Eesti Pank / Bank of Estonia

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EESTI PANK ANNUAL REPORT 2004

CONTENTS*

ESTONIA IN ENLARGED EUROPEAN UNION
I ESTONIA AS A PART OF THE ENLARGING AND CHANGING EUROPEAN UNION
Institutional Implications of Enlargement and Constitutional Treaty
European Union Economic Policy
Involvement of New Member States in EU Economic Policy Coordination Process
EU Financial Sector Policy
GLOBAL AND ESTONIAN ECONOMIES
II GLOBAL ECONOMY
Main Global Trends
United States and Japan
Euro Area
Finland and Sweden
Baltic States and Central and Eastern European Countries
Russia
Developments in International Financial and Commodity Markets
III ESTONIAN ECONOMY AND FINANCIAL SECTOR
NON-FINANCIAL SECTOR
Monetary Environment
External and Domestic Demand
Sources of Economic Growth
General Government
Inflation
FINANCIAL SECTOR
Major Trends in Financial Sector in 2004
Banking
Institutional Development
Assets and Liabilities of Banks
Profitability and Risks
Profitability
Capital Adequacy and Risks
Securities Market
Bond Market
Stock Market
Other Financial Intermediaries
Investment and Pension Funds
Insurance
MAIN ACTIVITIES OF EESTI PANK
IV ENSURING MONETARY POLICY STABILITY
Economic Policy Outlines from Monetary Policy Stability Perspective
Monetary Policy in 2004
Monetary Policy in Coming Years
EMU Membership Preconditions
Convergence Reports
Preparations for Full EMU Membership
Regular Economic Analysis, Forecast and Economic Research as a Basis for Monetary and Financial Policy Decisions
V SAFEGUARDING FINANCIAL STABILITY
Overall Financial Stability Framework in Estonia
Regulation and Banking Policy
Prevention of Money Laundering and Terrorist Financing
Financial Stability: Monitoring and Analysis
Crisis Resolution Framework
Oversight of Payment and Settlement Systems
VI DEVELOPMENTS IN STATISTICS
More Significant Trends in Statistics in 2004
Banking and Other Financial Statistics
Balance of Payments Statistics
General Economic Statistics
VII PAYMENT AND SETTLEMENT SYSTEMS
Settlement System of Interbank Payments
Payment Instruments
Meeting the Cash Demand
Issued Banknotes and Coins and Their Structure
Cash Circulation
Introduction of New Collector Coins
Expert Analysis of Cash
Preparations for the Changeover to the Euro
Cash-Related Cooperation in the European Union
VIII RESERVE MANAGEMENT
Organisation of Reserve Management
Structure of Foreign Exchange Reserves
Investment Process
Investment Results in 2004 and Related Factors
Adjustments in Benchmark Portfolio
Providing Asset Management Services to Public Sector
COOPERATION, COMMUNICATION AND ORGANISATION DEVELOPMENT
IX INTERNATIONAL COOPERATION
Regular Cooperation within EU Structures
European Central Bank
Council of the European Union and its Substructures
European Commission
Coordination of the EU-Oriented Activities in Estonia
Cooperation with the International Monetary Fund
Cooperation with Other International Organisations
Cooperation with Other Central Banks
X PUBLIC RELATIONS AND COMMUNICATION PRINCIPLES
Public Relations of Eesti Pank and Significant Target Groups
Handling Information Requests and Enquiries
Media Relations and Public Appearances
Celebration of 85th Anniversary of Eesti Pank
Promotion of the Euro and Estonian National Euro Coin Design Contest
Activities of Eesti Pank Museum
XI GOVERNANCE, ORGANISATION AND PERSONNEL POLICY OF EESTI PANK
Eesti Pank's Governing Bodies and Decision-Making Processes
Supervisory Board of Eesti Pank
Executive Board of Eesti Pank
Monetary Policy Committee
Governance Framework
Strategic Management
Process Management
Management Competence
Risk Management
Coordination of Eesti Pank's Legislative Action with Changing Legislation and Bank's Strategic Goals
Personnel Policy
Employees
Development and Training
International Cooperation
Staff Hobbies and Traditions in Eesti Pank
Sports Club
Chamber Choir
ANNUAL ACCOUNTS OF EESTI PANK
for the Financial Year Ended 31 December 2004
Notes to the Annual Accounts of Eesti Pank
Independent Auditors' Report
APPENDICES
Strategic Development Plan of Eesti Pank for 2005-2007
2004 Decisions of the Executive Board of Eesti Pank and Decrees of the Governor of Eesti Pank
Chronicle of 2004
Publications of Eesti Pank
STATISTICS

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