The central bank's 2011 budget volume is 17.3 million euro

Eesti Pank's budget volume for 2011 is 17.3 million euro, which is 4.3% more on the budget of 2010.

Eesti Pank's longer-term objective is to keep the ratio of expenditure to GDP at a level comparable to previous years. Since expenditure on cash varies greatly across years, these have been left out out the comparison.

Last year the central bank's budget volume accounted for 0.110% of GDP. Based on the forecast, the indicator will be 0.106% in 2011.
Eesti Pank's largest investments in 2011 will be in the construction and furnishing of the museum.
Personnel costs will increase by 1.9%, to 7.9 million euro. The increase is due to new jobs the central bank needs to participate in the euro-area monetary policy formation.

Eesti Pank is an independent constitutional institution that operates the country's monetary system. Due to the independent nature of the central bank which is necessary to maintain financial stability, Eesti Pank is not connected to the state budget nor held liable for the financial liabilities of the state, nor is the state held liable for the financial liabilities of the central bank.

The 2010 net operating surplus of Eesti Pank will be published in the central bank's annual report in the first half of 2011. Previous annual reports are available at: 
http://www.eestipank.ee/en/eesti-pank/financial-statements .

Further information:
Viljar Rääsk
Public Relations Office
Telephone: +372 668 0745, +372 527 5055
E-mail: viljar.raask [at] eestipank.ee