Here is the converted article in markdown format:
Acting Governor Takes Over Duties as Bank of Estonia’s Top Official
In accordance with Estonian law, when a vacancy arises at the top of the Bank of Estonia, a Deputy Governor takes over the responsibilities of the Governor. This individual holds full authority until further notice.
Responsibilities of the Acting Governor
The acting Governor assumes a range of important responsibilities, including:
- Setting Estonia’s banking policy
- Overseeing the overall management of the bank
- Representing the institution abroad and domestically
- Making proposals for appointments to key positions within the bank
Powers of the Governor
As per Section 11 of the Bank of Estonia Act, the Governor has exclusive powers in several areas, including:
- Determining the country’s banking policy
- Managing the activities of the bank
- Representing the institution without special authorization
- Granting permission for others to represent the bank in certain cases or matters
Reporting and Interpellations
The Governor is responsible for reporting to the Riigikogu (Estonia’s parliament) and responding to interpellations regarding the activities of the Bank of Estonia. If they disagree with a decision made by the Supervisory Board, they must report this to the President of the Riigikogu within three working days.
Access to State Secrets
The acting Governor will also have access to state secrets and classified information of foreign states, subject to security vetting as required by international agreements. The Internal Security Service is responsible for conducting such vetting.
Security Vetting for Candidates
Candidates for the office of Governor or Chairman/Member of the Supervisory Board must undergo security vetting before being appointed, unless they already hold a valid top-secret clearance or are currently in an office that allows access to state secrets.
Importance of the Acting Governor’s Role
The acting Governor plays a crucial role in ensuring the stability and continuity of the Bank of Estonia’s operations. The full extent of their powers and responsibilities can be found in the Bank of Estonia Act.