Gediminas Šimkus appointed as Member of the Board of the Bank of Lithuania
Gitanas Nausėda, President of the Republic of Lithuania, upon nomination by Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, appointed Gediminas Šimkus as Member of the Board of the Bank of Lithuania. For the last six years, Gediminas Šimkus has served as Director of the Economics and Financial Stability Service of the Bank of Lithuania.
The Economics and Financial Stability Service of the Bank of Lithuania conducts macroeconomic analysis, implements macroprudential policy, compiles and disseminates statistics, prepares and publishes economic development forecasts and participates in the decision-making process of the euro area monetary policy. During Mr Šimkus’ term as Director, the National Resolution Authority has been established under an umbrella of the Economics and Financial Stability Service, research capacities and activities of its economists have been strengthened, particular attention has been paid to the analysis and assessment of developments in macroeconomics and the country’s financial system. During this period, the Service has enhanced the dissemination of economic knowledge, insights and analytical data accumulated by Bank of Lithuania experts and engaged in the inter-institutional exchange of relevant information. The central bank of Lithuania has also been expanding the scope of its activities as a hub of economic and financial excellence – in recent years, this has been one of the key tasks of the Economics and Financial Stability Service and its Director personally. While analysing the main issues prevailing in the country and publicly expressing their assessments and proposals, Bank of Lithuania economists have actively contributed to the implementation of the tax, second pillar of the pension system and credit union reforms as well as made prompt proposals and assessment of measures to mitigate economic implications of COVID-19.
Mr Šimkus started his work at the Bank of Lithuania in 2002, as an 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.
In 2010–2012, Mr Šimkus worked as a financial stability expert at the ECB’s Financial Stability Directorate, where he focused on analysing and stress-testing the financial stability of euro area banks and insurance undertakings.
After a couple of years in Frankfurt am Main, 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 macroprudential policy function of the Bank of Lithuania 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.
Mr Šimkus has obtained Bachelor’s and Master’s degrees in Economics from the Faculty of Economics of Vilnius University.
The Board of the Bank of Lithuania consists of the Chairman of the Board, two Deputy Chairs and two Members of the Board. Currently, the Board comprises Vitas Vasiliauskas, Chairman of the Board, Asta Kuniyoshi and Raimondas Kuodis, Deputy Chairs of the Board, and Marius Jurgilas, Member of the Board. According to the Republic of Lithuania Law on the Bank of Lithuania, Deputy Chairs and Members of the Board are appointed for a 6-year term by the President of the Republic of Lithuania upon nomination by the Chairman of the Board of the Bank of Lithuania.