Financial Department

Accounting within the central bank is somewhat different from that of an ordinary company since besides regular accounting, the bank maintains an account of transactions related to the management of cash circulation, monetary policy and foreign exchange reserves.

The Head of Financial Department is Liivi Teder. The Financial Department consists of two divisions.

The Financial Accounting and Reporting Division keeps accounts of Eesti Pank’s financial assets and liabilities, compiles financial statements and financial statistics reports, administers their methodology and participates at the European System of Central Banks (ESCB) in developing proposals for changes in accounting. The Division is responsible for compiling reports and submitting them to the European Central Bank and to the Executive Board of Eesti Pank.

The General and Management Accounting Division drafts the bank’s budget and writes the budget and management reports, administers the methodology for them and monitors compliance with spending norms and economical and efficient consumption, records the bank’s accounting data, cost accounting and taxation accounting and reporting, and prepares financial statements. The Division also helps the Executive Board in organising strategic planning and in developing the organisation. It participates in financial control of Eurosystem projects and in advising the Governing Council of the European Central Bank on questions concerning the budget for the ECB. The Division is managed by Helga Käärik and besides her there are five more employees in the division.