Eesti Pank Annual Report 2001

ECONOMIC DEVELOPMENT IN 2001

WORLD ECONOMY

United States of America
Japan
Europe
Finland and Sweden
Central and Eastern European Countries
Latvia and Lithuania
Russia
Emerging Markets
Financial and Raw Material Markets of Developed Countries

ESTONIAN REAL ECONOMY AND FINANCIAL SECTOR

REAL SECTOR
Monetary Environment
External and Domestic Demand
Financing and its Sources
Government Sector
Inflation
FINANCIAL SECTOR
Banking
Institutional Development
Assets and Liabilities of Banks
Profitability and Risks
Securities Market
Investment Funds
Insurance
Leasing

EESTI PANK IN INTERNATIONAL ECONOMIC AND FINANCIAL SYSTEM

INTERNATIONAL ENVIRONMENT OF THE CENTRAL BANK'S ACTIVITIES

Economic and Financial Policy of the European Unity
Final Changeover to the Euro
Goals and Activity in Financial Market Integration
Framework of Economic Policy Co-operation between the EU and Candidate Countries
Schedule of Economic Dialoque between the EU and Candidate Countries from 2002
Progress Made by Candidate Countries
Real and Nominal Convergence
Emphasis on Administrative Capacity
Relations between the European Central Bank and Candidate Countries
Monetary and Exchange Rate Policy upon Accession to the European Economic and Monetary Union - General Framework
International Monetary Fund as Designer of Monetary and Banking Policy Environment
International Anti-money Laundering and Terrorism Financing Prevention Activity
Financial Action Task Force on Money Laundering
FATF 40 Recommendations on Combating Money Laundering and Special Recommendations on Preventing Terrorists Financing
United Nations
International Monetary Fund
European Union

ENSURING MONETARY POLICY STABILITY

Economic Policy Outlines from Monetary Policy Stability Perspective
Monetary Policy
Continuity
EMU - Strategic Goal of Estonian Monetary Policy
Monetary Policy Transmission in Estonia
Everyday Monetary Policy and Preparations to Adopt EMU Framework
Preparation for the Adoption of the Monetary Policy Framework of the EMU
Reform of Monetary Policy Operational Framework
Economic Analysis and Forecast
Economic Analysis
Forecast
Economic Research
Developments in Statistics
Development of Financial Statistics Concerning Monetary Policy
Upgrading Financial Sector Accountability
Developments in Balance of Payments Statistics

FINANCIAL STABILITY ENSURING AND BANKING POLICY

Consistent Banking Policy
Central Bank Ensuring Financial Stability
Relevant Regulatory Framework
Reliable Information about Financial Sector
Financial System Safety Network - System of Security Measures for Minimising System Risks
Main Development Trends in Ensuring Financial Stability in 2001
Amendment of Regulatory Legislation
Capital Adequacy Framework for Banks
Improvement of Guarantee Schemes
Establishment of Unified Financial Supervision Authority
International Assessment of Estonian Financial Sector Supervision
Financial Sector in Estonia against the Background of Other Accession Countries' Financial Sector Development
Arrangements for Combating Money Laundering and Terrorism in Estonia

PAYMENT AND SETTLEMENT SYSTEM

New Inter-Bank Settlement System
Amendment of Legislation Concerning Payment and Settlement Systems
Payment Instruments
Meeting the Cash Demand
Issued Banknotes and Coins and Their Structure
Cash Movement
Introduction of New Banknotes, Cash Examination
Euro Mediation

RESERVE MANAGEMENT

Organisation of Reserve Management
Foreign Exchange Reserve Structure
Investment Procedure
Factors Influencing Investment Results in 2001
Difference of Market Expectations Compared to Actual Situation
Aftermath of the Terrorist Attack against USA
Impact of Monetary Policy Operational Framework Reform
Amendment of Investment Principles in 2001
Benchmark Portfolio
External Asset Managers
Foreign Exchange Reserve Investment Results in 2001

CO-OPERATION AND COMMUNICATION

ECONOMIC POLICY CO-OPERATION IN ESTONIA AND ABROAD

Eesti Pank's Role in European Integration
General Political Documents in European Integration
Accession Negotiations on Chapters Related to Eesti Pank
Dialogue about the Europe Agreement
Forms of Economic Policy Dialogue
Administrative Capacity Assessment Missions in 2001
Co-operation with European Centrak Bank
Economic Policy Co-operation between Estonia and International Monetary Fund
Completion of the Economic Programme Related to Stand-by Arrangement
Estonia's Participation in the Initiative for the Heavily Indebted Poor Countries
New Compliance Assessments
Co-operation in the Area of Statistics
Co-operation in Nordic-Baltic Constituency
Co-operation with Rating Agencies
Co-operation with Other International Organisations
Joint Seminars with Other National Central Banks
Co-operation in the Area of Economic Research

PUBLIC RELATIONS OF THE CENTRAL BANK

General Principles
Information Services
Events
Participation in Presenting Euro Banknotes and Coins

EESTI PANK'S ORGANISATION

General Management and Areas of Responsibility
Reorganisation of Organisational Structure and Improvement of Management Activities
Strategic Planning
Eesti Pank's Employees
Personnel Policy
Training
Traditions and Hobbies

ANNUAL ACCOUNTS OF EESTI PANK for the Financial Year Ended 31 December 2001

Notes to the Financial Statements of Eesti Pank
Independent Auditors' Report

APPENDICES

CHRONICLE OF 2001
THE STRATEGIC DEVELOPMENT PLAN OF EESTI PANK
EESTI PANK'S REGULAR PUBLICATIONS

STATISTICS