Govt Fills Non-Executive Board for Bad Bank

Politics,  21 Feb 2013  / By STA

The government has substituted Carl-John Lindgren for one of the two Slovenian non-executive directors of the Bank Assets Management Company (BAMC) appointed a fortnight ago. This completes the line-up of non-executive directors of the bad bank in agreement with the IMF, EBRD and the European Central Bank.

Will Bad Bank rescue existing bad banks in Slovenia? (Photo: NLB)
Will Bad Bank rescue existing bad banks in Slovenia? (Photo: NLB)

The government appointed Lindgren on Thursday in place of Finance Ministry official Monika Pintar Mesarič. He joins Swedish experts Arne Berggren and Lars Nyberg and Finance Ministry State Secretary Andrej Šircelj.

Under the bank stability enhancement act, the BAMC will be run by a seven-strong management board to which four non-executive directors are appointed by the government and the remaining executive directors will be selected based on an international call for applications.

All seven board members will be appointed for the period until the end of 2017, when the company will cease to exist.

Lindgren has a Master's degree in economics and has served as a consultant to international financial institutions, head of the Government Communication Office Anže Logar told reporters after the weekly government session.

The non-executive directors will now issue a call for applications to fill the posts of executive directors, which needs to be completed by the end of June.

Asked whether the executive directors would be mostly foreigners, Logar said that would depend on the received applications.

Tags: Slovenia, economy, bad bank, EBRD, IMF, ECB, directors, Bank Assets Management Company (BAMC), banking sector




Julian, 10.03.2013 ob 00:01

Nyaaah! An interesting case of confirmation bias. Sorry, hanky banky Lars...I must admit I always had a tinge of doubt - but I used my poetic licence and it turned out quite interesting anyway. I wonder which one got the Gmail address?

Perhaps the bad bank thought they were getting the other one: he sounds more like their cup of tea.

TeliaSonera are already "involved" in Slovenia and compared to denials and unprovability concerning spook activity in individual cases a clear understanding of the eavesdropping powers and technology available in Slovenia would be more instructive.

Carl, 08.03.2013 ob 11:50

Mr Lars Nyberg, who is appointed to the BAMC, is the ex Vice-Governor of the Swedish Central Bank. He ranks amongst the most senior and experienced central bankers in Europe. He is not the CEO from Telia Sonera!

Kaiser.Economist, 22.02.2013 ob 18:34

All banks are Bad. Propping up, bailing out Slovenian banks will condemn this country to a deepening recession, like Greece, you heard it here first. Follow for up to date financial news.
2% negative GDP this year now predicted, here we go, hold on to your hats!

Julian, 21.02.2013 ob 21:57

Från De Nationella Poet Slovenien På Ett Språk Människor Förstår


Lars' last jobs prior to bad bank career, are
NCR, then TeliaSonera.
With his non-laundry checkie
On 3G bands Uzbeki
He's the right man to come and work here, ja.

Could this indeed be the same Lars Nyberg who has just left TeliaSonera? He looks like a fun guy, a bit like Berlusconi!

Who could hate the Swedes, with their successful bad bank of the 1990s? If this bad bank non-executive director is a different Lars Nyberg, well - change your name!

But do Swedes have the right mindset for the Slovenian business scene? "Balkanisation of the rules over the long term is not in anyone’s interest,” said Riksbank head Stefan Ingves, referring to the implementation of Basel III.

Oh dear.

And Lars Nyberg: "Incidents like the failure of Barings bank, LTCM and the Swedish currency and banking crisis show that threats to the financial system may indeed emerge suddenly, and that authorities must react very quickly - if not within minutes, at least within hours."

Ha ha ha ha! Pass the Ritalin, mom. Slovenia will soon calm you right down.

His oversight of the spin-off and rape of bloated cash-register-to-ATM firm NCR by AT&T in the 90s might be one qualification for archiving the missing Euroslovenoscene era. NCR's vision "Transforming Transactions into
Relationships" just needs reversing.

What else can we find in common? Along with its chairman, the TeliaSonera CEO has just resigned over bribery allegations, after a three-week-old company in Gibraltar received Skr2.2 billion for Uzbekistani 3G licences it didn't actually own -

A long time after. This is a tale more Slovenian in pace - it took five years to come out on TV, and the quittings took place this month.

Will he bring his telecommunications expertise to the likes of troubled metaphysics-to-megabits church telco Zvon Ena, one of Slovenia's biggest bankruptcies-on-hold?

Are there implications in this for the growing number of troublesome political activists interfering in the running of the Slovenian theo-oligarchic money-hoover?

Before resigning, Nyberg stated that, "If we experience a situation where under a certain government there are serious breaches of human rights on a regular basis ... we must be ready to have a debate in the company whether we should be in that country or not.” TeliaSonera is one of the few telcos to raise the possibility of withdrawing operations from a country due to human rights concerns.

This is because

"TeliaSonera allowed non-democratic regimes in Belarus, Azerbaijan, and Uzbekistan to access its networks, where security officers sat in the very offices of the telecom. Reports noted that the “direct access to subscribers' telephone calls, data, and text messages” provided to security services resulted in the arrests of members of political opposition groups."

"The system allows security services direct access to subscribers' telephone calls, data, and text messages, resulting in wiretaps which have led to the arrest of members of the political opposition.

"In one instance, a man in Azerbaijan was called in to an interrogation by the country's security service after having voted for Armenia in the finals of the 2009 Eurovision Song Contest."

The veil is lifted. Big Brother is watching T-2 watching you watching Slovenija Ima Talent.

Still there may be advantages. Lars should streamline what's left of the referendum process (all referenda on us getting your money are unconstitutional, sorry) so we can vote for everything together in one call, in the democracy to come:

The National Poet Of Slovenia In A Language People Understand interprets important Slovenian affairs for the non-Slovene speaking world.

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