Eesti Pank Annual Report 2007

MAIN FEATURES AND FUNCTIONS OF EESTI PANK

FOREWORD BY GOVERNOR OF EESTI PANK

ACCOUNTABILITY

Legal framework for accountability and compulsory publications of the central bank
Accountability vis-à-vis the Riigikogu
Regular reporting on economic policy views and publication of economic data

STRATEGIC OBJECTIVES FOR PERFORMING THE MAIN FUNCTIONS OF EESTI PANK

FIFTEEN YEARS OF THE ESTONIAN KROON

1992-1994. Monetary reform and reorganisation of the banking system
1995-1998. Development and stabilisation of the banking sector
1999-2004. Closer integration with Europe
2004-2006. On the way towards the Economic and Monetary Union as an EU member state

MAJOR ACTIVITIES AND ACHIEVEMENTS OF EESTI PANK IN 2007

MONETARY POLICY

Ensuring the smooth functioning of Estonia's monetary policy framework
Main characteristics of Estonia's monetary system
Monetary policy in 2007
Preparations for bringing the Estonian monetary system into conformity with the requirements for joining the euro area
Economic analysis, forecast and research as the basis for monetary and financial policy-making process
Monitoring
Economic reviews
Forecast
Research
Reserve management
Structure of foreign exchange reserves
Investment process
Results and determinants of investment in 2007
Changes in the benchmark portfolio in 2007
Asset management services provided to the public sector

ENSURING FINANCIAL STABILITY

Financial sector analysis and financial stability assessment
EU financial sector policy
Safety net
Banking legislation
Payment and settlement systems oversight

DEVELOPMENTS IN STATISTICS

Banking and other financial statistics
Balance of payments statistics
General economic statistics 

CURRENCY CIRCULATION

Development of the payment and settlement environment
Meeting the cash demand
Banknotes and coins in circulation and their structure
Expert analysis and handling of cash
Defective 100-kroon banknotes
Preparation of new banknotes and coins

ORGANISATION AND COOPERATION

INTERNATIONAL COOPERATION
Regular cooperation with European Union institutions
European Central Bank
Council of the European Union
European Commission
Role of Eesti Pank after the adoption of the euro
Cooperation with the International Monetary Fund
Cooperation with rating agencies
COOPERATION WITHIN ESTONIA
Cooperation with the Office of the President of the Republic
Cooperation with the Ministry of Finance
Cooperation with the Financial Supervision Authority
Cooperation with the Estonian Banking Association and Estonian banks
Public relations and communications
Principles of informing the public
Media relations and public appearances
Museum of Eesti Pank
GOVERNANCE, ORGANISATIONA AND PERSONNEL POLICY
Eesti Pank's governing and decision-making bodies
Supervisory Board of Eesti Pank
Governor of Eesti Pank
Executive Board of Eesti Pank
Monetary Policy Committee
Cooperation with the Financial Supervision Authority
Development of the management system and work organisation of Eesti Pank in 2007
Definition of organisational values and value-based management
Regular study of management quality and appraisal interviews
Process management
Management accounting
Risk management
e-Eesti Pank 2007
Eesti Pank's personnel policy
Employees
Development and training
Hobbies and traditions of the staff

ANNUAL ACCOUNTS OF EESTI PANK for the Financial Year Ended 31 December 2007

AUDITOR'S REPORT

ANNEXES

GLOBAL ECONOMY IN 2007

The United States and Japan
Euro area

ESTONIA'S ECONOMY IN 2007

NON-FINANCIAL SECTOR
Monetary policy environment
Domestic and external demand
Inflation
General government
Issues related to the date for the adoption of the euro
Sovereign rating
FINANCIAL SECTOR
Banking sector
Institutional development
Assets and liabilities of banks
Profitability
Capital adequacy and risks
Loan-servicing capability and risks
Securities market
Bond market
Stock market
Other financial intermediaries
Investment and pension funds
Payment instruments
Developments in the real estate market

KEY POINTS OF EESTI PANK'S ECONOMIC FORECASTS IN 2007

 

DECREES, DECISIONS AND PUBLICATIONS

DECREES OF THE GOVERNOR OF EESTI PANK IN 2007

DECISIONS ADOPTED BY THE SUPERVISORY BOARD OF EESTI PANK IN 2007

PUBLICATIONS OF EESTI PANK IN 2007