The Supervisory Board of Finantsinspektsioon approved the annual report of the financial supervisor for 2020 at its regular meeting on 26 March, and approved the proposal for use of the budget surplus.
Finantsinspektsioon had a budget surplus in 2020 of 1,147,404.75 euros, which was largely a consequence of business travel and on-site inspection work being cancelled because of the Covid-19 pandemic. The Finantsinspektsioon Supervisory Board decided that 714,057.48 euros would be transferred to the Finantsinspektsioon reserve, and 433,347.27 euros would be returned equally and proportionally to subjects of financial supervision.
“Finantsinspektsioon worked so that financial intermediaries were able to continue to provide financial services despite the crisis, and so that they had sufficiently large capital buffers at a time when risks were higher than usual and had potential to cause losses. Finantsinspektsioon limited how banks could pay out their profits and set a framework for announcing general and uniform conditions for payment holidays together with the other financial supervision authorities of European Union countries”, said chair of the Finantsinspektsioon Supervisory Board Keit Pentus-Rosimannus.
The Finantsinspektsioon annual report for 2020 can be found on the Finantsinspektsioon website.