The highest organisational body of Eesti Pank is the Board of Eesti Pank which exercises supervision over the entire activity of the Bank. In 1996 the work of the Board was directed by Uno Mereste. The members of the Board were: Ants Erm, Raimund Hagelberg, Ardo Hansson, Vahur Kraft, Heiki Kranich, Kalev Kukk (who was substituted for by Heino Siigur during his appointment as a Minister from 17 January to 1 December), Ilmar Pärtelpoeg and Mart Sõrg. Mart Opmann, the Minister of Finance, attended the Board meetings with observer status and the right to speak.

The activities of the Bank are managed by the President Vahur Kraft as the chief executive officer who organises the observance of the Board decisions and implementation of the necessary measures for that. His sole competence is to organise the work of the banking sector based on the general principles on monetary and banking policy formed by the Board of Eesti Pank.

The activities of the Bank are managed by the Executive Management whose Chairman is the President of the Bank. The members of the Executive Management in 1996 were Vice Presidents Heldur Meerits and Enn Teimann (up to his resignation on 30 December), Adviser Urmas Kaju, Head of the Banking Supervision Pilvia Nirgi, Head of Central Bank Policy Department Aare Järvan and Chief Accountant Andres Penjam.

President Vahur Kraft, Vice Presidents Heldur Meerits and Enn Teimann and Member of the Executive Management Aare Järvan, according to the division of work, coordinated the work of the Banking Supervision, Internal Control Department and 16 other departments of the Bank.

In 1996 there were two permanent committees in Eesti Pank. The task of the Financial Committee was the monitoring of the financial situation in Eesti Pank; that of the Supervisory Committee to deal with the problems of supervision of the Estonian banking sector and the credit institutions.

Within Eesti Pank there is the Banking Supervision which is an independent unit autonomous in supervisory issues.

In 1996 the Internal Control Unit of the Bank was reorganised into a Department which is independent of the Executive Management, Vice Presidents, Advisers and Eesti Pank departments and which objective is to contribute to the efficiency and legality of the work of Eesti Pank.


According to the strategic planning system of the activities of the Bank, commenced with in 1995 and worked out and implemented in 1996, the one-year work plans of the Bank started to be based on the strategic development plan for the nearest three years recognised by the Board of Eesti Pank.

With the strategic development plan the main objectives and directions of activities of the Bank for the next three years and a general plan for the coming year were established.

Besides the Executive Management, all departments of Eesti Pank participate in the strategic planning process.

Based on the strategic development plan and the plan for the coming year work plans of all departments, a general work plan and the budget for 1997 were made. The whole system also includes the monitoring of how the plans are carried out and the reporting procedures followed.

The strategic planning system has to help the Bank adjust itself better to the changed conditions of the economy, easier solve the problems arising from the regularities of internal development, more precisely set up objectives and more rapidly and rationally reach them. The system helps to turn the activities of the Bank more purposeful and flexible.

It has been envisaged to combine the planning system with the resources management in the coming years in order to make planning more closely connected with all areas of activities and to use labour and other resources more expediently.

In 1996 the organisation of the Bank was thoroughly analysed in order to improve its structure and division of work as well as work out a better management scheme by forming new committees, i.e. structural units integrating the main areas of activities of the Bank. This will continue in 1997.

In order to more efficiently exchange information between the departments of Eesti Pank an internal Web-server was introduced which has found active usage.


As of 31 December 1995 there were 287 employees in Eesti Pank. In the course of 1996 38 people (13% of the total number) were employed by Eesti Pank and 40 people (13.7% of the total number) resigned. As of 31 December 1996 there were 285 employees in the Bank, of which 55.1% were women and 44.9% men.

The average age of the Eesti Pank employees is 40.5 years and worth mentioning is the fact that the youngest employees are those engaged in the major areas of activities of the Bank, i.e. in the Financial Markets Department (27.6 years), the Central Bank Policy Department (29.7), the Banking Statistics and Analysis Department (30.5) and the Banking Supervision (31.9 years).

The main lines of training in 1996 were professional in-service training and managerial further training as well as computer and language courses. Professional training courses were participated by 228 employees of which 131 in training centres in Estonia and 97 abroad.

The employees of Eesti Pank gave lectures in most of the universities of Estonia. A comprehensive banking training programme was organised for the TV journalists in 1996. Experience in work was procured by foreign students from the Notre Dame University of Indiana, USA and Würzburg University in Germany.

The most important training partners of Estonia were the Centre for Central Banking Studies (Bank of England), Banca d’Italia, Deutsche Bundesbank, Suomen Pankki, Studienzentrum Gerzensee (Stiftung der Sweizerische Nationalpank), Institut de Formation (Banque de France), Joint Vienna Institute (the IMF, World Bank, EBRD, BIS, OECD) and the IMF Institute.

In 1996 the training conditions improved: new study rooms in a renovated bank building were taken into use.

In order to contribute to the leisure time activities and raise working powers of the employees of Eesti Pank a Sports Club was formed.