Strategic objectives of the Estonian Banking Association for 2022-2024

The three major avenues of activity for the Estonian Banking Association in 2022-2024 are:

• Supporting activities related to sustainability in the banking sector
• Continuing to develop responsible and highly functioning banking
• Advocating for a more competitive economic environment

1. Sustainability of banking 
   
   The objective of the Estonian Banking Association is to be an active party in implementing activities related to sustainability and discussions related to funding for the necessary investments. The top priority for the Estonian Banking Association is to coordinate the activities of banks on the following topics:
   1. A common interpretation of the European Union’s financial sustainability taxonomy and discussion with national representatives in the field of challenges facing compliance with reporting requirements. 
   2. To be a partner for government institutions, ministries, Eesti Pank (Bank of Estonia) and influential organizations in developing the field of sustainable finance.
   3. Harmonizing and simplifying for the business sector the availability of the reporting and data that banks need.
   4. Implementing good practices in green financial solutions (avoiding greenwash).
      
      
2. Responsible and highly functioning banking
   
   The members of the Estonian Banking Association resolve to continue to advocate for responsible and highly functioning banking. To achieve this goal, the Estonian Banking Association will focus on the following activities:
   1. Dialogue with the Bank of Estonia and government institutions in regard to the requirements of the Preparedness Act:
      1. In cooperation with the state, setting clear goals, and agreeing on comprehensible and realistic risk scenarios. Coordinating actions necessary for mitigating risks in cooperation with vital service providers in different sectors.
      2. Banks will work to achieve preparedness to respond to crisis situations, ensuring uninterrupted functioning of critical processes when it comes to services provided by banks.
      3. Discussion with the Financial Supervision Authority on requirements for business continuity and delegation of services.
   2. Supporting the establishment of a positive credit register along with setting a limit on consumer loans to implement responsible lending practices.
   3. Continuing to ensure availability of bank accounts to Estonian residents and providing the definition of basic payment account service with the same substance in the context of anti-money laundering and sanctions, including topics related to passive account closure on the basis of Know Your Customer principles.
   4. Continuing anti-fraud cooperation between member banks, coordinating communication related to fraud prevention and, if necessary, holding joint campaigns.
   5. Cooperation with providers of digital financial services based on new technologies in order to find working legal solutions and policies.
   6. Ensuring strong, secure and developing banking services.
   7. Cooperation in the field of common interpretation and effective implementation of sanctions.
   8. Shaping common positions for implementing legal acts among Banking Association members, conducting the monitoring necessary for that purpose and participation in policy planning pursuant to the set priorities.
      
      
3. Advocating development of a more competitive economic environment
   
   The Estonian Banking Association’s members deem it important to create a more competitive economic environment and, in cooperation with the public sector, focus on the following topics:
   1. Developing an enterprise financing support measure
   2. Participation in developing resource efficacy measures
   3. Developing support measures for regional measures
   4. Strengthening the pension system to raise the household savings rate, including encouraging and implementing the occupational pension scheme and other voluntary practices that support saving