and represents Estonia in the Board of Governors of the International Monetary Fund (IMF). He is a member of the General Board of the European Systemic Risk Board (ESRB) and is on the supervisory boards of Finantsinspektsioon and the Guarantee Fund. Ülo Kaasik is a member of the Latvian fiscal council.
Ülo Kaasik became Governor of Eesti Pank in June 2026, when he took over from Madis Müller. The Governor’s term of office is for seven years.
Ülo Kaasik was previously Deputy Governor of Eesti Pank, Head of the Monetary Policy Department of Eesti Pank, and an advisor on economics to the Prime Minister of the Republic of Estonia. Ülo Kaasik graduated from the Faculty of Economics and Business Administration of the University of Tartu and holds a Master’s degree in economics from Tallinn University of Technology.
Andrus Alber, Deputy Governor of Eesti Pank
Deputy Governor Andrus Alber has overall responsibility for financial stability, the circulation of cash, the trustworthiness and uninterrupted operation of payment systems, financial accounting and reporting of Eesti Pank, and the infrastructure of the central bank. Andrus Alber is a member of the Monetary and Financial Committee of the Nordic-Baltic Constituency of the International Monetary Fund, the Supervisory Board of the European Central Bank for SSM/Banking Supervision, and the Economic and Financial Affairs Council of the Council of the European Union. He is also a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).
Andrus Alber became a Deputy Governor of Eesti Pank in January 2026.
Andrus Alber has been involved in the financial sector for over 30 years and has worked in Estonia and in international organisations. He headed the Nasdaq Tallinn stock exchange; was co-founder and CEO of Finora Bank, which focused on business clients in Estonia and Lithuania; was Vice Chair of the Fiscal Council; and worked at the International Monetary Fund, at Eesti Pank, and as economic advisor to President Lennart Meri. Mr Alber has sat on the boards of several financial companies and organisations.
Martti Randveer, Deputy Governor of Eesti Pank
Deputy Governor Martti Randveer is responsible for preparing and implementing monetary policy decisions and for economic research at Eesti Pank. He is also responsible for the management of the Eesti Pank reserves, and for coordinating the collection, processing and disclosure of financial and external sector statistics. Martti Randveer is a member of the Statistical Council and a member of the Estonian Fiscal Council.
Martti Randveer became a Deputy Governor of Eesti Pank in June 2026.
Martti Randveer was previously Head of the Economics and Research Department and Head of the Monetary Policy Department at Eesti Pank. Martti Randveer has written several research papers and holds a doctorate in Economic Theory from Tallinn University of Technology.
Activities of Eesti Pank are managed by the Executive Board.
The Executive Board:
- prepares and submits to the Supervisory Board documents and draft decisions for adopting decisions under the jurisdiction of the Supervisory Board and for informing the Supervisory Board;
- reports to the Suvervisory Board on Eesti Pank’s budget implementation and activities;
- informs the Supervisory Board of relevant circumstances related to the activities of Eesti Pank;
- prepares the annual accounts and management report of Eesti Pank;
- approves the statutes of the structural units of Eesti Pank;
- performs other functions that are needed to meet the objectives and implement the tasks imposed on Eesti Pank by law.
The Governor of Eesti Pank is the Chairman of the Executive Board. The Executive Board consists of the Governor and Deputy Governors. The Governor of Eesti Pank is appointed to office for a term of seven years by the President of the Republic on the proposal of the Supervisory Board of Eesti Pank. Deputy Governors of Eesti Pank are appointed by the Supervisory Board for a term of five years on the proposal of the Governor.
The Executive Board meets as necessary and in line with the Board’s work schedule, but not less frequently than once a month.