FREQUENTLY ASKED QUESTIONS

     1. At what time does the settlement system of Eesti Pank settle payments?

Interbank settlement systems managed by Eesti Pank (the ordinary payments settlement system ESTA as well as real-time settlement systems EP RTGS and TARGET2) operate on settlement days. Payments are not settled on national holidays and at weekends.

Ordinary payments are settled on settlement days from 8:15 to 18:00.

Real-time settlement systems, EP RTGS and TARGET2, settle payments from 8:00 a.m. to 19:00. Payments initiated by bank customers are settled until 18:00 and payments initiated by banks until 19:00.

     2. Has Eesti Pank considered the option of keeping interbank settlement systems in operation also at weekends?

Eesti Pank has undertaken the obligation to manage interbank settlement systems on the principle of self-sufficiency. Considering the anticipated number of interbank payment orders during weekends and holidays as well the fact that the staff responsible for managing the settlement systems both in Eesti Pank as well as in banks should be at work 24/7, operating 24/7 is not economically feasible.

     3. How long does it take to transfer an initiated payment into the account of the payee?

On settlement days, an ordinary payment is transferred to the payee's account in another bank within 30 to 90 minutes, depending on the time of initiating the payment. An express payment reaches the payee's account in about 5 minutes. Payments are not settled on national holidays and at weekends. Depending on the time of initialising the payment, it is transferred to the payee's account within 30 to 90 minutes. An express payment reaches the payee's account in 5 minutes.

     4. How much does the interbank transfer of payments cost?

Eesti Pank has established the following fees for participants of the settlement systems (i.e., banks):
    in the System of Ordinary Payments (ESTA), the fee for settling a payment is EEK 0.50;
    in the Real-Time Gross Settlement System (EP RTGS), the fee for settling a payment is EEK 9.39 and the fee for withdrawing each payment order is EEK 93.88.

In the cross-border express transfer system, TARGET2, the fee for settling a payment depends on the package chosen by the participant. Participants can choose between two packages:
    a package with a monthly fee of EUR 100 with an additional charge of EUR 0.80 f or each payment settled;
    a package with a monthly fee of EUR 1,250, where the fee for settling payments depends on the number of payments (the more payments are made, the cheaper the settlement is) and is between EUR 0.6 and EUR 0.125.

The fees valid for bank customers have been established by commercial banks. Thus, for more information, please refer to a respective commercial bank.

     5. To which countries is it possible to forward euro-denominated payments via TARGET2?

Euro-denominated payments can be sent to the banks in the banking communities that have joined TARGET2: Austria, Belgium, Estonia, Spain, the Netherlands, Ireland, Italy, Greece, Cyprus, Lithuania, Latvia, Luxembourg, Malta, Poland, Portugal, France, Germany, Slovenia, Finland, and Denmark.

     6. Who is to blame if the payee has not received a payment on time?

Eesti Pank, and presumably also commercial banks, neither "detain" any transfers nor prevent their movement from the payer to the payee in any other way.

If you have not received an amount that you know has been transferred into your account, the possible reasons therefor (erroneous personal data, etc) can established in the bank where the payment was initiated. If the payment was performed after the reference time prescribed for receiving payments, the payment will be transferred into the payee's account on the next banking day.

     7. Which currencies are used in settling payments in the Eesti Pank settlement systems?

In the System of Ordinary Payments, ESTA, and in the Real-Time Gross Settlement System, EP RTGS, payments are settled in the Estonian kroon. In the Trans-European Real-Time Gross Settlement Express Transfer System, TARGET2-Eesti, payments are settled in the euro.

     8. What is the size of an average payment in ESTA and in EP RTGS?

In 2007, an average ordinary payment was 16,000 kroons, and an average express payment 4.3 million kroons.

     9. Is provision of the settlement service profitable for Eesti Pank?

Eesti Pank has established the fees for the usage of the settlement systems proceeding from the principles that these should cover the operating costs of the system, not be unjustified or discriminating and promote usage of the settlement systems.

The income received for settling retail payments is on average 900,000 kroons per month and the income from settling express payments 60,000 kroons. It can be said that the income earned on managing the settlement systems covers the operating expenses and overhead costs of the Clearing and Settlement Department.