Ülo Kaasik and Madis Müller to continue as Deputy Governors of Eesti Pank

The Eesti Pank Supervisory Board approved the proposal on Tuesday of the Governor of Eesti Pank, Ardo Hansson, for Ülo Kaasik and Madis Müller to continue as Deputy Governors for another five years.

The Supervisory Board held a secret ballot on the proposal and the result was unanimous.

Chair of the Supervisory Board Mart Laar said that the board considered that the Deputy Governors have done their work well. “The current management of Eesti Pank works as a united team and has managed to make the bank more open and more efficient than before. The voice of Eesti Pank carries weight in discussions over Estonian economic policy and European monetary policy”, he explained.

Governor of the bank Ardo Hansson explained that he proposed the candidates for the post of Deputy Governor as they had worked well both individually and as members of a team.

Deputy Governor Ülo Kaasik is responsible for preparing monetary policy decisions and for economic research and he is also responsible for the financial accounting and reporting of Eesti Pank, for shaping the information technology environment, and for the collection, processing and publication of statistics on the external and financial sectors. Deputy Governor Madis Müller manages Eesti Pank’s work in maintaining financial stability, and is responsible for the reliable and cost-effective functioning of the settlement systems. He is also responsible for the implementation of monetary policy decisions and for managing the financial assets of Eesti Pank, for coordinating work related to the circulation of cash, and for the physical security of the central bank as a place of work.

The Supervisory Board decided to set limits on the activities of the Deputy Governors after their term of office ends to match the requirements of work related to the European Central Bank, so they may not take on work in the financial sector that would leave them with a conflict of interests for one year. During this period of restriction on their activities, the Deputy Governors would be paid 80% of the salary for their position.

The next term of office for Ülo Kaasik starts on 9 July, and that for Madis Müller starts on 1 September.

The Supervisory board endorsed the Eesti Pank annual report for 2015, which Governor Ardo Hansson will present to the Riigikogu on 3 May. The Governor gave board members the regular review of the state of the economy in the euro area, and the review of the financing of the Estonian economy was presented to the board.

The next meeting of the Eesti Pank Supervisory Board will be on 26 April.


Additional information:

Viljar Rääsk
Public Relations Office
Tel: +372 668 0745, +372 527 5055
Email: viljar.raask [at] eestipank.ee
Press enquiries: press [at] eestipank.ee