Keywords: 
  • Mihkel Nõmmelaparticipates in the development of financial sector infrastructures and in the design and implementation of financial sector policies and regulation
  • manages settlement systems and participates in developing and improving them
  • meets the liabilities resulting from the management of Eesti Pank’s financial assets and the Eurosystem’s monetary policy operations
  • is responsible for the oversight of financial sector infrastructures

The Head of the Payment and Settlement Systems Department is Mihkel Nõmmela. Besides him, there are 13 employees in the department.

There are two divisions in the Payment and Settlement Systems Department.

The Operations and Back-office Division manages TARGET2-Eesti, a subsystem of the Trans-European Automated Real-Time Gross Settlement Express Transfer system, and is helping to develop TARGET2-Securities, a pan-European securities platform, and to prepare for joining the platform from 2017.

Besides the responsibilities of the operator of settlement systems, the Operations and Back-office Division provides settlement services to the contractual clients of Eesti Pank and meets the liabilities arising from transactions concluded on behalf of Eesti Pank. The Head of Division is Viire Oll and there are six specialists in the division.

The Policy and Oversight Division is responsible for the oversight of financial sector infrastructures. It provides estimates of the payment and securities settlement systems and payment methods, and helps and encourages development of the market. The Division participates in designing the policies and regulations of payment and settlement systems at the national and EU levels. The Head of Division is Kaire Torsus and there are three other staff in the division.

There are also three other people in the Payment and Settlement Systems Department who are responsible for the development, risk management and quality assurance of efficient and smoothly functioning settlement systems, and for analysis of the payment environment and raising awareness of payment systems. The Department works closely in matters of development with market participants, other European central banks and clearing houses.