The resilience of the Estonian financial system to crises is improving
Eesti Pank has added LHV Pank to the list of providers of vital services. 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 crisis and emergency situations like cyber attack, terrorist attack or public disorder. The banks in Estonia that provide vital services are Swedbank, SEB Pank and Luminor Bank. The addition of LHV Pank to the list will further improve the resilience of the Estonian financial system to crises.
Eesti Pank has drawn up plans with providers of vital services 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 like the police and the Rescue Board.
The list of providers of vital services is reviewed at least once a year. Banks are added to the list if at least 3.5% 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 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. by keeping a little cash on hand for example or having multiple bankcards in case one of them fails to work. Having some extra cash safely at home can also help if there is a longer interruption to payment services.
For further information:
Public Relations Office
Tel: 668 0965, 5330 0619
Email: eva.vahur [at] eestipank.ee