OREANDA-NEWS. May 28, 2012. The Supervisory Board of Eesti Pank held its regular meeting at Eesti Pank's training centre in Kuressaare, where they were presented with a thorough overview of the Estonian financial sector environment.

The Supervisory Board approved amendments to the internal audit’s work schedule for the second half of the year and received an account of the central bank’s budget implementation and investment income.

The Supervisory Board of Eesti Pank decided to pay Governor Andres Lipstok, who is leaving office, a termination payment equal to his 12 months’ basic salary. The decision was made considering Mr Lipstok’s contribution to the successful management of the bank over the past seven years, especially to the accession to the Eurosystem and to the smooth changeover to the single currency.

In the first year after the termination of his duties as Governor of Eesti Pank, Mr Lipstok is to avoid, professionally and personally, any conflict of interest with respect to his membership of the Governing Council of the ECB. He is obliged to notify the Governing Council members of such activities in writing and to receive the Governing Council’s approval before assuming any such commitments.

Andres Lipstok’s 12 months’ basic salary is 85,130 euro.

The next regular meeting of the Supervisory Board of Eesti Pank takes place on 11 September.