The Supervisory Board approved the EFSA annual report and surplus for 2004
On its Tuesday, March 29, 2005 meeting, the Supervisory Board gave approval to the EFSA?s annual report and surplus for 2004 in the amount of 2,105,515 kroons.
In 2004, the EFSA's revenues amounted in total 39,644 thousands kroons and the expenses in total 37,539 thousands kroons. The agency's revenue and expenditure report was audited by AS Deloitte Audit Eesti. As of April 5, the annual report is available on the EFSA website www.fi.ee.
"For the EFSA, the year 2004 marks rapid development primarily characterized by accession to the EU network of financial supervisors. Since the leading Estonian financial institutions have foreign owners, the cross-border cooperation in the financial supervision area will expand increasingly," Chairman of the EFSA Management Board Andres Trink said.
"We want in the future as well to contribute with our activities to continually strong competition in the Estonian financial sector, dynamic development of financial services and increasing opportunities for consumers," Trink added.
Additionally, the EFSA Supervisory Board made a resolution to refund the surplus to the supervised entities proportionally to the supervision fees they paid for 2004. According to the Financial Supervision Authority Act, the agency is financed by the supervised market participants.
"Estonia is a small country, and we feel that state agencies should be effective. By returning our operating surplus to supervised entities financing us, we want to prove effective operation by the EFSA," Andres Trink commented regarding the refund.
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