• conducts the monetary policy operations of the Eurosystem in Estonia;
  • manages the foreign exchange reserves and other financial assets of Eesti Pank;
  • participates in managing the foreign exchange reserves of the European Central Bank.

Fabio Filipozzi

The Financial Markets Department has three divisions.

The Monetary Policy Operations Division participates in the day-to-day liquidity management and monetary policy operations of the Eurosystem and in the working groups of the European Central Bank. The division also does a lot of work within the monetary policy framework of the Eurosystem and with tasks stemming from changes that are made to it. The Head of the Division is Kristel Leo and there are three other employees in the division.

The Investment Division invests the financial assets of Eesti Pank and monitors financial markets. It works jointly with the Bank of Finland in participating in managing the reserves of the European Central Bank. If needed, the division carries out securities transactions within Eurosystem joint programmes. The Head of the Division is Viljar Vald and there are four other employees in the division.

The Risk Management Division manages risks related to investment activities, analyses the results of investments, and prepares reports on them. It also assesses the eligibility and value of the assets provided as collateral for monetary policy transactions by the banks operating in Estonia. The Head of the Division and Risk Manager is Kaari Kumari and there are four other employees in the division.