Excluding cash costs, the budget of the central bank will increase by 5%
The budget of Eesti Pank for 2019 will be 22.6 million euros. Without cash handling costs, which vary a lot from year to year, the budget will be one million euros, or 5%, larger than in 2018.
Including cash handling costs makes the central bank budget 5.2% larger next year than this year. Next year, Eesti Pank will spend on the production of twenty-euro notes and twenty-cent coins, but also on ordering more one and two-cent coins.
Eesti Pank will in 2019 also mint three two-euro commemorative coins and three silver collector coins, which will be issued in 2019 and 2020. The central bank will issue two-euro commemorative coins dedicated to the centenary of the University of Tartu as the first Estonian-language university; the centenary of the Tartu Peace Treaty; and the 200th anniversary of the discovery of Antarctica. Eesti Pank will also issue three silver collector coins dedicated to the 200th anniversary of the birth of Johann Voldemar Jannsen; the 150th anniversary of the birth of Jüri Jaakson; and to Hanseatic Viljandi.
The notable entries in the central bank's budget for 2019 are improved technology, new data protection rules, and cyber and physical security. Eesti Pank uses 22 joint IT systems with other central banks in the European Union. Servicing these systems will require 0.57 million euros from Eesti Pank in 2019. The largest amount will be spent on maintaining the new single securities settlement platform TARGET2-Securities (T2S). These costs are compensated somewhat by the service fees of securities transactions.
Some other costs Eesti Pank has planned for next year are renovating the guest entrance, replacing the equipment in the press room, improving cash sorting machines and the video surveillance system, purchasing server computers, and remodelling the security centre and the archive room.
Eesti Pank's forecasts show that the revenues for next year for the central bank will be 32.5 million euros, the largest part of which will come from revenues stemming from the single monetary policy of the central banks of the euro area. The bank also expects to gain income from management of foreign reserves and other operations. The bank is expected to make a profit of 9.8 million euros in 2019.