Former Minister of Finance Vilks is appointed a member of the Council of the Bank of Latvia / Article / LSM.lv

On Thursday, October 1, the Saeima confirmed Andris Vilks as a member of the Council of the Bank of Latvia. The new work will focus on current statistics and technological development issues.

For was 45, against 21 deputies. Six parliamentarians abstained.

Discussions about Wolf’s candidacy were extensive. Both his politician’s past and his ability to be objective were invoked. The coalition was also united in its support for Vilks, urging politicians from the New Conservative Party (YKP) faction to leave the council.

The JPP is not against Wolf’s candidacy, but in principle. In their view, there should be no rush to appoint a member of the council.

Deputy Gatis Eglītis pointed out the possibility to save money, because the council can also work in the current composition. Krišjānis Feldmans called for consideration to be given to the possibility of not filling the vacancy, as a merger of the Bank of Latvia and the financial supervisor is planned in the future. In his view, it could save unnecessary trouble.

Politician Dana Reizniece-Ozola (Greens and Farmers Union) said her group was abstaining. According to her, the post should be competitive, possibly even international.

At the same time, the deputy also emphasized that he did not believe in Wolf’s neutrality.

At the meeting, several “Harmony” politicians pointed to Wolf’s political past as finance minister. Regīna Ločmele-Luņova said that the faction had made a decision on compulsory voting, because Vilk’s previous work had not been positive. Ločmele-Luņova emphasized that Vilks can share his experience with the Bank of Latvia even if he does not work there.

MEP Yulia Stephanenko said she initially avoided supporting Wolf, given his past as finance minister. The non-attached Members met with Wolf. And then, relying on the authority of the Governor of the Bank of Latvia, Martins Kazaks, Stephanenko decided to support Wolf’s candidacy.

The Governor of the Bank of Latvia, Mārtiņš Kazāks, thanked the Saeima for the decision, noting that it will strengthen the central bank’s management team at a significant time of structural change in the Bank of Latvia, including improving efficiency and capacity, reviewing the governance model and moving towards preparations for the possible integration of the FCMC.

“Andris Vilks will significantly strengthen the capacity and competence of the Council of the Bank of Latvia,

including in matters of macroeconomic analysis, in cooperation with international institutions and in the successful management of the institution in times of change. Andris Vilks is an outstanding professional who has gained extensive experience in both the public and private sectors, as well as high-level work in international financial institutions, is internationally acclaimed and recognized. He has excellent knowledge of economics, finance, economics and financial market policy – making, “Kazak said.

Vilks will start working in the Council of the Bank of Latvia on November 16. Kazaks informed that he had coordinated his candidacy with the other members of the Council of the Bank of Latvia before being nominated, although the law does not require it.

CONTEXT:

Vita Pilsuma will no longer work in the Council of the Bank of Latvia from Thursday, therefore the Council currently consists of five people. This week, the Governor of the Bank of Latvia, Mārtiņš Kazāks, in the Saeima’s Budget and Finance (Tax) Commission justified the intention to approve the various employees of the European Bank for Reconstruction and Development and the European Investment Bank. Andris Vilks as a member of the Council of the Bank of Latvia. He has excellent knowledge of macroeconomics and financial markets, has worked in both the public and private sectors, and has been away from active politics for a long time and would be a valuable contribution to the Council of the Bank of Latvia. In the Saeima commission, the majority of deputies supported his candidacy.

Vilks has worked as the chief economist of SEB banka, holding the position of the Minister of Finance in the second and third governments of Valdis Dombrovskis (“New Unity”). In June 2014, Vilks announced that he would not run in the Saeima elections, quit his political activities, quit the party and return to the financial sector. Since 2016, he has been working at the European Investment Bank, where he served as Executive Director and Member of the Board of Directors of the European Bank for Reconstruction and Development in London, but is currently a Senior Institutional Officer at the European Investment Bank’s Baltic Regional Office in Vilnius. Vilkas holds a master’s degree from the Faculty of Geography of the State University of Latvia.

According to the Law “On the Bank of Latvia”, the Governing Council of the Central Bank consists of six people – the President, the Deputy President and four members of the Council.

Mārtiņš Kazāks plans to further reduce the number of the Bank of Latvia’s management team and in the future intends to reduce it to only six members of the Supervisory Board, who would also be entrusted with the duties of the Board.

–