Financial markets

The Scandinavian-connected banking system of Estonia is modern and efficient, encompassing the strongest and best-regulated banks in the region. These provide both domestic and international services (including Internet and telephone banking) at very competitive rates. Both local and international firms provide a full range of financial, insurance, accounting and legal services. Estonia has a highly advanced Internet banking system: the majority of Internet users make their everyday transactions via Internet banking. Some banks are developing mobile banking, offering banking services via WAP.

More facts about the banking market of Estonia:

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• The banking system is part of the common banking market of the Northern Baltic region and Europe.

• 6 banks are registered as companies operating in Estonia. All others are branches of banks located in other countries (Denmark, Sweden).

• Only the banks that are registered in Estonia are under the supervision of Estonia and participate in its deposit guarantee system. Branches of banks registered elsewhere are subject to the supervision and deposit guarantee systems of their home countries (i.e. countries where they are registered).

Current situation of the financial market of Estonia

The financial market of Estonia is relatively unique when compared to the rest of Europe. Our position in the current turbulent situation is better than that of some others due to the following reasons:

• The relatively small share of the financial sector in the total economy.

• More than 90% of the banks operating in Estonia are under Scandinavian ownership.

• The majority of banks operating here belong to major conservative banking groups.

• Concentration of the banking market is very high – the biggest market shares are divided between a few banking groups.

• The interbank moneymarket is very small, which is why potential problems in one bank should not have a direct impact on other banks.

• The banks operating here are very well capitalised. This means that all funds in our banks are well protected.

• The loan burden ration of the Estonian private sector to GDP is relatively low.

• Estonia has a small public debt.