The Legal Framework of the interbank settlement systems

The legal framework of the interbank settlement systems has been established on the basis of mutual contractual agreements between Eesti Pank and the credit institutions applying for participantship in the settlement system and Eesti Pank Governor's decrees that are based on the Eesti Pank Act, the Credit Institutions Act, and the Law of Obligations Act.

The Decrees of the Governor of Eesti Pank serve to regulate the principles of account management of Eesti Pank, the general terms and conditions of becoming a settlement system participant, as well as the fees of the settlement systems.

The functioning of the interbank settlement systems is based on the following legislation:

  Instructions for the settlement of payments

  Customer's account with Eesti Pank
    General terms and conditions of account management
    Price list of account management
    Application for opening an account with Eesti Pank

  Reserve requirement
    Calculating of and complying with the reserve requirement
    Interest rates for the reserves and standing deposit facility

 Accession contracts of the settlement systems
    ESTA
    EP RTGS
    TARGET2-Eesti

  ESTA rules
    ESTA general terms and conditions
    Price List of ESTA

  EP RTGS rules
    Harmonised conditions of EP RTGS
    EP RTGS definitions
    Price list of EP RTGS
    General terms and conditions for granting and collateralising intraday liquidity credit
    EP RTGS terms of reference for capacity and country opinions

  TARGET2-Eesti rules