Lithuanian parlt cannot give c.banker pay cut – ECB (media)

  • 2020-06-04
  • BNS/TBT Staff

VILNIUS – Lithuanian lawmakers willing to give the country's central banker Vitas Vasiliauskas a pay cut will be disappointed after the European Central Bank said remuneration for board members of the Bank of Lithuanian cannot be changed during their terms.

Moreover, any planned changes should be pre-coordinated with the ECB, the news website reports.

The parliamentary Committee on Budget and Finance received a response from Yves Mersch, a board member of the European Central Bank, on Wednesday, stating that the Seimas cannot give incumbent members of the central bank's board pay cuts.

The ECB also underlined that, under the existing laws, any bills related to the Bank of Lithuania, including changes to the salary of its head, should be pre-coordinated with the ECB, and politicians should approach the ECB for consultation in advance.

The idea to give Vasiliauskas a pay cut has been proposed by Liberal MP Kestutis Glaveckas. He and some other members of the ruling block find it strange that the central banker's salary exceed that of the president, prime ministers or speaker of the Seimas.

Based on the Bank of Lithuania's information, Vasiliauskas' pre-tax salary amounted to 11,863 euros, o 7,161 euros after tax.