Chairman of the Supervisory Board of Eesti Pank Jaan Männik replied to the interpellation concerning the activities of the Supervisory Board of Eesti Pank (No 321), submitted by Members of the Riigikogu Kadri Simson, Aivar Riisalu, Marika Tuus-Laul, Mihhail Stalnuhhin, Valeri Korb, Vladimir Velman, Lauri Laasi, Enn Eesmaa, Eldar Efendijev, Tarmo Tamm, Olga Sõtnik, Aadu Must, Viktor Vassiljev, Yana Toom and Ester Tuiksoo on 15 April.
Simson noted that in 2012 the Supervisory Board of Eesti Pak had wished to allocate the total profit made by the bank in 2011 to the reserve fund but the Minister of Finance had asked that some of the profit be allocated to the stabilisation reserve of the state. Simson wished to know if the Supervisory Board of Eesti Pank had felt pressure to share the profit with the state this year as well.
In Männik’s words, as far as he knows, the Minister of Finance has not spoken with any of the members of the Supervisory Board; however, he knows that the Minister has spoken with the President of the bank. “If the question was whether Eesti Pank or the Supervisory Board has been pressurised then I would not use the word “pressurise”. The discussion of the issue concluded with disagreement. The President of the bank and the Minister of Finance had different visions. The President of the bank made his proposal to the Supervisory Board and the Supervisory Board approved this proposal by 7 votes to 1,” Männik said. He explained the position which the Executive Management had presented to the Supervisory Board according to which our reserves are quite small when we compare the size of the Estonian economy with many other European countries, and therefore we should intensify our efforts to accumulate reserves. In Männik’s estimation it will take 15‒20 years before we reach some kind of acceptable level. That had been the reason why the Executive Management had not wanted to pay out too much.
Männik noted that Eesti Pank has a long-term strategy which is approved annually. According to the strategy, up to 25% of the net profit may be distributed so that it goes to the State Treasury and 75% goes to the reserves. To Männik’s knowledge, in no year has the distributed amount exceeded 25%. “I have nothing against the Minister of Finance having a different vision of how much should be distributed. However, the Supervisory Board of the bank decided to support the proposal of the Executive Management,” Männik said.
Männik also emphasised that it is not the aim of Eesti Pank to make a maximum profit but to ensure price stability, and to do it together with the European Central Bank of which Eesti Pank forms a part.
The Minister of Culture Rein Lang replied to the interpellation concerning the activities of the Estonian Film Institute Foundation (No 332), submitted by Members of the Riigikogu Priit Toobal, Ester Tuiksoo, Enn Eesmaa, Tarmo Tamm and Peeter Võsa on 8 May.
The Minister of Education and Research Jaak Aaviksoo replied to three interpellations. They were the following:
the interpellation concerning the higher education reform (No 318), submitted by Members of the Riigikogu Aadu Must, Mihhail Stalnuhhin, Peeter Võsa, Valeri Korb, Priit Toobal and Kadri Simson on 8 April;
the interpellation concerning youth work (No 320), submitted by Members of the Riigikogu Mailis Reps, Tarmo Tamm, Valeri Korb, Kadri Simson, Aivar Riisalu, Olga Sõtnik and Lauri Laasi on 11 April;
the interpellation concerning supporting of children with special educational needs (No 328), submitted by Members of the Riigikogu Heljo Pikhof, Jaak Allik, Rannar Vassiljev, Indrek Saar, Kalvi Kõva and Jevgeni Ossinovski on 6 May.
The Minister of Culture Rein Lang did not have to reply to the interpellation concerning the question of ownership of archaeological finds (No 319), submitted by Members of the Riigikogu Aadu Must, Kadri Simson, Ester Tuiksoo, Aivar Riisalu and Tarmo Tamm on 11 April, because the interpellators withdrew it.
During the open microphone, Mihhail Stalnuhhin took the floor.
The sitting ended at 5.50 p.m.
The Riigikogu Press Service
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