Published: 17.05.2022

Mārtiņš Kazāks, Governor of Latvijas Banka, has filed a request to Ināra Mūrniece, Speaker of the Saeima, asking the Parliament to approve three candidates for the Council of Latvijas Banka.

Proceeding with the integration process of Latvijas Banka and the Financial and Capital Market Commission (FCMC), two current FCMC Board members have been nominated for the positions of Latvijas Banka's Council members:

  • for the position of the Deputy Governor of Latvijas Banka – FCMC Chairwoman Santa Purgaile whose mandate would enter into force on 1 January 2023;
  • for the position of a member of Latvijas Banka's Council – FCMC Board Member Kristīne Černaja-Mežmale whose mandate would enter into force on 1 January 2023.

Ilze Posuma, Head of the Legal Department of Latvijas Banka, former Deputy Chairperson and Acting Chairperson of the Board of Latvijas Banka, has been nominated for the position of Latvijas Banka's Council. Ilze Posuma would take up her duties on 2 July 2022. Ilze Posuma has been working for Latvijas Banka since 2005, she has demonstrated a high level of professionalism, she is a significant member of the management team and has been managing the project of the FCMC integration into Latvijas Banka since June 2021.

Candidates for the Council of Latvijas Banka - Santa Purgaile, Kristīne Černaja-Mežmale, Ilze Pozuma

The new Law on Latvijas Banka will enter into force on 1 January 2023. It stipulates that the Council of Latvijas Banka shall consist of the Governor, two Deputy Governors and four members. The current Council of Latvijas Banka consists of the Governor, Deputy Governor and four members. The term of office of two current Latvijas Banka's Council members expires on 1 July 2022.

Mārtiņš Kazāks, Governor of Latvijas Banka, emphasises that the new members of Latvijas Banka's Council have been proposed for approval by the Saeima in a timely manner to ensure a smooth integration of Latvijas Banka and the FCMC, as well as  continuity in the management of the financial sector's supervision and decision making, while providing an opportunity to continue and conclude successfully the execution of responsibilities assigned to the FCMC Board by the time the FCMC is integrated into Latvijas Banka.  If the Saeima supports the nominated candidates, the Council of Latvijas Banka will function in incomplete composition from 2 July 2022 to 1 January 2023.

The existing FCMC Board has managed the Commission successfully in difficult circumstances related to the overhaul of Latvia's financial sector. The resilience of the financial sector to the effects of the ongoing war in Ukraine has proved soundness of the strategy chosen by the FCMC Board. A series of fundamental reforms have been implemented through an active dialogue with businesses and the financial sector. During the transformation process, the FCMC staff has become stronger and more certain, as well as quality changes have been introduced in the FCMC's cooperation culture.

As of 1 January 2023, the number of Latvijas Banka's Council members will decrease by two compared to the current total number of the members of Latvijas Banka's Council and the FCMC Board.