The Supervisory Board of Eesti Pank decided at its meeting on Tuesday to transfer a quarter of its profit from last year, or 6.8 million euros, to the state budget. The bank made a profit of 27.4 million euros last year.

Since 1992 Eesti Pank has allocated a total of 199 million euros from its profit to the state budget.

Chair of the Eesti Pank Supervisory Board Urmas Varblane said that last year was a successful and profitable one for Eesti Pank, especially given that conditions in the financial markets were relatively difficult.

The Supervisory Board has taken a long-term decision that the capital buffers of the central bank must be sufficient for it to be able to carry out its tasks. Eesti Pank wants to increase its capital reserves over the long term until they reach the same relative level as the average of the central banks in the euro area.

The Supervisory Board also approved the Eesti Pank annual report for last year, while Eesti Pank Governor Madis Müller gave board members the regular review of the economy in the euro area and Deputy Governor Ülo Kaasik presented the latest economic forecast of the bank, which will be published on 31 March. Risk manager Silja Mesila gave the board a review of the operating risks of Eesti Pank and the resilience and continuity management framework.

The next meeting of the Eesti Pank Supervisory Board will be on 12 May.

Additional information:
Viljar Rääsk
Head of Communications
Eesti Pank
6680 745, 5275 055
Email: [email protected]

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