The information provided details the Estonia banking system, and the opening of Estonia bank accounts. You will find details on the laws and regulations that govern the banking system, as well as a list of local and international banks that operate in Estonia.
Most of the countries in the world, including Estonia, use the two-tier banking system with the Eesti Pank being the central bank constituting the first tier and commercial banks and other credit institutions the second tier. The first tier deals with ensuring price stability and employs different methods to control the volume of money put into circulation through commercial banks. The second tier provides banking services (opening accounts, providing loans, replacing damaged banknotes, purchasing/selling currency, etc) to people and enterprises.
Eesti Pank is the central bank of the Republic of Estonia that operates the Estonian monetary system, i.e., conducts the national monetary policy. The mission of Eesti Pank is to ensure price stability in Estonia. A stable price level is very important. This gives economic agents (both people and enterprises) the confidence to make long-term saving, consumption and investment plans. Monetary stability is the basis of a lasting and successful economic and social development.
The main tasks of Eesti Pank in carrying out its mission are as follows:
Eesti Pank is an independent constitutional institution which is not subordinate to the government or any other executive power authority. Eesti Pank is not held liable for the financial liabilities of the state, nor is the state held liable for the financial liabilities of the central bank. The highest organisational body of Eesti Pank is the Supervisory Board which may not comprise members of the government. This guarantees the central bank has the best possibilities of ensuring monetary and financial stability.
Central bank independence is an integral part of a monetary system aiming at ensuring price stability. At the same time, the principles of modern democracy expect any independent institution performing public functions to be accountable for its actions.
Licensed Credit Institutions in Estonia
Affiliated Branches of Foreign Credit Institutions
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