Annual Report approved by Supervisory Board of Financial Supervision Authority
On Friday, 27 March 2009, the supervisory board of the Financial Supervision Authority approved the 2008 annual report of the Financial Supervision Authority. In the conditions of the global financial crisis, the activity of the Financial Supervision Authority had concentrated primarily on ensuring the stability of the financial sector in Estonia through work in the area of capital supervision. In addition to the regular credit and liquidity risk analysis of banks, the supervision carried out, throughout the year, various strength analyses both with respect to banks and insurance companies. The integration of our financial market with the financial markets of Scandinavia means and will continue to mean very active cooperation with colleagues in both Swedish financial supervision and the Baltic States. The altered economic environment has entailed the need to pay more attention than has been to date to raising the awareness of financial services consumers.
"Though the impact of the financial and economic crisis, now of global dimensions, at both state, enterprise and individual levels has been significant, it is a pleasure to point out that in Estonia, to date, we have been able to avoid the collapse of financial services providers and the use of tax payers' money for the preservation of the stability of market participants and the financial system," Raul Malmstein, Chairman of the Management Board of the Financial Supervision Authority, commented.
Work to raise the awareness and financial literacy of financial services consumers continues to be the focus of attention for financial supervision, with the aim of making issues in the financial area, frequently complicated, intelligible for people.
The capability and rapid development of the Financial Supervision Authority was assessed highly in the Financial Sector Assessment Program report by the International Monetary Fund (IMF) published in March of this year. The organisational structure and the professionalism of the supervision specialists of the Financial Supervision Authority enables, in the assessment of IMF, the performance of effective supervision that meets international standards and the directives of the European Union.
The Financial Supervision Authority?s 2008 revenue from supervision fees totalled MEEK 59.4, operating expenses of MEEK 57.5. The statement of gains and losses of the Financial Supervision Authority was audited by PricewaterhouseCoopers.