Eesti Pank has named Coop Pank as a provider of vital services
Eesti Pank has added Coop Pank to the list of providers of vital services. The decision raised to five the number of banks in Estonia that must ensure a certain level of service provision for payment and cash services in an emergency. Coop Pank now has one year to meet the requirements for providers of vital services.
The other banks that provide vital services are Swedbank, SEB, Luminor and LHV. A service is vital if an interruption to it would cause an immediate threat to life or health, the functioning of society, or the supply of some other essential or generally necessary services. Payment services and cash circulation are considered vital services.
Banks listed as providers of vital services must be able to ensure a certain level of cash and payment services even in a crisis and emergency like cyber attack, terrorist attack or public disorder. Providers of vital services have to coordinate plans with Eesti Pank for preventing crises and for reinstating services after an interruption. The banks work on this together with critical companies from other sectors and with state institutions.
The list of providers of vital services is reviewed at least once a year. Banks are added to the list if at least 1% of all the payments or card payments in the country are made through them. The amount of deposits they hold and statistics on the cash they issue are also considered. The last bank added to the list was LHV Pank in 2019.
The aim of identifying the providers of vital services is to minimise the impact of any interruption to emergency or vital services on the Estonian economy and Estonian society.
Everybody can take their own precautions against crises or difficulties or against smaller interruptions in services. The central bank recommends that people carry a little cash on them in case of any short-term interruptions to payments. Each family could guard against longer interruptions by keeping enough cash to cover their most essential spending for a week. It is a good idea if possible to have bankcards from multiple banks in case card payments at one bank are interrupted temporarily.
For further information:
Head of Communications
Press enquiries: [email protected]