Ratas discussed the future of the economy with representatives from the finance sector

Stenbock House, 11 May 2020 – Prime Minister Jüri Ratas, Minister of Foreign Trade and Information Technology Raul Siem, and Minister of Rural Affairs Arvo Aller met today with members of Eesti Pank and the Banking Association in order to discuss the general economic situation and the implementation of government crisis response measures.

‘The spread of corona virus has had a significant impact on the financial sector in recent months. The economy has been hit and banks are able to see this directly through their clients’, said Prime Minister Jüri Ratas. He emphasised that good cooperation with financial institutions is very important in terms of the further resolution of the crisis. ‘People and businesses have been helped a great deal by the fact that banks have made it possible for those who have encountered difficulties to defer their loan repayments. Henceforth, it is important that we are able to look ahead as far as possible and be able to provide the necessary support for businesses so that economic activity can begin to grow again. All while looking at protecting the lives and health of the people.’

Ratas added that the majority of the support measures agreed upon in the supplementary budget have already been activated, and help has been provided to both employees and businesses. Their implementation will continue. At the meeting it was decided that banks would be included in the discussions on the exit strategy for the economic recovery plan.

The banks provided an overview of the condition of their loan portfolios and presented future forecasts.

The Prime Minister also met with representatives from the banking sector in March in order to discuss the development of crisis response measures. Regular meetings will continue in the future.

Also participating in today’s meeting were Madis Müller (Eesti Pank), Kilvar Kessler (Finantsinspektsioon), Lehar Kütt (Kredex), Raul Rosenberg (Rural Development Foundation), Katrin Talihärm (Banking Association), Erkki Raasuke (Luminor), Olavi Lepp (Swedbank), Allan Parik (SEB), Erki Kilu (LHV) and Margus Rink (Coop Pank).