Eesti Pank / Bank of Estonia

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Tühik

Janno Luurmees, Head of the Financial Markets Department

Financial Markets Department

  •    Conducts the monetary policy operations of the Eurosystem in Estonia
  •    Manages the foreign exchange reserves and other financial assets of Eesti Pank
  •    Participates in the management of the foreign exchange reserves of the European Central Bank

The Financial Markets Department is responsible for the conduct of monetary policy operations of the Eurosystem and for the management of the reserves of Eesti Pank. While the monetary policy decisions of the Eurosystem are adopted by the Governing Council of the European Central Bank, the monetary policy operations are conducted decentrally by national central banks. Revenues from taking moderate risks in financial asset management cover the expenses for the daily running of the central bank. Part of the revenues is allocated to the reserves and to the state budget.

Every central bank of the Eurosystem also manages a part of the reserves of the European Central Bank. Given the relatively small share of Eesti Pank, this portfolio is managed jointly with colleagues from Suomen Pankki.

The Head of the Financial Markets Department is Janno Luurmees. Besides him, there are 14 more employees in the department.

The Financial Markets Department has three divisions:

the Analysis and Monetary Policy Operations Division (Head of Division and Chief Analyst is Toivo Kuus; besides him there are three more specialists in the division);

the Investment Division (Head of Division is Fabio Filipozzi; besides him there are three more specialists in the division);

the Risk Management Division (Head of Division and Risk Manager is Oliver Tamm; besides him there are three more specialists in the division).