Ministry of Finance, Eesti Pank and Finantsinspektsioon signed an agreement on forming policies in financial sector
On Friday, 24 March 2017, the Minister of Finance Sven Sester, the Governor of Eesti Pank Ardo Hansson and the Chairman of the Management Board of Finantsinspektsioon Kilvar Kessler signed an agreement of cooperation between these three institutions on forming policies in the financial sector.
The trilateral agreement arranges the cooperation between the Ministry of Finance, Eesti Pank and Finantsinpektsioon in forming policies in the Estonian financial sector, preparing draft laws and impact assessments in the financial area, assuring financial stability and resolving financial crises. In addition, the agreement regulates the cooperation and exchange of information in the financial area when communicating with the EU institutions and other international institutions and organisations.
“This agreement helps to have a better cooperation between these three institutions. We exchange important information as quickly as possible in order to fulfil our assignments efficiently and well”, said Sven Sester, the Minister of Finance. “We wish that the financial institutions and markets would function in certainty, so that the monetary environment improves and economy could grow.”
Compared to the previous agreements of cooperation, this one also includes topics on the regulations of recovery and resolution of credit institutions and investment firms. The agreement states the joint actions concerning the prevention and resolution of financial crises connected to the financial institutions operating in Estonia.
The agreement regulates the cooperation between high-level joint commissions as well as specialists of the three institutions. Among other things, it is possible to form joint working groups, share practices with other specialists and arrange joint lessons and trainings.
As this agreement comes into force, the previous trilateral agreements of cooperation, signed on 5 December 2005 and 21 December 2007, are declared invalid.