Monetary policy
- Price Stability
  Price stability means low but stable inflation. This helps people and companies make economically sound decisions in their plans for the future and their salary requests, creating the right conditions for economic growth.
- The functioning of monetary policy
  Only the central bank can create and issue currency. By changing the price of the money borrowed by the commercial banks and the amounts they can take, the central bank can affect the conditions for loans taken by people and companies. In this way the central bank can affect inflation.
- Transmission mechanism
  When the central bank changes the prices and amounts of money the commercial banks can borrow, the effect is passed on into the economy as a whole, and particularly into prices. The monetary policy transmission mechanism is the various channels by which the central bank’s actions are passed into the economy.
- Operational framework
  The central banks of the euro area act to meet the goals of the single euro-area monetary policy in a decentralised way, doing so within the agreed solutions and principles that together are called the operational framework.
- Central bank reserves
  For people to have faith in a currency, the value and stability of that currency must be backed up, and this is done with the reserves of the central banks. Currency reserves have a key role in maintaining confidence in the economy and in supporting the stability of the financial system.
- Estonian Economy and Monetary Policy
  Estonian Economy and Monetary Policy gives a comprehensive overview of the economy and an economic forecast. It is published four times a year.
- Estonian Competitiveness Report
  The Estonian Competitiveness Report is published once a year. Competitiveness is analysed through Estonian export capacity (relative productivity growth, changes in export indicators and similar) and relative price and cost competitiveness indicators.
- Labour Market Review
  The Labour Market Review discusses the most important trends in the Estonian labour market, labour supply and demand, institutional developments of the labour market, and other related issues. The review is published twice a year.
- Your opinion counts – a roundtable with Eesti Pank
  The monetary policy of the central bank may seem to be a difficult topic and most people do not think about it every day. It affects all of us though, when we go to the shops, buy a house, take a loan or save for our pensions.
Financial stability
- Analysis of financial stability
  Eesti Pank regularly analyses the functioning of the financial system and gives an opinion on financial stability, or how the banks are coping in general and what possible risks they may face.
- Macroprudential policy
  The financial system needs to be strong and able to stand up to risks. This is why Eesti Pank has taken various measures such as requiring additional buffers from the banks and setting restrictions that the banks must adhere to when issuing mortgages.
- Crisis management
  Even when preventative work has been done well, failures can arise in the banking system at speed, passing on into the economy and potentially causing wider damage in society. Eesti Pank, the Financial Supervision Authority and the government work together to resolve financial crises.
- Cooperation
  Eesti Pank works closely with partners in Estonia, within the European Union and with Finland, Sweden and Denmark as the home countries of the banks operating in Estonia to ensure financial stability.
- Single banking supervision in Europe
  Central supervision of the largest banks in the euro area helps make sure that the banks are all analysed and assessed in the same way and that the risk assessments use a similar base. This then helps make all of the banking sector in the euro area more credible.
- Financial Stability Review
  The Financial Stability Review is the main output of the financial stability analysis conducted by Eesti Pank. The review includes also the central bank’s assessment to Estonian financial stability and covers related policy measures. The Financial Stability Review is published twice a year.
- Financing of the Economy
  The review of financing and lending in the Estonian non-financial sector covers banking and leasing statistics, financial accounts analysis and credit supply and demand. It is published once a year.
- The Structure of the Estonian Financial Sector
  The Structure of the Estonian Financial Sector discusses factors that affect the architecture and design of the financial sector in Estonia. It provides a background for understanding the development trends and risks described in the Financial Stability Review.
Statistics
- Release calendar
- Key economic indicators
- Financial accounts
  Financial accounts are accounts of the national accounts system, which reflect the positions of financial assets and liabilities, transactional and non-transactional changes of both the economy as a whole and different institutional sectors.
- Financial sector statistics
  Eesti Pank compiles financial sector statistics that includes statistics on credit institutions, leasing companies, payment and settlement systems, as well as savings and loan associations.
- External sector statistics
  Eesti Pank compiles external sector statistics that includes data on the balance of payments, foreign debt, the international investment position and foreign exchange reserves.
- Household assets and liabilities
  Data on the assets and liabilities of Estonian households are based on the Household Finance and Consumption Survey (HFCS).
- For reporters
  Reporting for financial sector statistics and balance of payments; Data submission portal
Payments
- The payments market
  The payments market consists of payment and securities settlement systems and methods of payment.
- Payment and settlement systems
  The functioning of payment and settlement systems is important for maintaining the stability of the national economic and financial system, avoiding interruptions to the circulation of currency, and allowing monetary policy to be implemented smoothly.
- Oversight
  As overseer, Eesti Pank helps make sure that TARGET2-Eesti, the securities settlement system and the card payment system function securely and efficiently.
- SEPA
  The Single Euro Payment Area allows electronic payments in euros to be made on the same terms throughout the European Economic Area
- The Estonian Payment Forum
  The forum set up by Eesti Pank, the Estonian Banking Association and the Ministry of Finance supports the development of the Estonian payment market.
- Legislation
  The legal framework that governs payments and securities settlement comes from European Union and Estonian legislation
- Continuous operation of banking services
  The Emergency Act defines cash circulation and payment services as vital services. The Eesti Pank minimum requirement is that the four largest banks operating in Estonia should restore at least 70% of ordinary banking services within 12 hours at most following a breakdown.
- The development of settlement systems in Estonia
  The history and development of interbank settlement systems in Estonia
Research
- Household assets and liabilities survey
  The survey collects data on the assets, liabilities, income and consumption of households.
- Fields of research
  The research work of the central bank has four focuses: improvement of the macroeconomic and banking models; monetary policy research; research into the financial sector; and research into the real economy. Research results are published in the Working Paper series of Eesti Pank.
- Economists in the Research Division
  There are seven economists working in the Research Division, led by Tairi Rõõm.
- Visiting researchers
  The Research Division welcomes economists with an academic or central banking background to work in Eesti Pank as guest researchers.
- Open seminars
  The research results of the bank are presented in public seminars. These seminars support the exchange of ideas between the central bank and academic circles and economic policy institutions.
- Library
  Eesti Pank library contains more than 7,000 documents on economics and finance, mostly in English. Library online catalogue is a part of ESTER , the shared catalogue of 16 major Estonian libraries.
- Eesti Pank research award
  The Eesti Pank research awards are intended to recognise young Estonian researchers in academic economics. The awards are granted in two categories, one for doctoral work and one for master’s level work.
- Research and education
  The central bank supports research in Estonia and abroad in several ways, with a programme of guest researchers and internships, organisation of joint conferences, membership of the Estonian Economic Association, and work with the doctoral schools of the University of Tartu and Tallinn University of Technology.
- Occasional Papers
  The Eesti Pank Occasional Papers is a new series of papers where the bank will publish reviews of its analysis and research work.
- Working Papers
  The Working Papers are summaries of the research conducted by Eesti Pank. The target group of the Working Papers includes, above all, economists and economic experts, and the papers are published often only in English.
Notes and coins
- Euro
  Eesti Pank makes sure that there is sufficient good-quality money available in Estonia and works with the European Central Bank and other central banks in the euro area to release euro banknotes and coins into circulation.
- Estonian kroon
  Eesti Pank will exchange Estonian banknotes and coins for euros indefinitely.
- Commemorative and collector coins
  Collector coins are legal tender, but their high value means they are more usually used as souvenirs and collectors items than as circulation coins. €2 commemorative coins are special circulation coins with a special design on the national side in commemoration of a particular event or topic.
- Counterfeits
  Anybody can verify the authenticity of a banknote easily if there is a suspicion that it is counterfeit by just feeling it, looking at it and tilting it, checking the security features, or comparing it to an authentic banknote. If it is suspected that a banknote is counterfeit, the police should be informed.
- To professional cash handlers
  Companies can return banknotes into circulation only once the notes have been tested to European standards. Companies can test cash using specially designed devices or, if they do not have any, manually.
About us
- The bank as an organisation
  Eesti Pank is a constantly developing organisation that adapts its work and its processes to its ever-changing environment and to new requirements. Our mission and vision, and our organisational values, tasks and strategic goals explain our position and our organisational structure.
- International Cooperation
  Eesti Pank works together with international monetary and financial institutions like the ESRB, the EBA, the BIS and the OECD, and with the European Commission and the Council of the European Union. It also partners the central banks of other countries through the Eurosystem, the European System of Central Banks, and the central banks of the Nordic and Baltic countries. Eesti Pank represents Estonia in the IMF.
- Legal Acts
  Eesti Pank is a constitutional institution that operates under its own statues and under the law. The central bank sets policy for the financial sector and supervises it and the Governor of the bank issues decrees that regulate the banking industry. All the main legislation governing the operation of Eesti Pank is listed here, with links to related laws and decrees.
- Financial statements
  Eesti Pank must publish information on its activities. Financial statements give an annual picture of the assets and liabilities of the central bank and of its revenues and expenses. The bank also publishes its balance sheet every quarter.
- Press
  Eesti Pank releases regular announcements about its activities and about important economic policy questions. This is done through press releases, speeches, presentations, articles and interviews. There is a collection of photographs of Eesti Pank spokespeople in the photo bank. Eesti Pank also publishes press releases from the European Central Bank.
- Working at Eesti Pank
  Eesti Pank is a constantly developing organisation that adapts its work and its processes to its ever-changing environment and to new requirements. The bank has 11 departments that employ a total of 230 colleagues.
- Annual Report
  The Annual Report gives an overview of the central bank’s activities in the reporting year and the financial statement. The annexes to the Annual Report include a list of decrees issued by the Governor of Eesti Pank, a list of decisions adopted by the Governing Council of the ECB, and a list of Eesti Pank's publications issued during the year.

PSPP securities lending

Keywords:

Securities lending of Bank of Estonia PSPP holdings

The Bank of Estonia PSPP and PEPP holdings are available for securities lending. The counterparties eligible for this lending are trading counterparties who have relevant agreements (GMRA agreements) with the Bank of Estonia.

Eligible counterparties may borrow securities subject to availability. Transactions must be cash-neutral repurchase agreements with a maximum maturity of one month.

With regards to collateral eligibility, haircuts and other risk management criteria, the Bank of Estonia will apply its own securities lending framework.

A list of securities available for lending is updated on a weekly basis.

For further information for counterparties, please contact Bank of Estonia PSPP-team: e-mail: pspp [at] eestipank.ee or tel. +372 6680674.

ISIN	Issuer Name	Maturity Date	Coupon
EU000A1G0DE2	European Financial Stability Facility	28/04/2025	0.2
EU000A1G0BQ0	European Financial Stability Facility	27/06/2024	1.75
EU000A1G0BP2	European Financial Stability Facility	07/06/2021	1.375
EU000A1G0BC0	European Financial Stability Facility	23/05/2023	1.875
EU000A1G0A16	European Financial Stability Facility	05/09/2022	2.25
EU000A1G0BN7	European Financial Stability Facility	19/02/2024	2.125
EU000A1G0AD0	European Financial Stability Facility	04/02/2022	3.5
EU000A1G0AB4	European Financial Stability Facility	05/07/2021	3.375
XS1515245089	European Investment Bank	15/03/2024	0
XS2120068403	European Investment Bank	25/03/2025	0
XS1509006208	European Investment Bank	13/03/2026	0
XS2251371022	European Investment Bank	28/03/2028	0
XS2154339860	European Investment Bank	15/05/2028	0
XS2168048564	European Investment Bank	17/06/2027	0
XS2225428809	European Investment Bank	09/09/2030	0
XS1555331617	European Investment Bank	15/01/2027	0.5
XS1280834992	European Investment Bank	15/11/2023	0.5
XS1500338618	European Investment Bank	13/11/2037	0.5
XS2189259018	European Investment Bank	15/06/2040	0.25
XS1503043694	European Investment Bank	14/09/2029	0.25
XS1575991358	European Investment Bank	14/10/2024	0.25
XS1207449684	European Investment Bank	15/04/2025	0.125
XS2015227494	European Investment Bank	20/06/2029	0.125
XS1489409679	European Investment Bank	16/10/2023	0
XS1271698612	European Investment Bank	15/03/2022	0.375
XS1394055872	European Investment Bank	14/04/2026	0.375
XS1878833695	European Investment Bank	15/05/2026	0.375
XS1850111789	European Investment Bank	16/07/2025	0.375
XS1938387237	European Investment Bank	22/01/2029	0.625
XS1791485011	European Investment Bank	14/01/2028	0.875
XS1247736793	European Investment Bank	13/09/2024	0.875
XS1505567088	European Investment Bank	13/09/2047	0.875
XS2194790262	European Investment Bank	15/11/2035	0.01
XS2102495673	European Investment Bank	16/01/2030	0.05
XS1950839677	European Investment Bank	24/05/2024	0.05
XS2055781962	European Investment Bank	13/10/2034	0.05
XS1686550960	European Investment Bank	15/12/2023	0.05
XS1978552237	European Investment Bank	15/10/2026	0.1
XS1881014374	European Investment Bank	15/07/2024	0.2
XS1881014374	European Investment Bank	15/07/2024	0.2
XS1183208328	European Investment Bank	14/03/2031	1
XS1422953932	European Investment Bank	14/04/2032	1
XS1044744032	European Investment Bank	15/04/2021	1.5
XS1753042743	European Investment Bank	16/10/2048	1.5
XS1641457277	European Investment Bank	15/11/2047	1.5
XS1107718279	European Investment Bank	13/11/2026	1.25
XS1612977717	European Investment Bank	13/04/2033	1.125
XS1361554584	European Investment Bank	15/09/2036	1.125
XS1828046570	European Investment Bank	15/11/2032	1.125
XS1980857319	European Investment Bank	14/11/2042	1
XS0918749622	European Investment Bank	15/09/2021	1.375
XS1068872925	European Investment Bank	15/03/2023	1.625
XS0942172296	European Investment Bank	14/04/2023	2
XS0832628423	European Investment Bank	14/10/2022	2.25
XS1023039545	European Investment Bank	15/01/2024	2.125
XS0884635524	European Investment Bank	15/03/2040	2.75
XS0676294696	European Investment Bank	15/09/2021	2.75
XS0807336077	European Investment Bank	15/09/2025	2.75
XS0960306578	European Investment Bank	13/09/2030	2.75
XS0878008225	European Investment Bank	15/03/2035	2.625
XS0544644957	European Investment Bank	28/09/2022	3
XS0755873253	European Investment Bank	15/04/2027	3.5
XS0975634204	European Investment Bank	14/10/2033	3
XS0605958791	European Investment Bank	15/01/2021	3.625
XS0752034206	European Investment Bank	14/03/2042	3.625
XS0505157965	European Investment Bank	15/04/2030	4
XS0427291751	European Investment Bank	15/10/2025	4.5
XS0290050524	European Investment Bank	15/04/2024	4.125
XS0219724878	European Investment Bank	15/10/2037	4
XS2181347183	Central government: Estonia	10/06/2030	0.125
XS2152308644	Nordic Investment Bank	06/04/2023	0
XS2166209176	Nordic Investment Bank	30/04/2027	0
XS2055786763	Nordic Investment Bank	25/09/2026	0
XS1815070633	Nordic Investment Bank	03/11/2025	0.5
XS1431730388	Nordic Investment Bank	10/06/2024	0.125
XS1292474282	Nordic Investment Bank	19/09/2022	0.375

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PSPP securities lending

Securities lending of Bank of Estonia PSPP holdings

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Securities lending of Bank of Estonia PSPP holdings

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