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Seimas appoints Gediminas Šimkus as Chairman of the Board of the Bank of Lithuania

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Today, on 1 April, the Seimas of the Republic of Lithuania appointed Gediminas Šimkus as the new Chairman of the Board of the Bank of Lithuania. Nominated by President Gitanas Nausėda, the candidate to the position received 120 votes in favour (2  members of the Seimas abstained).

“The strength of the Bank of Lithuania as an institution lies in its independent and apolitical nature supported by professionalism, competence and experience, enabling it to take the right decisions in performing its functions and responding to public interests. I would definitely embrace these values as my work principles as well. In the nearest future, I see the Bank of Lithuania as a progressive and modern central bank that, most importantly, understands the needs of Lithuania’s society and works for the public benefit,” said Gediminas Šimkus, the current Member of the Board of the Bank of Lithuania and appointed Chairman. The second term of office of Vitas Vasiliauskas, the current Chairman of the Board of the Bank of Lithuania, will end on 7 April 2021.

Mr Šimkus indicated four priority areas that he intended to focus on: preserving financial stability and security; promoting competition in the financial sector and ensuring access to financial services; strengthening the role of the Bank of Lithuania as a modern and progressive institution open to changes; maintaining a dialogue with public institutions and clear communication with the general public.

Gediminas Šimkus was appointed as Member of the Board of the Bank of Lithuania in September 2020 and continues to hold this position. Before the appointment, he was Director of the Economics and Financial Stability Service of the Bank of Lithuania.

Mr Šimkus started working at the Bank of Lithuania in 2002, as Economist at the Off-site Monitoring Division of the Credit Institutions Supervision Department. After several years, he was appointed as Deputy Head of the Financial Stability Division of the Economics Department. In this position, he became the initiator and co-author of the first Financial Stability Reviews published by the Bank of Lithuania and started the calculation and assessment of financial stability and early-warning economic indicators.

In 2010–2012, Mr Šimkus served as Financial Stability Expert at the Financial Stability Directorate of the European Central Bank (ECB), where he focused on analysing and stress‑testing the financial stability of euro area banks and insurance undertakings. After several years of work at the ECB, Mr Šimkus was invited to return to the Bank of Lithuania and head the newly established Financial Stability Department of the Economics and Financial Stability Service. This Department became responsible for the implementation of the Bank of Lithuania’s macroprudential policy function after the Seimas of the Republic of Lithuania granted this new mandate to the country’s central bank. In 2014, he was appointed as Director of the Economics and Financial Stability Service.

During Mr Šimkus’ term of office, the Service took up the functions of a national resolution authority. Under his leadership, the Service devoted particular attention to economic monitoring and work organisation of economists involved in this particular process. The Service also enhanced research activities and dissemination of economic knowledge, insights and analytical data accumulated by Bank of Lithuania experts and engaged in the inter‑institutional exchange of relevant information. Gediminas Šimkus actively contributed to the credit union reform as well as strengthening the role of the Bank of Lithuania as a centre of excellence in economics and finance.

Mr Šimkus has obtained his Bachelor’s and Master’s degrees in Economics from the Faculty of Economics of Vilnius University.

The Chairman of the Board of the Bank of Lithuania organises the central bank activities and represents the institution both in Lithuania and abroad. As Member of the Governing Council of the ECB, the Chairman, together with its other members, takes decisions on the euro area monetary policy. He is also Member of the Board of Governors of the International Monetary Fund, one of the world’s largest financial organisations.  

The Chairman of the Board of the Bank of Lithuania is appointed for a term of five years by the Seimas upon nomination by the President of the Republic of Lithuania. The number of terms of office is not limited.

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Last updated: 2021-07-08