27/09/2024
The Supervisory Board of Finantsinspektsioon approved the annual report of the financial supervisor for 2023 at its regular meeting on 22 March, and approved the proposal for use of the budget surplus. It also heard a review by the management board of the execution of the Finantsinspektsioon strategy.
The budget surplus of Finantsinspektsioon for 2023 was 192,272.70 euros, which the Supervisory Board decided to transfer to the Finantsinspektsioon reserves.
“The work of Finantsinspektsioon is funded mainly by the fees paid by the companies subject to financial supervision. Given the size of the surplus, we thought it best to transfer it to the Finantsinspektsioon reserve, so it can be used in future years if needed”, said chair of the Finantsinspektsioon Supervisory Board, Minister of Finance Mart Võrklaev.
The management body of Finantsinspektsioon gave the Supervisory Board a presentation at the meeting of its execution of the Finantsinspektsioon strategy. The Finantsinspektsioon strategy to the end of 2025 can be found on its website. “Finantsinspektsioon successfully carried out all of its legal obligations in 2023 and met all of the goals in its strategy. A priority for Finantsinspektsioon last year was to assess cyber risk management, while it received a positive report from international organisations for its work to counter money laundering, and together with the European Central Bank set an additional requirement of 849 million euros for the banks in Estonia to cover risks. The steps were clearly necessary to ensure the stability of the Estonian financial system”, said Mr Võrklaev.
There were 122 staff working at Finantsinspektsioon at the end of the year, and they were supervising 271 financial intermediaries working in the financial sector.
Finantsinspektsioon issued four new operating licences last year and withdrew six, issued fines of around a million euros and 10 precepts to companies, and published 1310 alerts on its website. The annual report approved by the Supervisory Board will be presented by Finantsinspektsioon to the Riigikogu. The report can be read on the Finantsinspektsioon website.