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EESTI PANK ANNUAL REPORT 2003
External Environment 2003
- I. WORLD ECONOMY
- United States and Japan
- Europe
- Finland and Sweden
- Baltic and Central European Countries
- Russia
- II. THE CHANGING EUROPEAN UNION AND ESTONIA
- EU Enlargement
- Institutional Impact of the Enlargement
- Constitutional Treaty
- Economic and Financial Policy of the European Union
- Economic Policy Dialogue and Cooperation Between the New Member States and the EU Structures in the Near Future
- European System of Central Banks
- Changes in Estonia's Internal Coordination Systems of EU Issues
- On the Way to the Economic and Monetary Union
Eesti Pank in Economic and Financial System
- III. ESTONIAN NON-FINANCIAL AND FINANCIAL SECTOR
- NON-FINANCIAL SECTOR
- Monetary Environment
- Estonia's Sovereign Rating
- External and Domestic Demand
- Sources of Financing Economic Growth
- General Government
- Inflation
- Current Account Deficit and Foreign Investments in a Small Open Economy
- FINANCIAL SECTOR
- Banking
- Institutional Development
- Assets and Liabilities of Banks
- Return on Equity and Risks
- Profitability
- Capital Adequacy
- Credit Risk
- Liquidity Risk
- Currency Risk
- Securities Market
- Bond Market
- Stock Market
- Other Financial Intermediaries
- Investment and Pension Funds
- Insurance
- IV. ENSURING MONETARY POLICY STABILITY
- Estonian Monetary System
- Estonian Monetary Policy in 2003
- Monetary Policy Operational Framework
- Supporting Economic Stabilisation
- Regular Economic Analyses, Forecasts, and Economic Research as Basis of Economic Policy Decisions
- Estonian Monetary Policy on the Way to the Economic and Monetary Union
- Economic and Monetary Union
- V. ENSURING FINANCIAL STABILITY
- Organisation of Ensuring Financial Stability in Estonia
- Financial Stability Cooperation in the European Union
- Financial Sector Regulation and Banking Policy
- Development of Banking Regulation
- Prevention of Money Laundering and Terrorism
- Measures Adopted by Eesti Pank in 2003 to Reduce Financial Sector Risks
- Monitoring and Analysis of Financial Stability
- Object of Analysis
- Cooperation in Financial Stability Monitoring and Analysis
- Eesti Pank's Financial Stability Survey
- VI. DEVELOPMENTS IN STATISTICS
- Participation in the Statistics Development Projects of the European Central Bank
- Banking and Other Financial Statistics
- Balance of Payments Statistics
- VII. PAYMENT SYSTEMS AND INSTRUMENTS
- Payment Systems Oversight
- Assessment of EU and Candidate Countries' Securities Settlement Systems
- Tasks of Eesti Pank in Overseeing Payment Systems
- Settlement System of Interbank Payments
- Payment Instruments
- Meeting the Cash Demand
- Issued Banknotes and Coins and Their Structure
- Cash Circulation
- Expert Analysis of Cash
- Technological Innovations
- VIII. RESERVE MANAGEMENT
- Organisation of Reserve Management
- Foreign Exchange Reserve Structure
- Investment Process
- Investment Results in 2003 and Associated Factors
- International Financial and Commodity Markets
- Investing Foreign Exchange Reserves
- Adjustments in Benchmark Portfolio
- Results of External Asset Managers
- Providing Asset Management Services to Public Sector
Cooperation, Public Relations, and Organisation Development
- IX. INTERNATIONAL AND DOMESTIC COOPERATION. PUBLIC RELATIONS
- Regular Cooperation with the European Union Bodies
- European Central Bank
- Council of the European Union
- European Commission
- Cooperation with the International Monetary Fund
- Cooperation with Other International Organisations
- Cooperation with Other Central Banks
- Domestic Cooperation in Financial and Economic Policy Issues
- Public Relations of the Central Bank and Significant Target Groups
- Regular Economic Policy Output of Eesti Pank
- Handling Information Requests and Enquiries
- Media Relations and Public Appearances
- Other Communication Events in 2003
- Activities of Eesti Pank Museum
- X. ORGANISATION AND PERSONNEL POLICY OF EESTI PANK
- General Management and Areas of Responsibility in 2003
- Cooperation with the Financial Supervision Authority
- Development of the Management System and Work Organisation at Eesti Pank in 2003
- Strategic Management
- Process Management
- Risk Management
- Personnel Policy
- Bank Employees
- Development and Training
- Staff Hobbies
Annual Accounts of Eesti Pank
For the Financial Year Ended on 31 December 2003
Notes to the Annual Accounts of Eesti Pank
Independent Auditors' Report
- Appendices
- The Mission, Main Objectives, and Stategic Development Plan
- 2003 Decisions of the Board of Eesti Pank and Decrees of the Governor of Eesti Pank
- Publications of Eesti Pank
- Statistics
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