Eesti Pank Annual Report 2002

ECONOMIC DEVELOPMENT IN 2002

WORLD ECONOMY

United States of America
Japan
Europe
Finland and Sweden
Central and Eastern European Accession Countries
Baltic Countries
Russia
Emerging Markets of Latin America and Asia
International Financial and Commodity Markets

ESTONIAN REAL ECONOMY AND FINANCIAL SECTOR

REAL SECTOR
Sovereign Ratings: Estonia and Other EU Accession Countries
Monetary Environment
External and Domestic Demand
Sources of Financing Economic Growth
Government Sector
Inflation
FINANCIAL SECTOR
Banking
Institutional Development
Assets and Liabilities of Banks
Profitability and Risks
Securities Market
Bond Market
Stock Market
Investment Funds
Insurance

EESTI PANK IN INTERNATIONAL ECONOMIC AND FINANCIAL SYSTEM

INTERNATIONAL ENVIRONMENT OF THE CENTRAL BANK'S ACTIVITIES

Renewing European Union
EU Enlargement
Criteria for Joining the European Union and Economic and Monetary Union
EU Economic and Financial Policy
Recommendations of the Economic Governance Working Group of the European Convention
Coordination of Economic Policies between Member States
Coordination of Fiscal Policy
Creation of Single Market of Financial Services
European Central Bank
International Monetary Fund

ENSURING MONETARY POLICY STABILITY

Economic Policy Outlines from Monetary Policy Stability Perspective
Monetary Policy Objectives and Development
Continuity
Towards European Economic and Monetary Union
Monetary Transmission Mechanism in Estonia
Monetary Policy in 2002
Reform of Monetary Policy Operational Framework
Measures Applied in Autumn by Eesti Pank and the Government
Introduction of Euro Notes and Coins and Euroisation
Cooperation with the European Central Bank
Ten Years of Estonia's Monetary Policy
Regular Economic Analysis, Forecasts and Economic Research

FINANCIAL STABILITY ENSURING AND BANKING POLICY

Financial Policy in 2002
Divisions of Tasks between Eesti Pank and the Financial Supervision Authority
Safety Net and Deposit Insurance
Amendment of Legislation
Prevention of Money Laundering
Regular Analysis of the Financial System
Aims, Object and Output of Analysis
Improving the Quality of Analysis
Banking Policy in Estonia in the Past Decade

DEVELOPMENTS IN STATISTICS

Banking and Other Financial Statistics
Ongoing Alignment of Collection and Compilation of Statistics with ECB Requirements
Role of Financial Statistics in Improving Quality of Analysis
Cooperation with European Central Bank
Balance of Payments Statistics

PAYMENT AND SETTLEMENT SYSTEM

Interbank Settlement System
Amendment of Legislation Concerning Payment and Settlement Systems
European Central Bank on Estonian Settlement System
Development of Interbank Settlement System
Payment Instruments
Non-cash Instruments
Settlements
Meeting the Cash Demand
Issued Banknotes and Coins and Their Structure
Cash Circulation
Eesti Pank's Cash and Security Department's Management System Corresponds to ISO 9001:2000 Quality Standard
Introduction of New Banknotes and Expert Analysis of Cash
Ten Years of Estonian Banknotes and Coins

RESERVE MANAGEMENT

Organisation of Reserve Management
Foreign Exchange Reserve Structure
2002 Results
Foreign Exchange Reserve Investment
Investment Environment
Changes in Benchmark Portfolio
New Principles of Risk Management
Providing Asset Management Services to Public Sector
Ten Years of Foreign Exchange Reserve Management

COOPERATION, COMMUNICATION AND ORGANISATION DEVELOPMENT

ECONOMIC POLICY COOPERATION IN ESTONIA AND ABROAD

Conclusion of Accession Negotiations
Accession Negotiations by Chapters
Economic Policy Dialogue and Cooperation with EU Structures
Convention on the Future of the European Union
Dialogue about the Europe Agreement
European Central Bank
Cooperation of the European Integration in Estonia
Cooperation with International Monetary Fund
Cooperation with Other International Organisations
Eesti Pank and Sovereign Rating
Joint Seminars with Other Central Banks
Bilateral Meetings and Visits
Eesti Pank's International Relations Development during the Last Ten Years

PUBLIC RELATIONS OF THE CENTRAL BANK

Principles of Public Relations and Communication
Essential Target Groups
Eesti Pank's Regular Economic Policy Publications
Handling Requests for Information
Media Relations and Public Presentations
Celebrating the 10th Anniversary of the Estonian Kroon
Some Additional Public Relations' Events
Money Compass
Eesti Pank Museum
Quarterly Kroon & Economy
International Requirements to Public Information on National Financial System and Economy
Public Communication of Eesti Pank in the Last Decade

EESTI PANK'S ORGANISATION AND PERSONNEL POLICY

Development of Organisation
General Management and Areas of Responsibility
Development of Strategic Management and Organisation of Work
Strategic Management
Development of Organisation of Work
Eesti Pank's Employees
Personnel Policy Objective
Personnel Policy Implementation
Bank Employees
Development and Training
Traditions
Sports Club
Chamber Choir

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

Notes to the Annual Accounts of Eesti Pank
Independent Auditors' Report

APPENDICES

CHRONICLE OF 2002
THE MISSION, MAIN OBJECTIVES AND ACTIVITY GUIDELINES OF EESTI PANK
DECREES OF THE GOVERNOR OF EESTI PANK ISSUED IN 2002
EESTI PANK'S REGULAR PUBLICATIONS
STATISTICS