OREANDA-NEWS. June 06, 2011. At the regular meeting of the Supervisory Board of Eesti Pank on Tuesday, Chairman Jaan Mannik asked the board members to nominate their candidates for the position of Governor of Eesti Pank by the next Supervisory Board meeting, reported the press-centre of Eesti Pank.

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 the term of office is not extendable. 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 already holding a valid Personnel Security Clearance classified as 'top secret' do not have to pass the security clearance.

The Supervisory Board decided to pay the current Deputy Governors Marten Ross and Rein Minka, whose term of office is about to end, severance in the amount of their six-month average salary.

The decision was based on the contribution of Rein Minka and Marten Ross to the management of Eesti Pank from 2000 to 2011, to Eesti Pank's accession to the Eurosystem (euro-area central banks) and to preparations for the changeover to euro cash. The term of office of the Deputy Governors ends on 8 July. Rein Minka's six-month average salary is 39,106 euros and Marten Ross' six-month average salary 39,293 euros.

In addition, the Supervisory Board received an overview of budget implementation over the first four months of the year. The Supervisory Board also approved the Internal Audit Department's updated work schedule for 2011.

The next regular meeting of the Supervisory Board of Eesti Pank will be held on 6 September.