The European Central Bank (ECB) will from January exercise supervision over 113 important banking groups in Europe it announced today. Those banks will include four Estonian banks, which are Swedbank, SEB Pank, Luminor and LHV.
There are currently 14 banks operating in Estonia. While four of them come under direct supervision from the European Central Bank, the remainder are supervised by Finantsinspektsioon. The European Central Bank always conducts financial supervision over large and important banks jointly with the local supervisory authority.
The Finantsinspektsioon blog gives further information in Estonian on how responsibility for supervising the banks operating in Estonia is shared between the European Central Bank and Finantsinspektsioon.