Financial Stability Review 2003

Financial Stability Review, November 2003

CONTENTS

SUMMARY
International Economic Environment
Financial Strength of the Estonian Real Sector
Banking
Securities Market and Other Financial Intermediaries
Payment Systems
Stability Assessment and Policy Implications
I EXTERNAL ENVIRONMENT
International Financial Markets
Development of the European Banking Sector
II FINANCIAL BEHAVIOUR OF DOMESTIC REAL SECTOR
Economic Growth, External Balance and Inflation
Enterprises
Corporate Financial Strength
Corporate Net Financial Position and Saving
Corporate Debt
BACKGROUND INFORMATION Loan Commitments and Investments
Future Outlook and Risks
Households
Labour Market Indicators
Confidence and Household Budget Surveys
Household Net Financial Position
Household Credit Growth: Factors and Conditions
Private Persons' Loan Servicing Ability
Future Outlook and Risks
III FINANCIAL SECTOR
The Structure of Financial Intermediation and Financial Deepening
Banking
Strategic Development in the Banking Market
Capital Adequacy
Asset Quality
Efficiency and Profitability
Solo Profitability of Banks
Consolidated Profitability
Liquidity
Interest Environment and Foreign Confidence
Financing the Banks
Liquid Assets
Money and Securities Market
Money and Capital Market
Money Market
BACKGROUND INFORMATION Main Features of the Estonian Money Market
Bond Market
Stock Market
Other Financial Markets
Investment Funds
Pension Funds and Insurance
Insurance
Life Insurance
Non-Life Insurance
IV PAYMENT SYSTEMS
Settlement System of Interbank Payments
Evaluation of the Settlement System of Interbank Payments
Risk Management
Efficiency of Settlement Systems
Access to the Systems
Management of the Systems
Short Summary
BACKGROUND INFORMATION Key Issues Concerning Retail Payments
Payment Instruments
Payments via Credit Institutions
Use of Payment Cards
APPENDIX
Oversight of Payment Systems
The Essence of Payment Systems
Purpose of Payment Systems Oversight
Eesti Pank's Tasks as Overseer of Payment Systems
Purpose and Necessity of Different Settlement Systems
Settlement System Risks
Classification of Settlement Systems According to Their Importance

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