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Wednesday 28.09.2016 | Name days: Sergejs, Svetlana, Lana
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Fat years return to the Bank of Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUMore than EUR 1.5 million – this is the amount that was paid to the management of the Bank of Latvia in wages last year. In addition, it is only the visible portion of the bank’s expenditures: this impressive amount does not include service cars often used for personal needs, life and health insurance, paid education, vacation and other benefits, as reported by Diena.

The Bank of Latvia has returned to fat years, at least in the sense of wages. This is demonstrated by the information stated in declarations of the bank’s management officials for the period of time since the beginning of the crisis in 2008.

EUR 180,000 – this amount was received by Ilmars Rimsevics, Governor of the Bank of Latvia, in wages, bonuses and benefits in 2008. The crisis did cut down on monetary benefits somewhat: in 2009 Rimsevics was paid ‘only’ EUR 139,000. In the three years that followed, he was paid EUR 114,000; EUR 113,000 and EUR 109,000 per each year. Starting with 2013, however, fat years have been coming back to the Bank of Latvia. Wages started to grow: Rimsevics wage was EUR 115,378 in 2013. Wage rise in the next two years was EUR 23,000-EUR 25,000, with annual wage reaching EUR 139,644 and EUR 137,007 respectively.

On top of that, the wage of the bank’s governor is not the largest one. For example, Maris Kalis, chairman of the bank’s board, was paid EUR 144,732 in 2014 and EUR 145,657 in 2015. The head of the bank’s Market Operations Office Raivo Vanags’ wage had exceeded the 200,000 threshold in the past several years: EUR 201,058 in 2014 and EUR 203,698 in 2015.

Unlike other state institutions, in which council members are paid smaller wages in comparison to those paid to members of the board, the Bank of Latvia pays generous wages to members of its council: while members of the council were paid an average of EUR 6,400 per month in 2013 (nearly EUR 77,000 a year), this amount had reached more than EUR 7,600 a month (EUR 91,000-EUR 92,000 a year) in 2015.

In addition to this base pay, the management of the Bank of Latvia also receives a number of other financial benefits, only some of which have fixed amounts.

Ref: 102.109.109.7682


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