Members of the Supervisory Board of Eesti Pank have presented the curricula vitae of the following Eesti Pank Governor candidates to the Supervisory Board (in alphabetical order): Ardo Hansson, Jürgen Ligi, Andres Sutt and Andres Tupits. The Supervisory Board will discuss the candidates at their regular meeting on 6 September.

The Supervisory Board agreed in May that its members would send the curricula vitae of possible Governor candidates to the entire board. However, candidates can be actually nominated only during the meeting.

According to law, persons who have received the respective proposal from the Supervisory Board and given their written consent to run for office will have the status of a candidate for the position of Governor of Eesti Pank.

The procedure of assigning Governor of Eesti Pank to the post is as follows:

1) The Supervisory Board decides to whom they are going to make the proposal to run for office.

2) The candidate passes security clearance performed by the Security Police.

3) The Supervisory Board acquaint themselves with the information gathered during the clearance and make a proposal to the President of the Republic to appoint the candidate as Governor of Eesti Pank. The candidate must have the votes of at least five Supervisory Board members.

4) The President of the Republic authorises the Governor of Eesti Pank to office.

Ardo Hansson is Chief of the World Bank's Economics Unit in China. Employed by the World Bank since 1998, Hansson has also worked with Eastern European and Balkan countries. In 1993-1998 Hansson belonged to the Supervisory Board of Eesti Pank, in 1992-1995 and in 1997 he was Economic Adviser to the Prime Minister and in 1991-1992, Adviser to the Ministry of Foreign Affairs. He was also member of the Monetary Reform Committee. In addition, he has worked with several reputed universities and published numerous articles on economic policy. Ardo Hansson has a PhD in Economics from Harvard University.

Jürgen Ligi has been Minister of Finance since 2009. Before that, from 1995 to 2009, he was Member of the Riigikogu In 2005-2007, he was Minister of Defence. From 1993 to 1995, he managed the branch office of EVEA Bank in Kuressaare. Ligi has graduated from the University of Tartu twice: in 1982 as a geographer and in 1993 as a specialist in foreign economics.

Andres Sutt has been Senior Advisor to the IMF's Director for the Nordic-Baltic Constituency since 2009. Sutt was employed by Eesti Pank from 1992 to 2009. In 2001, he became Deputy Governor in charge of financial stability. He belonged to the working group preparing for the monetary reform and to the National Changeover Committee preparing for the changeover to the euro. In 1999-2001, he was Advisor to the IMF's Director for the Nordic-Baltic Constituency. Sutt has also published articles on economic policy. He has a diploma (cum laude) in Finance and Credit from the University of Tartu

Andres Tupits has been working as a lawyer for the law firm Sorainen since 2011. From 2003 to 2010, he was Legal Adviser and Senior Legal Adviser with the European Central Bank. In 1999-2003 he was a lawyer at Eesti Pank. He has also worked for the law firm Raidla ja Partnerid and for the University of Tartu. Andres Tupits has a PhD in Commercial Law from the University of London.

Pursuant to the constitution, Governor of Eesti Pank is appointed to office by the President of the Republic on the proposal of the Supervisory Board of Eesti Pank. In order to make the proposal, at least five Supervisory Board members must have voted in favour of the candidate.
Prior to being appointed to office as Governor of Eesti Pank, the candidate must pass security clearance performed by the Security Police Board within three months. Persons who are already holding a valid Personnel Security Clearance classified as 'top secret' do not have to pass the security clearance.

Governor Andres Lipstok's term of office lasts until 7 June 2012. According to law, the term of office of the central bank's governor is seven years and it is not extendable.

Further information:
Viljar Rääsk
Public Relations Office
Telephone: +372 668 0745, +372 527 5055
E-mail: [email protected]