Eesti Pank Annual Report 2008

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

90 YEARS OF EESTI PANK

90 years ago: the beginning
The first means of payment in the newly-independent Estonia, the first national currency
Preparations for the monetary reform - updating the framework
Economic crisis
War and period of occupation
Re-establishment of Eesti Pank, resurrection of the kroon
Supervisory Board and Executive Board of Eesti Pank in 1919-2009
After the Proposal of Four Men
Reserves backing the new Estonian kroon
Monetary reform in 1992
Fundamentals of the Estonian monetary system and its development during reindependence
Monetary policy instruments available to Eesti Pank
Chronology: the development of the monetary policy framework during reindependence
Chronology: the legal framework and regulation of banking
Chronology: settlement systems and cash

MAJOR ACTIVITIES AND ACHIEVEMENTS OF EESTI PANK IN 2008

MONETARY POLICY

Economic analysis, forecast and research as the basis for monetary and financial policy-making
Monitoring
Economic reviews
Economic forecast
Economic research
Reserve management
Structure of foreign exchange reserves
Investment process
Results and determinants of investment in 2008
Changes in the benchmark portfolio in 2008
Asset management services provided to the public sector

ENSURING FINANCIAL STABILITY

Financial sector analysis and financial stability assessment
Measures adopted to ensure financial stability
Amendments to EU legislation on banking and payment intermediation
Improvement of securities market infrastructures
Payment and settlement systems oversight

DEVELOPMENTS IN STATISTICS

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

PAYMENT AND SETTLEMENT SYSTEMS AND CURRENCY IN CIRCULATION

Development of the payment and settlement environment
Interbank payment and settlement system
Meeting the cash demand
Banknotes and coins in circulation and their structure
Expert analysis and handling of cash
Preparation of new banknotes and coins

ORGANISATION AND COOPERATION

INTERNATIONAL COOPERATION
Cooperation with European Union institutions
Role of Eesti Pank after the adoption of the euro
Cooperation with the International Monetary Fund
Cooperation with the Bank for International Settlements
Cooperation with rating agencies
INTERNAL COOPERATION
Public relations and communication
Principles of informing the public
Media relations and public appearances
Celebration of the 90th anniversary of the Republic of Estonia
Birth of the Republic of Estonia and busts of government members
Eesti Pank Museum
Governance, organisation and human resources policy
Governing and decision-making bodies of Eesti Pank
Development of the management system and work organisation of Eesti Pank in 2008
Organisational values and value-based management
Eesti Pank's human resources policy

ANNUAL ACCOUNTS OF EESTI PANK for the Financial Year Ended 31 December 2008

ANNEXES

GLOBAL ECONOMY IN 2008

The United States and Japan
Euro area

ESTONIA'S ECONOMY IN 2008

NON-FINANCIAL SECTOR
Monetary policy environment
Domestic and external demand
Inflation
General government
Sovereign rating
FINANCIAL SECTOR
Banking sector
Securities market
Other financial intermediaries

KEY POINTS OF EESTI PANK'S ECONOMIC FORECASTS IN 2008
 

DECREES, DECISIONS AND PUBLICATIONS
DECREES OF THE GOVERNOR OF EESTI PANK IN 2008
DECISIONS ADOPTED BY THE SUPERVISORY BOARD OF EESTI PANK IN 2008
PUBLICATIONS OF EESTI PANK IN 2008