Interbank payments are running smoothly

The changeover to euro is continually going very well. The first domestic retail payments in euros took place on Monday at 9 a.m. via the Bank of Estonia.
5. 01. 2011

As usual, ESTA, the settlement system of domestic retail payments of the Bank of Estonia started on Monday morning at 8.30 a.m. The central bank carried out the first settlement between commercial banks at 9 a.m. Nearly 25,000 retail payments were made during the first settlement. ESTA continues to operate as on an ordinary working day.

Commercial banks use ESTA when their clients make a domestic interbank transfer. Retail payments move through ESTA 10 times a day each working day. On average, 100,000 retail payments with the total value of 130 million euros move through ESTA on each working day. Members of ESTA are banks and Estonian Central Register of Securities.

TARGET2-Eesti, which is part of TARGET2 – Trans-European Automated Real-time Gross Settlement Express Transfer System – started as usual on Monday at 8 a.m. TARGET2-Eesti proceeds its operations as on a normal working day.

Due to changeover to euro, the Bank of Estonia has closed its third settlement system, which was used for making domestic express payments in kroons.

Further information:

Viljar Rääsk

Bank of Estonia
Public Relations Office
Tel: 668 0745, 527 5055

Media inquiries: