Riin Heinaste started work as head of the Guarantee Fund
The new head of the Guarantee Fund from 18 October is Riin Heinaste, previously the head of the Resolution Department of the Financial Supervision Authority.
"The Supervisory Board of the Guarantee Fund approved the further effective consolidation of the crisis resolution activities of the Guarantee Fund and the Financial Supervision Authority so as to make the fund more efficient and able to act faster in resolving problems", said Kilvar Kessler, chair of the Supervisory Board of the Guarantee Fund. "Several member states of the European Union and the USA use this approach, and it is being adopted more broadly throughout Europe".
"It will be an exciting challenge to lead the Guarantee Fund through the changes. My goal is to help the guarantee fund achieve its strategic targets, the highest priorities among which are launching the consolidation process, focusing more than before on international cooperation, and testing the overall functioning of the guarantee system and making it more efficient through the stress tests that all the guarantee schemes in Europe will soon have to undertake", said Riin Heinaste.
Riin Heinaste was appointed by the Supervisory Board of the Guarantee Fund on 1 September. The head of the Guarantee Fund is appointed for three years.
Riin Heinaste has a Master’s degree in law from the University of Tartu, and has worked as a lawyer for ten years, the last eight of them at the Financial Supervision Authority. She earlier worked for a law firm.
The Guarantee Fund insures deposits in banks operating under an activity licence in Estonia, covering cash on current accounts and the funds of investors, unit holders of mandatory pension funds, and insurance policyholders with compulsory savings pensions contracts, within the scope and conditions defined by law.
Head of the Financial Supervision Authority Kilvar Kessler chairs the nine-member Supervisory Board of the Guarantee Fund, and the deputy chair is the Vice Chancellor of the Ministry of Finance Märten Ross. The other members of the Supervisory Board of the Guarantee Fund are Martin Helme, Meelis Hint, Madis Müller, Andres Piirsalu, Joel Kukemelk, Aivar Sõerd and Katrin Talihärm.
The Guarantee Fund is a legal entity under public law and has operated since 1 July 2002 as a successor to the earlier deposit guarantee fund.