The Supervisory Board of Eesti Pank confirmed Andrus Alber as the Deputy Governor of the central bank at its regular meeting today. The term of office of a Deputy Governor is five years, and Mr Alber will start work in the second half of January 2026. The term of office of the current Deputy Governor Veiko Tali ends at the end of this year.

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Andrus Alber was proposed as a candidate for Deputy Governor by the Governor of the central bank Madis Müller, who said that he greatly valued Mr Alber’s experience as a businessman in the financial sector, which can bring a fresh new perspective to the central bank. “Another point in favour of Andrus Alber is his experience working at the IMF and earlier at Eesti Pank, which will make it easy for him to fit in to his new role in the management team of the central bank. I did not need to think about it very long when Ülo Kaasik, who will take over as Governor of Eesti Pank in a little over six months and start to work with the new Deputy Governor, suggested to me that Andrus should be the new member of the Eesti Pank Executive Board”.

Mr Müller also thanked Veiko Tali, whose term of office at Eesti Pank ends at the end of December. “Veiko played a vital and effective part in the work of Eesti Pank, notably on issues of regulation and oversight of the financial sector. He coordinated the work to make the banking sector more resilient to any crisis, and was involved in the preparations being made at the European Central Bank for the digital euro”.

Andrus Alber said “I would like to thank Madis Müller and Ülo Kaasik and the Supervisory Board of Eesti Pank for giving me the opportunity to join the Executive Board of the central bank from the new year. It is very important that the central bank keep abreast of developments in technology and the financial sector, and I hope that my experience in these areas will be of benefit”.

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 focuses 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.

The Executive Board of Eesti Pank consists of a Governor and two Deputy Governors. The term of office of Governor of Eesti Pank Madis Müller ends on 6 June 2026. The Supervisory Board of the central bank decided in October to nominate the current Deputy Governor Ülo Kaasik as the next Governor of the bank, and he must then be confirmed in office by the President of the Republic of Estonia. The Supervisory Board decided at its meeting on Tuesday to pass the nomination to the President of the Republic of Estonia for approval. The choice of the second Deputy Governor of the central bank will probably be announced in spring 2026.

Governor Madis Müller also gave the Board the regular review of the economy in the euro area and Estonia. Head of the financial stability department Jaak Tõrs presented the main points of the forthcoming financial stability review, which the central bank will release on 26 November.

For further information:
Viljar Rääsk
Head of Communications
Eesti Pank
6680 745, 5275 055
[email protected]
Press enquiries: [email protected]