News

Chair of the Supervisory Board of the Single Supervisory Mechanism Andrea Enria visits Estonia

On Thursday and Friday 22-23 August, the head of banking supervision at the European Central Bank, Andrea Enria, will visit Estonia. This is the annual visit by the head of supervision to the supervisory authorities of member states.

Tuleva Fondid AS has received an additional authorisation

Finantsinspektsioon issued an additional authorisation to Tuleva Fondid AS on Monday 19 August for managing voluntary pension funds.

The company already had the right to manage mandatory pension funds. The members of the management board of Tuleva Fondid AS are Tõnu Pekk and Mari Kuhi.

Finantsinspektsioon published an overview of the Estonian financial sector in Q1 2019

In the first quarter of 2019, Luminor Bank AS merged with banks in Latvia and Lithuania owned by the same owner. This large transaction had a major impact on the figures for the banking sector in Estonia. The addition of the assets and liabilities in Latvia and Lithuania to the balance sheet of the Estonian banking sector increased the assets of the sector by some 40% to 36 billion euros.

Finantsinspektsioon has withdrawn the authorisation from the payment institution PayHub AS

The Management Board of Finantsinspektsioon has, by a decision of 8 July 2019, withdrawn from PayHub AS the authorisation with an exemption to provide money transfer services, because of substantial breaches of the legal requirements.

Finantsinspektsioon has withdrawn the operating licence from GFC Good Finance Company AS

Finantsinspektsioon withdrew the operating licence as a payment institution from GFC Good Finance Company AS on 27 May 2019 for serious breaches of the law. Finantsinspektsioon also cancelled its identification code as a payment institution.

Finantsinspektsioon is asking the market for its opinion on financial innovation

Finantsinspektsioon is mapping the landscape of financial innovation in Estonia over the next two weeks, asking market participants for input on possible ways of using financial technology, and the related problems and possible solutions.