General Council's comments on Villy Bergström’s decision to step down

Date 11/10/2005

“On behalf of the Riksbank General Council we would like to thank Villy Bergström for his admirable contribution to the Riksbank. He has played an important part, not least in the work to explain and anchor the Riksbank’s role and position in society,” say Chairman of the General Council Jan Bergqvist and Vice Chairman Johan Gernandt in a joint statement.

The rules that apply for a retiring Executive Board member are as follows: According to Chapter 3, Article 1 of the Sveriges Riksbank Act, Executive Board members may not, for a period of one year after concluding their assignment, hold certain employment or assignments without the consent of the General Council. According to the preparatory works to the Act, members of the Executive Board should, for a period of one year at the most, refrain from holding employment or assignments in which their knowledge could be put to improper use. To avoid an overly rigid application of the rule, the General Council can shorten the time during which an Executive Board member may not hold a new post. During the waiting period the Executive Board member receives full pay for employment without a work requirement. However, income from other service during the period is deducted.