Posts tagged as bank

Bank of Estonia: Domestic, cross border payments rise on year to Q1 2021

Monday, April 26, 2021

Turnover of domestic clients increased by 6.7 percent on year to the first quarter of 2021 (Q1 2021), the Bank of Estonia reports, while the number of payments over the same period rose 7.2 percent. Between Q4 2020 and Q1 2021, domestic client payments rose 0.4 percent, while the number fell 1.1 percent. The turnover of domestic payments excluding card payments in Q1 2021 stood at €38.4 billion, while the…

Don’t joke on payment forms, banks advise

Tuesday, March 30, 2021

April 1 may be almost upon us, but anyone in the mood for jokes on bank payment forms is being warned against it by the banks themselves. Jelena Novaka, Head of Private Communications at SEB, explained that when filling in the fields on a bank payment form “The purpose of a payment is not a place to joke, because sometimes it can be that the payment is important, and that purpose of…

Citadele bank buys ABLV’s mortgage portfolio

Friday, March 12, 2021

Citadele bank on March 12 announced the acquisition of the majority of the mortgage portfolio owned by ABLV bank, which is already into the third year of its lengthy liquidation procedure. “The portfolio consists of several thousand mortgage loans with a total exposure above EUR 170 million. Given the materiality of the deal, the planned completion date is in the second half of this year, and all customers affected will be contacted in…

Bank of Estonia forecasts 2.5 percent economic downturn in 2020

Wednesday, December 16, 2020

The Bank of Estonia is forecasting that the Estonian economy will shrink by 2.5 percent this year, which is a much softer decline than feared in spring and also one of the smallest in Europe. The central bank forecasts that the Estonian economy will start to recover from the crisis in the second quarter of 2021 and will reach the pre-crisis level already in the second half of next year.…

Central bank governor emphasizes transparency when using EU recovery fund

Tuesday, November 3, 2020

Governor of the Bank of Estonia Madis Müller told ERR one of Estonia’s largest fiscal challenges in recovering from the coronavirus economical crisis is the allocation of €1.5 billion in European Union support measures between investment objects. Estonia is set to receive more than €1.5 billion in funds from theEuropean Union recovery fund , part of the EU long-term budget, over the next three years. The only confirmed project currently…

Latvian central bank: economy has weathered COVID-19 better than most EU countries

Friday, October 23, 2020

Latvian central bank (Latvijas banka, LB) published its regular monthly Macro Profile on October 23, giving an overview of the state of the national economy. “So far, Latvia’s economy has weathered the COVID-19 crisis better than most European Union (EU) countries,” LB said. “Over the second quarter of 2020, Latvia’s GDP fell by 7.1%, i.e. less than previously projected by Latvijas Banka. Factors such as balanced economic growth and sound…

LHV to establish full-fledged UK bank

Friday, October 23, 2020

Estonian bank LHV is to fully set up separate operations in the United Kingdom. LHV has a branch in the U.K., but this had not been distinct from its Estonian operations via AS LHV Group. The bank told the Estonian stock exchange the move will allow for better compliance with regulatory and supervisory requirements. In the future, AS LHV Pank will focus on serving Estonian customers and its U.K. equivalent…

Former Bank of Estonia governor on fiscal policy: There are no free lunches

Friday, October 23, 2020

The state budget relies too heavily on borrowed money and the planned deficit is too large which will cost Estonia sometime in the future, said Ardo Hansson, former governor of the Bank of Estonia, on ETV politics talk show “Esimene stuudio”. Any estimations for the future must assume that next year will be better than the current one and that the virus will not cause further closures, Hansson said. The…

Collapsed bank sues former NATO chief Anders Fogh Rasmussen

Monday, October 5, 2020

Former NATO Secretary General Anders Fogh Rasmussen is among nine persons being sued by the administrators of the insolvent Latvian bank “PNB”, LTV’s investigative program De Facto reported October 4. While serving as Deputy Chairman of the bank’s Council, Rasmussen voted in favour of several transactions that were not in the bank’s interests, it is claimed. PNB went bankrupt last year, after the European Central Bank (ECB) assessed that it was “failing or likely…

Bank of Estonia launching research project into digital currency

Monday, October 5, 2020

The Bank of Estonia has launched a multi-year project in collaboration with the technology companies Guardtime and The SW7 Group to research how technologically suitable the Estonian e-government core technology is for operating a central bank digital currency. A central bank digital currency would in theory give people and companies a new way to deposit and use money alongside their accounts at commercial banks and cash. It would be similar…