European Stability Mechanism:Märt Loite and Helmut Berger join ESM Board of Auditors

 

MÄRT LOITE AND HELMUT BERGER JOIN ESM BOARD OF AUDITORS 24 June 2024 ESM Press Release no. 9/2024 Luxembourg – At its 12th Annual Meeting, the Board of Governors of the European Stability Mechanism (ESM) appointed Märt Loite and Helmut Berger to the ESM Board of Auditors, for a non-renewable three-year term, starting as of 8 October 2024. Mr Loite was appointed upon nomination by Estonia’s supreme audit institution and Mr Berger was appointed upon the proposal of the Chairperson of the Board of Governors – Paschal Donohoe. “I welcome Mr Loite and Mr Berger to the Board of Auditors, the independent oversight body of the ESM, which plays a significant role in ensuring the trust of our shareholders and the general public” said Pierre Gramegna, ESM Managing Director. The Board of Auditors is composed of five members, two appointed upon proposal of the Chairperson of the Board of Governors, two upon nomination by the supreme audit institutions of ESM Members based on a system of rotation, and one upon nomination by the European Court of Auditors. Mr Loite is Director of Audit at the National Audit Office of Estonia, the country’s supreme audit institution. As member of the ESM Board of Auditors, he will succeed Mr Akis Kikas, who had been appointed by the Audit Office of the Republic of Cyprus. Mr Berger, who served in the past at the Austrian Parliamentary Budget Office and the Austrian Court of Auditors, will succeed Mr Jochen Wenz, who had been appointed upon the proposal of the Chairperson of the Board of Governors. The non-renewable terms of both Messrs Kikas and Wenz will end on 7 October 2024.  “I would like to thank Mr Kikas and Mr Wenz for their substantial contribution as members of the Board of Auditors. Their efforts contributed to further enhancing the ESM’s oversight framework,” said Pierre Gramegna. The Board of Auditors is an independent body that inspects the ESM accounts and verifies that the operational accounts and the balance sheet are in order. Furthermore, it audits the regularity, compliance, performance and risk management of the ESM in accordance with international auditing standards and monitors and reviews the ESM’s internal and external audit processes and their results. Märt Loite and Helmut Berger Media Enquiries Cédric Crelo Head of Communications and Chief Spokesperson Phone: +352 260 962 205 c.crelo@esm.europa.eu Anabela Reis Deputy Head of Communications and Deputy Chief Spokesperson Phone: +352 260 962 551 a.reis@esm.europa.eu George Matlock Senior Financial Spokesperson Phone: +352 260 962 232 g.matlock@esm.europa.eu Juliana Dahl Principal Speechwriter and Principal Spokesperson Phone: +352 260 962 654 j.dahl@esm.europa.eu About the ESM The European Stability Mechanism (ESM) has the mandate to preserve financial stability in the euro area by providing financial assistance to Member States with severe financing problems. It is a permanent inter-governmental institution, operating since October 2012. The shareholders of the ESM are the 20 euro area Member States. All financial assistance to Member States is linked to appropriate conditionality. The ESM finances its assistance by issuing bonds and other debt instruments. It has a total subscribed capital of approximately €700 billion, which comprises €80 billion in paid-in capital and €624 billion in committed callable capital. The ESM’s maximum lending capacity is €500 billion.