Vahur Kraft16.12.2008

*Nagu teameon asju, mida me teame, et me teame.Samuti teame,et on asju, mida me teame, et me ei tea.Kuid on ka asju, mida me ei tea, et me ei tea.

*Maailmamajandus nib nrgemana

Prast finantsturbulentsi tugevnemist langetati oktoobri lpus majandus-kasvu prognoose. Majanduskasvud 2009 aastal: USA ja Euroala 0% Venemaa 4.2% Soome 0.5% Rootsi -0.5% Maailmamajanduse kasv langeb 2% lhedale

20072008E2009E2010ESKP reaalkasv %April08Sept08April08Sept08Sept08World*4,6 3,43,33,3 2,73,6

USA2,0 1,0 1,31,5 0,42,2Japan2,1 1,3 0,81,8 0,72,1Euro area2,7 1,6 1,31,3 0,71,5Nordic countriesFinland4,5 2,3 2,31,8 1,32,0Sweden2,7 2,1 1,51,5 1,01,9Denmark1,7 1,5 0,9 0,9 0,61,0Norway6,2 3,4 2,91,8 1,42,1

Emerging marketsRussia8,17,07,86,26,86,5China11,9 10,010,08,5 9,08,0India9,3 8,0 7,57,8 6,57,3Lat. America5,1 4,13,73,7 2,93,6

*Globaalne majanduslangus on alles algusesGlobaalne majandusolukord on langenud samale tasemele kui see oli enne 2001. aasta mna perioodi. Isegi enne hiljutist kaost finantsturgudel.

*Garantiid aitavad vhendada umbusaldust turulArenenud majandustes on riiklikuks mrkimisvrseimaks abiks garantiid

1

0.5

0.6

0.39

0.67

0.53

% of total amount of governmental assistance

1

% of total amount of governmental assistance

USA50%

Germany60%

Great Britain39%

Spain67%

Japan53%

*Millised raskused kimbutavad finantsssteemi? LaenukahjumidSuurenenud laenukahjumid muudavad pankade laenutegevuse ettevaatlikuksMahakandmisedPrast langusi turuvrtustes on pangad muutunud pikaajalistesse vlakirjadesse investeerimisel ettevaatlikuks.RahastamineRaskused lhiajaliste kommertspaberite ning vlakirjade mmisel, hoiuste ravool. Kapitali adekvaatsusOmakapitali langedes halveneb pankade suutlikkus laenu vljastada. Probleemid pankade bilansis

Aktiva PassivaVrtpaberid ja teised finants-investeeringudKapitali adekvaatsus

Laenud ettevtetele & eraisikutele

Lhiajalised kommerts-paberidVlakirjad

Hoiused

OmakapitalLaenukahjumidMahakandmisedRahastamine

*Miks on finantsssteem muutunud nii haavatavaks?Krediidirisk on kasvanud koos laenubuumigaLiiga vaba monetaarpoliitikaMrkimisvrsed kapitali sissevood Aasiast ning naftat tootvatest riikidest. Majandus- ja rahaliit on toonud madalad intressimrad Euroala perifeeriasse. Mahakandmiste riskSeoses vrtpaberistumisega on kasvanud varade hulk, mida peab arvestama turuvrtuses.Suurenenud on sltuvus lhiajalisest rahastamisestLhiajaline rahastamine on olnud odav ning lihtne.Odav raha on suurendanud finantsvimendustPangad on rahastanud ka vikese omakapitali osakaaluga ettevtteid.

*Ksimus osaliselt lahendatudOluline on taastada terviklik pangandustskkelKige thtsam on taastada usaldus majandusksuste vahelKsimus peaaegu lahendatudKsimus lahendamata

*NELI DILEMMAT

*Erinevad majanduskasvu ootused

*Oodata on mitut negatiivse majanduskasvuga aastatMajanduse langemine seab mitmete valikute ette, kus ei ole head ega halba lahendust.Tuleb teha valikuid: mis on thtsam: euro tulek, (jtkusuutlik) majanduskasv, palgatase, thive, majanduse struktuur jne.

*Vrdlus Soome 90ndate aastate majanduskriisiga

SoomesJrsk intressi tus (vahetuskursi hoidmine)Venemaa kriisEelarve defitsiit, mida pti parandada maksude tstmisega ning investeeringute vhendamisegaEestisOlukord sarnane Soomele

* Dilemma: eelarvedefitsiit vi majanduskriisEesti riigi 2009 aasta eelarve tuleb kigi eelduste kohaselt negatiivne.Eelarve koostamisel phineti 2,6% majanduskasvu ootustel. Praegu ootavad pea kik analtikud negatiivset majanduskasvu.Majanduslanguse leevendamiseks saaks riik mndagi ra teha: nt suurendada investeeringuid ja kulutusi. See tooks aga kaasa eelarve veelgi suurema defitsiidi

* Erinevad inflatsiooniootused

*Eurole lemineku kriteeriumite titmineSeni on Maastrichti kriteeriumitest komistuskiviks saanud krge inflatsioon.Jrgnevate aastate jooksul ootame inflatsiooni langemist.Jrgmiseks takistuseks vib tusta eelarve defitsiit.Tenoliselt ei ole eurole leminek enne aastat 2011 nii vi naa vimalik.

Sheet1

Eelarvetasakaal, % SKPstInflatsioon, %Riigivlg, % SKPstValuuta stabiilsus, %

Kriteerium-3,04.260,0-15 / 15

Lti, 20070.110.19.5-1,0 / +1,0

Leedu, 2007-1.25.817,00 / 0

Eesti, 20072.76.73,50 / 0

Eesti, 2008E-1.510.53,50 / 0

Eesti, 2009E-2.55,03,50 / 0

*Dilemma: kas vtta laenu vi mitteEesti riigivlg on Euroopa vikseimReservid letavad riigivlga mitmekordseltLaenude vtmine aitaks majandust turgutadaSamuti on vaja omafinantseeringut Euroopa Liidu rahade kasutamiseksSamas vib laenu ksimine anda vljapoole negatiivse signaali

Chart1

3.5

7

9.5

12.9

17

18.2

23.4

24.8

26.2

28.9

29.4

35.1

36.2

37.7

40.4

44.2

44.9

45.7

58.7

59.5

59.5

62.2

63.6

63.9

65.1

65.8

66.6

83.9

94.8

104.1

Sheet1

henduse osalus (EUR), jooksevhindades

RakenduskavaFondKokku2007200820092010201120122013

Euroopa Regionaalarengu Fond (ERF) ja htekuuluvusfond (F)

Elukeskkonna arendamise rakenduskavaERF+F1,607,314,506191,323,413192,184,080203,563,502220,969,123246,083,892276,612,501276,577,995

ERF980,980,350123,070,624117,871,086122,644,751132,849,800150,027,253171,895,412162,621,424

F626,334,15668,252,78974,312,99480,918,75188,119,32396,056,639104,717,089113,956,571

Majanduskeskkonn arendamise rakenduskavaERF+F1,404,628,046167,237,272167,920,822177,786,719193,002,715215,003,245241,799,962241,877,311

ERF879,230,756109,983,760105,583,736109,908,427119,084,260134,426,612153,958,553146,285,408

F525,397,29057,253,51262,337,08667,878,29273,918,45580,576,63387,841,40995,591,903

Euroopa Sotsiaalfond (ESF)

Inimressursi arendamise rakenduskavaESF391,517,32910,999,31742,747,25657,800,86464,756,65361,280,13951,579,840102,353,260

Vahendite kogumaht3,403,459,881369,560,002402,852,158439,151,085478,728,491522,367,276569,992,303620,808,566

ERF vahendite kogumaht1,860,211,106233,054,384223,454,822232,553,178251,934,060284,453,865325,853,965308,906,832

F vahendite kogumaht1,151,731,446125,506,301136,650,080148,797,043162,037,778176,633,272192,558,498209,548,474

ESF vahendite kogumaht391,517,32910,999,31742,747,25657,800,86464,756,65361,280,13951,579,840102,353,260

Seotud vahendid Euroopa Pllumajanduse Fondist Maaelu Arenguks714,658,85595,608,46295,569,37795,696,594100,929,353104,639,066108,913,401113,302,602

Seotud vahendid Euroopa Kalandusfondist84,568,0399,130,3099,971,87210,889,82311,891,07112,995,53414,201,29815,488,132

Kokku EUR4,202,686,775474,298,773508,393,407545,737,502591,548,915640,001,876693,107,002749,599,300

Kokku EEK65,757,758,8947,421,163,1827,954,628,2828,538,936,3999,255,729,25310,013,853,35310,844,768,01711,728,680,407

Sheet2

Aasta keskmine NSRFi raames 2007-2013 (ex ante)Aasta keskmine RAK raames 2004-2005 (tegelik)

KogusummaSh riigiettevttedValdkondlikud rakenduskavad 2007-2013Siseriiklik rahastamineKokkuKogusummaSh riigiettevttedValdkondlikud rakenduskavad 2007-2013Siseriiklik rahastamineKokku

Riik+ELRiik+ELELRiikRiikRiikRiik+ELRiik+ELELRiikRiikRiik

1234567=5+6=2-48910111213=11+12=8-10

Baasinfrastruktuur586,028,30561,773,42835,375,251488,880,716524,255,967489,593,6207,661,4193,853,867478,078,334481,932,201

Transport209,211,9178,184,5485,976,682195,051,687201,028,369195,147,8236,349,0262,621,253186,177,544188,798,7976.5%

Telekommunikatsioon ja infohiskond46,466,9767,537,221204,14738,725,69838,929,84536,040,254183,64080,13935,776,47535,856,6148.6%

Energeetika196,722,15410,912,5520185,809,602185,809,602171,623,80300171,623,803171,623,8038.3%

Keskkond ja veemajandus73,226,32812,170,64522,216,86838,838,81561,055,68357,019,4031,037,4141,118,80554,863,18455,981,9899.1%

Tervishoid60,400,93022,968,4626,977,55430,454,91437,432,46829,762,33791,33933,67029,637,32829,670,99826.2%

Inimressurss666,920,155103,334,95515,711,545547,873,655563,585,200530,740,7038,359,2533,374,403519,007,047522,381,4507.9%

Haridus555,612,01535,451,8703,250,783516,909,362520,160,145486,425,7634,229,0311,194,535481,002,197482,196,7327.9%

Koolitus45,296,08218,565,3853,566,88823,163,80926,730,69727,956,6113,380,3841,771,91022,804,31724,576,2278.8%

T&A66,012,05849,317,7008,893,8747,800,48416,694,35816,358,329749,838407,95815,200,53315,608,4917.0%

Tootlik keskkond111,453,53348,534,4881,860,38561,058,66062,919,04562,457,8054,215,1231,453,08656,789,59658,242,6828.0%

Tstus47,252,56440,024,113832,7616,395,6907,228,4519,344,2422,745,480963,2055,635,5576,598,7629.5%

Teenused0000000000

Turism64,200,9698,510,3751,027,62454,662,97055,690,59453,113,5631,469,643489,88151,154,03951,643,9207.8%

Muud221,391,62456,530,8489,333,796155,526,980164,860,776156,606,2675,668,4632,255,243148,682,561150,937,8049.2%

Kokku1,585,793,617270,173,71962,280,9771,253,340,0111,315,620,9881,239,398,39525,904,25810,936,5991,202,557,5381,213,494,1378.4%

1,891,216,033435,966,8398,773,380,0779,209,346,916

81%

Sheet3

Riigivlg2,007

Eesti3.5

Luksemburg7

Lti10

Rumeenia13

Leedu17

Bulgaaria18

Sloveenia23

Iirimaa25

Taani26

Tehhi29

Slovakkia29

Soome35

Hispaania36

Horvaatia38

Rootsi40

hendkuningriigid44

Poola45

Holland46

EL keskmine59

Austria60

Kpros60

Malta62

Portugal64

Prantsusmaa64

Saksamaa65

Ungari66

Euroala67

Belgia84

Kreeka95

Itaalia104

Sheet3

*Toetused Euroopa Liidu struktuurifondidestRiiklik struktuurivahendite kasutamise strateegia 2007-2013 neb ette mrkimisvrseid toetussummasid Euroopa Liidu struktuurifondidest.Toetuste eelduseks on omafinantseeringLisaks peab riik tegema antud valdkondadesse kulutusi ja investeeringuid sarnasest mahus aastatega 2004-2006.Kike seda tuleb millegagi finantseerida

Chart4

3638.66655489482328.1678130038904.38699866241497.3263276804170.3887045518

3941.9114631962535.34029725481013.22144682981579.2012146498186.0548315086

4450.7358441092763.7101536752958.82582287741637.2456100756203.3359222844

5098.5066487693012.8857948068807.0491245441704.1244200866222.2020292868

4833.34163757123278.72115328841601.4805179161772.8004924532242.3366061512

Euroopa Regionaalarengu fond

htekuuluvusfond

Euroopa Sotsiaalfond

Euroopa Pllumajanduse Fond

Euroopa Kalandusfond

EEK mio

Sheet1

henduse osalus (EUR), jooksevhindades

RakenduskavaFondKokku2007200820092010201120122013

Euroopa Regionaalarengu Fond (ERF) ja htekuuluvusfond (F)

Elukeskkonna arendamise rakenduskavaERF+F1,607,314,506191,323,413192,184,080203,563,502220,969,123246,083,892276,612,501276,577,995

ERF980,980,350123,070,624117,871,086122,644,751132,849,800150,027,253171,895,412162,621,424

F626,334,15668,252,78974,312,99480,918,75188,119,32396,056,639104,717,089113,956,571

Majanduskeskkonn arendamise rakenduskavaERF+F1,404,628,046167,237,272167,920,822177,786,719193,002,715215,003,245241,799,962241,877,311

ERF879,230,756109,983,760105,583,736109,908,427119,084,260134,426,612153,958,553146,285,408

F525,397,29057,253,51262,337,08667,878,29273,918,45580,576,63387,841,40995,591,903

Euroopa Sotsiaalfond (ESF)

Inimressursi arendamise rakenduskavaESF391,517,32910,999,31742,747,25657,800,86464,756,65361,280,13951,579,840102,353,260

Vahendite kogumaht3,403,459,881369,560,002402,852,158439,151,085478,728,491522,367,276569,992,303620,808,566

ERF vahendite kogumaht1,860,211,106233,054,384223,454,822232,553,178251,934,060284,453,865325,853,965308,906,832

F vahendite kogumaht1,151,731,446125,506,301136,650,080148,797,043162,037,778176,633,272192,558,498209,548,474

ESF vahendite kogumaht391,517,32910,999,31742,747,25657,800,86464,756,65361,280,13951,579,840102,353,260

Seotud vahendid Euroopa Pllumajanduse Fondist Maaelu Arenguks714,658,85595,608,46295,569,37795,696,594100,929,353104,639,066108,913,401113,302,602

Seotud vahendid Euroopa Kalandusfondist84,568,0399,130,3099,971,87210,889,82311,891,07112,995,53414,201,29815,488,132

Kokku EUR4,202,686,775474,298,773508,393,407545,737,502591,548,915640,001,876693,107,002749,599,300

Kokku EEK65,757,758,8947,421,163,1827,954,628,2828,538,936,3999,255,729,25310,013,853,35310,844,768,01711,728,680,407

EUR2007200820092010201120122013Kokku

Euroopa Regionaalarengu fond233,054,384223,454,822232,553,178251,934,060284,453,865325,853,965308,906,8321,860,211,106

htekuuluvusfond125,506,301136,650,080148,797,043162,037,778176,633,272192,558,498209,548,4741,151,731,446

Euroopa Sotsiaalfond10,999,31742,747,25657,800,86464,756,65361,280,13951,579,840102,353,260391,517,329

Euroopa Pllumajanduse Fond95,608,46295,569,37795,696,594100,929,353104,639,066108,913,401113,302,602714,658,855

Euroopa Kalandusfond9,130,3099,971,87210,889,82311,891,07112,995,53414,201,29815,488,13284,568,039

MEEK2007200820092010201120122013

Euroopa Regionaalarengu fond3,6473,4963,6393,9424,4515,0994,833

htekuuluvusfond1,9642,1382,3282,5352,7643,0133,279

Euroopa Sotsiaalfond1726699041,0139598071,601

Euroopa Pllumajanduse Fond1,4961,4951,4971,5791,6371,7041,773

Euroopa Kalandusfond143156170186203222242

Sheet1

00000

00000

00000

00000

00000

Euroopa Regionaalarengu fond

htekuuluvusfond

Euroopa Sotsiaalfond

Euroopa Pllumajanduse Fond

Euroopa Kalandusfond

EEK mio

Sheet2

Aasta keskmine NSRFi raames 2007-2013 (ex ante)Aasta keskmine RAK raames 2004-2005 (tegelik)

KogusummaSh riigiettevttedValdkondlikud rakenduskavad 2007-2013Siseriiklik rahastamineKokkuKogusummaSh riigiettevttedValdkondlikud rakenduskavad 2007-2013Siseriiklik rahastamineKokku

Riik+ELRiik+ELELRiikRiikRiikRiik+ELRiik+ELELRiikRiikRiik

1234567=5+6=2-48910111213=11+12=8-10

Baasinfrastruktuur586,028,30561,773,42835,375,251488,880,716524,255,967489,593,6207,661,4193,853,867478,078,334481,932,201

Transport209,211,9178,184,5485,976,682195,051,687201,028,369195,147,8236,349,0262,621,253186,177,544188,798,7976.5%

Telekommunikatsioon ja infohiskond46,466,9767,537,221204,14738,725,69838,929,84536,040,254183,64080,13935,776,47535,856,6148.6%

Energeetika196,722,15410,912,5520185,809,602185,809,602171,623,80300171,623,803171,623,8038.3%

Keskkond ja veemajandus73,226,32812,170,64522,216,86838,838,81561,055,68357,019,4031,037,4141,118,80554,863,18455,981,9899.1%

Tervishoid60,400,93022,968,4626,977,55430,454,91437,432,46829,762,33791,33933,67029,637,32829,670,99826.2%

Inimressurss666,920,155103,334,95515,711,545547,873,655563,585,200530,740,7038,359,2533,374,403519,007,047522,381,4507.9%

Haridus555,612,01535,451,8703,250,783516,909,362520,160,145486,425,7634,229,0311,194,535481,002,197482,196,7327.9%

Koolitus45,296,08218,565,3853,566,88823,163,80926,730,69727,956,6113,380,3841,771,91022,804,31724,576,2278.8%

T&A66,012,05849,317,7008,893,8747,800,48416,694,35816,358,329749,838407,95815,200,53315,608,4917.0%

Tootlik keskkond111,453,53348,534,4881,860,38561,058,66062,919,04562,457,8054,215,1231,453,08656,789,59658,242,6828.0%

Tstus47,252,56440,024,113832,7616,395,6907,228,4519,344,2422,745,480963,2055,635,5576,598,7629.5%

Teenused0000000000

Turism64,200,9698,510,3751,027,62454,662,97055,690,59453,113,5631,469,643489,88151,154,03951,643,9207.8%

Muud221,391,62456,530,8489,333,796155,526,980164,860,776156,606,2675,668,4632,255,243148,682,561150,937,8049.2%

Kokku1,585,793,617270,173,71962,280,9771,253,340,0111,315,620,9881,239,398,39525,904,25810,936,5991,202,557,5381,213,494,1378.4%

1,891,216,033435,966,8398,773,380,0779,209,346,916

81%

Sheet3

Riigivlg2,007

Eesti3.5

Luksemburg7

Lti10

Rumeenia13

Leedu17

Bulgaaria18

Sloveenia23

Iirimaa25

Taani26

Tehhi29

Slovakkia29

Soome35

Hispaania36

Horvaatia38

Rootsi40

hendkuningriigid44

Poola45

Holland46

EL keskmine59

Austria60

Kpros60

Malta62

Portugal64

Prantsusmaa64

Saksamaa65

Ungari66

Euroala67

Belgia84

Kreeka95

Itaalia104

Sheet3

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

* Dilemma: reaalpalkade langus vi krge tpuudus?2008 aasta III kvartalis kasvas nominaalpalk vrreldes aastataguse ajaga veel 14,8%. Reaalpalk kasvas II kvartalis 3,4%. Veel aasta tagasi oli III kvartali nominaalpalga kasv 20% ja reaalpalga kasv 12,9%.Aastaid on reaalpalgad tootlikkusest kiiremini kasvanud, mis on mjunud negatiivselt ettevtete ja Eesti majanduse konkurentsivimele.

* Reaalpalga kasv VS tviljakuse kasv

* Oodata on tpuuduse mrgatavat kasvuKui reaalpalgad ei alane, jvad paljud ettevtted tkiks ajaks konkurentsivimetuks, mis toob kaasa koondamisi ning pankrotte.See viib omakorda tpuuduse edasise tusuni, mis lisaks sotsiaalsetele tagajrgedele koormab riigieelarvet.

* Dilemma: anda laenu vi mitte andaLaenumahtude kasv on kuust kuusse kokku kuivanud. Krgem krediidirisk ja majanduse kehv seis muudavad pangad ettevaatlikumaks.Samas on just laenuandmine ks oluline osa majanduse vereringest, mille vhenemine surutist veelgi svendab ning mille suurenemine aitab majandusel kriisist le saada.

Chart2

-0.0000862890.275888480231.01.0031.01.00

0.01301434350.241002272629.02.0029.02.00

0.03578699860.269107328631.03.0031.03.00

0.04876787280.285108144530.04.0030.04.00

0.07866528410.303365029131.05.0031.05.00

0.09395099010.318466744830.06.0030.06.00

0.11725578290.339107325431.07.0031.07.00

0.14411817950.353822103731.08.0031.08.00

0.12779782040.302389972930.09.0030.09.00

0.13361558140.282823624631.10.0031.10.00

0.13739697310.282125655430.11.0030.11.00

0.07871544790.279460668531.12.0031.12.00

0.04911357580.295610483931.01.0131.01.01

0.05496257360.297357796228.02.0128.02.01

0.07124138460.292124328831.03.0131.03.01

0.0807909490.299086007230.04.0130.04.01

0.08399482150.309123009331.05.0131.05.01

0.07158010410.314270847330.06.0130.06.01

0.05837482710.323892692831.07.0131.07.01

0.05488775050.330854377331.08.0131.08.01

0.05279818020.307905678130.09.0130.09.01

0.0571431210.313674841531.10.0131.10.01

0.04902886720.326820873530.11.0130.11.01

0.11280572770.338832000531.12.0131.12.01

0.13186063930.350087888431.01.0231.01.02

0.10466385090.355257272428.02.0228.02.02

0.13409882380.367901746731.03.0231.03.02

0.15173769240.384623164430.04.0230.04.02

0.11833459990.392809948831.05.0231.05.02

0.14515188630.3937289430.06.0230.06.02

0.14970880720.402369774931.07.0231.07.02

0.1276947460.405171366231.08.0231.08.02

0.14354843170.402099316130.09.0230.09.02

0.10803152460.401527421231.10.0231.10.02

0.10315892350.403655336730.11.0230.11.02

0.09378528360.407104419131.12.0231.12.02

0.11888161360.41158543631.01.0331.01.03

0.13571406660.415254349628.02.0328.02.03

0.11295615350.420041008331.03.0331.03.03

0.0962630720.420586133530.04.0330.04.03

0.10741114680.43245253131.05.0331.05.03

0.08630316240.452533843330.06.0330.06.03

0.10925293110.462932741831.07.0331.07.03

0.11931581420.464433931.08.0331.08.03

0.1107314560.458767154430.09.0330.09.03

0.15581950930.472045197731.10.0331.10.03

0.14336347490.471105123630.11.0330.11.03

0.20220731610.480149360831.12.0331.12.03

0.21434288380.520737228531.01.0431.01.04

0.24753933840.526309219229.02.0429.02.04

0.24940692210.537339989931.03.0431.03.04

0.27854039330.544014790730.04.0430.04.04

0.29516685850.535853906431.05.0431.05.04

0.31597396320.522692329230.06.0430.06.04

0.30568941220.510848183431.07.0431.07.04

0.33382756260.513029965331.08.0431.08.04

0.37750128560.511347322430.09.0430.09.04

0.40604655470.500308153131.10.0431.10.04

0.43386464980.512837885130.11.0430.11.04

0.39955665650.52304180131.12.0431.12.04

0.41847830980.490243565531.01.0531.01.05

0.42041258280.503408953828.02.0528.02.05

0.43739463690.509672354931.03.0531.03.05

0.40409496320.520598162330.04.0530.04.05

0.42819318750.54530977331.05.0531.05.05

0.47753506510.567295385730.06.0530.06.05

0.5472412280.621377957531.07.0531.07.05

0.55322595950.638505603131.08.0531.08.05

0.57932641760.63944224730.09.0530.09.05

0.58515697390.652887401131.10.0531.10.05

0.63132597810.681355628930.11.0530.11.05

0.62023570120.699939977531.12.0531.12.05

0.58151301470.721121684631.01.0631.01.06

0.58391185940.726829984828.02.0628.02.06

0.59772115530.741288236131.03.0631.03.06

0.64009604120.733796448130.04.0630.04.06

0.67240791240.721926256231.05.0631.05.06

0.67745670390.725210042530.06.0630.06.06

0.61745222070.682464899831.07.0631.07.06

0.63350448840.6840029231.08.0631.08.06

0.62652395490.680624379730.09.0630.09.06

0.60165737450.675695164731.10.0631.10.06

0.57025059210.651616162630.11.0630.11.06

0.59179519580.631510547831.12.0631.12.06

0.60337387850.617461503431.01.0731.01.07

0.5836361750.611175375828.02.0728.02.07

0.5588180510.592384404131.03.0731.03.07

0.51569442480.580879175830.04.0730.04.07

0.47761727840.561644625231.05.0731.05.07

0.43148673420.534681936230.06.0730.06.07

0.43440826830.506250118731.07.0731.07.07

0.41046080350.47440097431.08.0731.08.07

0.37151314970.439143624230.09.0730.09.07

0.35300293850.403368244431.10.0731.10.07

0.32997944170.372256023630.11.0730.11.07

0.30960096210.339607936131.12.0731.12.07

0.29781809610.315671896431.01.0831.01.08

0.28476807920.297292951529.02.0829.02.08

0.25953398110.272511736531.03.0831.03.08

0.25173329280.250612162830.04.0830.04.08

0.23451898260.223463838431.05.0831.05.08

0.21671341790.200816793930.06.0830.06.08

0.19263572040.186031646731.07.0831.07.08

0.16822388070.16968373331.08.0831.08.08

0.15067364180.156663789230.09.0830.09.08

0.11386206320.13822226490.11386206320.1382222649

30.11.0830.11.080.10.121

31.12.0831.12.080.0890.109

31.01.0931.01.090.0810.099

28.02.0928.02.090.0740.09

31.03.0931.03.090.0680.081

30.04.0930.04.090.0630.072

31.05.0931.05.090.0590.063

30.06.0930.06.090.0550.056

31.07.0931.07.090.0510.052

31.08.0931.08.090.0470.048

30.09.0930.09.090.0430.044

31.10.0931.10.090.0390.04

30.11.0930.11.090.0350.036

31.12.0931.12.090.0310.032

31.01.1031.01.100.0280.029

28.02.1028.02.100.0250.026

31.03.1031.03.100.0220.023

30.04.1030.04.100.020.021

31.05.1031.05.100.0180.019

30.06.1030.06.100.0160.017

31.07.1031.07.100.0140.015

31.08.1031.08.100.0120.013

30.09.1030.09.100.0110.012

31.10.1031.10.100.010.011

30.11.1030.11.100.010.011

31.12.1031.12.100.010.011

Laenude kasv, rihingud

Laenude kasv, eraisikud

Oodatav rihingute laenude kasv

Oodatav eraisikute laenude kasv

depod ja laenud

2.1.1 Laenujk kliendigruppide likes

31.01.9928.02.9931.03.9930.04.9931.05.9930.06.9931.07.9931.08.9930.09.9931.10.9930.11.9931.12.9931.01.0029.02.0031.03.0030.04.0031.05.0030.06.0031.07.0031.08.0030.09.0031.10.0030.11.0031.12.0031.01.0128.02.0131.03.0130.04.0131.05.0130.06.0131.07.0131.08.0130.09.0131.10.0130.11.0131.12.0131.01.0228.02.0231.03.0230.04.0231.05.0230.06.0231.07.0231.08.0230.09.0231.10.0230.11.0231.12.0231.01.0328.02.0331.03.0330.04.0331.05.0330.06.0331.07.0331.08.0330.09.0331.10.0330.11.0331.12.0331.01.0429.02.0431.03.0430.04.0431.05.0430.06.0431.07.0431.08.0430.09.0431.10.0430.11.0431.12.0431.01.0528.02.0531.03.0530.04.0531.05.0530.06.0531.07.0531.08.0530.09.0531.10.0530.11.0531.12.0531.01.0628.02.0631.03.0630.04.0631.05.0630.06.0631.07.0631.08.0630.09.0631.10.0630.11.0631.12.0631.01.0728.02.0731.03.0730.04.0731.05.0730.06.0731.07.0731.08.0730.09.0731.10.0730.11.0731.12.0731.01.0829.02.0831.03.0830.04.0831.05.0830.06.0831.07.0831/08/0830/09/0831/10/08

Laenujk, rihingud14950.33305814805.68676814487.51419714425.5671714289.46860514165.06068914022.28275713994.65322614152.57014314287.46421914714.43100514773.8076305914949.04300814998.37306215005.97884715129.07139515413.55371315495.88216515666.476516011.53717215961.23776116196.49205716736.14928615936.73451515683.24396515822.72224516075.02555816351.36343116708.21240616605.07902316581.00435716890.3744316803.96206817122.01016217556.70372617734.48944917751.2465417478.78928718230.66757818832.48158518685.37203619015.33756619063.32674219047.18650319216.1444718971.72702419367.83438219397.72357219861.54337219850.9068620289.93366320645.35411520692.38927520656.42133321146.05106521319.81706921343.97612621927.8922222144.47442123320.08519324118.72385524764.7872125350.38356726395.91917126800.09681327183.31264827610.17498628436.95963729401.35455430831.63730831752.17906132637.78046234211.88664935176.21536436438.50538237062.37715738275.71569240164.29762442719.60105244169.02391746434.33596148872.98489451798.15456252880.89711254106.54399355716.02468558218.57091760785.85805464012.60977767373.87030769096.91358872150.29881775526.55976978277.77666881336.08286984175.55797486753.01929388233.91221990752.15924992132.78615794586.13823996444.80157899113.184167101765.168443103585.669877105910.061848108175.318081110236.391709112589.638329113360.113924114305.428433115325.675794116768.383145117345.684167118205.923805118884.5119193.3117969.2

Laenujk, eraisikud4199.8719234354.8648024325.0222174326.9196334350.4279184386.9983094401.6912264451.3383384963.3975115218.0892645310.476835392.544892465358.5682055404.3971165488.9173925560.5596615670.195615784.111385894.3369656026.3202336464.279156693.8881836808.6985866899.5490936942.6171457011.4367327092.3637017223.6452487422.983547601.8889647803.4696378020.1546618454.6674058793.5924989033.9234059237.3371159373.1433219502.3006219701.65669510002.02654210338.80532410594.97264810943.34995811269.69168211854.28338612324.46101712680.51479912997.89787513230.99260113448.17228513776.75035514208.74021214809.84785415389.5563416009.38495816503.71854217292.63924218142.16365418654.37029119238.83023220120.86301820526.0693421179.54925221938.50504422745.7626823433.55938824187.75018124970.62069326135.18401627218.83604528221.03809929301.54264529984.98664530859.07643231974.17999533359.65045435149.24936436727.309539217.48498540914.50191842847.12480844989.67117247449.60126249810.86374551607.81072653288.37848555676.26348357838.84346860524.41536563362.32318565982.04194668900.14070172009.92255275388.97444678368.52835181266.94959783473.64712285856.92323188658.01364791436.22319394517.62794997241.0128399385.45851101586.434558103632.620919105798.492712107541.685092108865.850625109823.931608111381.581347112818.362901114351.252845115638.899889116768.64126117874.299012118824.0119868.1120422.2

31.01.0029.02.0031.03.0030.04.0031.05.0030.06.0031.07.0031.08.0030.09.0031.10.0030.11.0031.12.0031.01.0128.02.0131.03.0130.04.0131.05.0130.06.0131.07.0131.08.0130.09.0131.10.0130.11.0131.12.0131.01.0228.02.0231.03.0230.04.0231.05.0230.06.0231.07.0231.08.0230.09.0231.10.0230.11.0231.12.0231.01.0328.02.0331.03.0330.04.0331.05.0330.06.0331.07.0331.08.0330.09.0331.10.0330.11.0331.12.0331.01.0429.02.0431.03.0430.04.0431.05.0430.06.0431.07.0431.08.0430.09.0431.10.0430.11.0431.12.0431.01.0528.02.0531.03.0530.04.0531.05.0530.06.0531.07.0531.08.0530.09.0531.10.0530.11.0531.12.0531.01.0628.02.0631.03.0630.04.0631.05.0630.06.0631.07.0631.08.0630.09.0631.10.0630.11.0631.12.0631.01.0728.02.0731.03.0730.04.0731.05.0730.06.0731.07.0731.08.0730.09.0731.10.0730.11.0731.12.0731.01.0829.02.0831.03.0830.04.0831.05.0830.06.0831/07/0831/08/0830/09/0831/10/0830/11/0831/12/0831/01/0928/02/0931/03/0930/04/0931/05/0930/06/0931/07/0931/08/0930/09/0931/10/0930/11/0931/12/0931/01/1028/02/1031/03/1030/04/1031/05/1030/06/1031/07/1031/08/1030/09/1031/10/1030/11/1031/12/10

Laenude kasv, rihingudLaenude kasv, rihingud-0.0%1.3%3.6%4.9%7.9%9.4%11.7%14.4%12.8%13.4%13.7%7.9%4.9%5.5%7.1%8.1%8.4%7.2%5.8%5.5%5.3%5.7%4.9%11.3%13.2%10.5%13.4%15.2%11.8%14.5%15.0%12.8%14.4%10.8%10.3%9.4%11.9%13.6%11.3%9.6%10.7%8.6%10.9%11.9%11.1%15.6%14.3%20.2%21.4%24.8%24.9%27.9%29.5%31.6%30.6%33.4%37.8%40.6%43.4%40.0%41.8%42.0%43.7%40.4%42.8%47.8%54.7%55.3%57.9%58.5%63.1%62.0%58.2%58.4%59.8%64.0%67.2%67.7%61.7%63.4%62.7%60.2%57.0%59.2%60.3%58.4%55.9%51.6%47.8%43.1%43.4%41.0%37.2%35.3%33.0%31.0%29.8%28.5%26.0%25.2%23.5%21.7%19.3%16.8%15.1%11.4%

Laenude kasv, eraisikudLaenude kasv, eraisikud27.6%24.1%26.9%28.5%30.3%31.8%33.9%35.4%30.2%28.3%28.2%27.9%29.6%29.7%29.2%29.9%30.9%31.4%32.4%33.1%30.8%31.4%32.7%33.9%35.0%35.5%36.8%38.5%39.3%39.4%40.2%40.5%40.2%40.2%40.4%40.7%41.2%41.5%42.0%42.1%43.2%45.3%46.3%46.4%45.9%47.2%47.1%48.0%52.1%52.6%53.7%54.4%53.6%52.3%51.1%51.3%51.1%50.0%51.3%52.3%49.0%50.3%51.0%52.1%54.5%56.7%62.1%63.9%63.9%65.3%68.1%70.0%72.1%72.7%74.1%73.4%72.2%72.5%68.2%68.4%68.1%67.6%65.2%63.2%61.7%61.1%59.2%58.1%56.2%53.5%50.6%47.4%43.9%40.3%37.2%34.0%31.6%29.7%27.3%25.1%22.3%20.1%18.6%17.0%15.7%13.8%

Oodatav rihingute laenude kasv11.4%10.0%8.9%8.1%7.4%6.8%6.3%5.9%5.5%5.1%4.7%4.3%3.9%3.5%3.1%2.8%2.5%2.2%2.0%1.8%1.6%1.4%1.2%1.10%1.00%1.00%1.00%

Oodatav eraisikute laenude kasv13.8%12.1%10.9%9.9%9.0%8.1%7.2%6.3%5.6%5.2%4.8%4.4%4.0%3.6%3.2%2.9%2.6%2.3%2.1%1.9%1.7%1.5%1.3%1.2%1.1%1.1%1.1%

4.1.1.1 Hoiuste jk kliendigruppide likes

31.01.9928.02.9931.03.9930.04.9931.05.9930.06.9931.07.9931.08.9930.09.9931.10.9930.11.9931.12.9931.01.0029.02.0031.03.0030.04.0031.05.0030.06.0031.07.0031.08.0030.09.0031.10.0030.11.0031.12.0031.01.0128.02.0131.03.0130.04.0131.05.0130.06.0131.07.0131.08.0130.09.0131.10.0130.11.0131.12.0131.01.0228.02.0231.03.0230.04.0231.05.0230.06.0231.07.0231.08.0230.09.0231.10.0230.11.0231.12.0231.01.0328.02.0331.03.0330.04.0331.05.0330.06.0331.07.0331.08.0330.09.0331.10.0330.11.0331.12.0331.01.0429.02.0431.03.0430.04.0431.05.0430.06.0431.07.0431.08.0430.09.0431.10.0430.11.0431.12.0431.01.0528.02.0531.03.0530.04.0531.05.0530.06.0531.07.0531.08.0530.09.0531.10.0530.11.0531.12.0531.01.0628.02.0631.03.0630.04.0631.05.0630.06.0631.07.0631.08.0630.09.0631.10.0630.11.0631.12.0631.01.0728.02.0731.03.0730.04.0731.05.0730.06.0731.07.0731.08.0730.09.0731.10.0730.11.0731.12.0731.01.0829.02.0831.03.0830.04.0831.05.0830.06.0831.07.08

Nudmiseni hoiused, eraisikud, EEK mio4868.0747065154.903275190.16465414.1434515778.4689096360.1528886353.1940736266.5568596458.0656236562.673066662.6616646876.482297917086.7269237231.9490047356.9355867790.6066337949.3277748426.081058566.8506548419.3601418559.9818948703.5284998817.8691398811.3788288723.1624238974.7195589027.4015819147.8526359741.9826510285.76827410257.1404899977.31455810445.5606110338.43813910645.42780311150.03278411098.84092911083.11145411095.84875711456.43038811907.089812499.62876212448.59674112196.40390512259.82357412413.00235112523.87309412804.01090912538.83403112751.67511712878.2973213162.99625813447.88951214272.03893614402.05447314166.34566814381.82962314463.8609314424.75754914689.76024314578.46633514673.42352214983.50946915303.01674115499.07267716263.36428816203.20997915988.76793116178.42221716047.64464716205.48155516594.73462316658.72304417152.22279917716.1371318454.01034119237.29058220546.87859720437.87764120350.42848820736.67716920993.65840121904.52686722246.12620522597.20323623324.43897623911.89597824630.68179125723.34598627151.22001527074.70524227425.662527626.50277127921.34535128033.1005628260.51600928412.57949929772.59273529841.58972330410.13009730643.91254731486.62049231085.5782230807.76730130325.24005329538.73390728674.06060928271.52635928146.36600329086.88531528660.09154128614.15145128799.86611530390.44993229593.032077

Thtajalised sstu- ja muud hoiused, eraisikud, EEK mio4128.0769994233.1644584308.4123994134.761824114.9124524153.044344120.5735394171.8938034268.5507594388.9396954658.5441464834.269455214888.0639715007.7419975144.8194165336.2464065657.513925749.1746685942.6473566226.8520286500.9493616805.3369936809.1365896734.8056286934.7881327047.1488357264.337727401.3184487616.4079197722.1129057810.5680147892.8345677853.8061897884.6820197925.3410478165.7623948384.4817838521.2632638540.0371458480.462468467.4075478493.5064798588.8286248668.7864318726.1589418533.6231568726.0137598721.0083378898.9312519018.8629198999.8049418971.8066898796.2444628842.4364448808.1204638876.4369718667.2655128765.0536988808.9550518818.5313849022.9899119001.8588259118.9813579124.6788849146.4115349356.4117599649.6493069769.5970899924.42535610129.37517910352.9228710687.12368210991.39531711271.58190211582.20393212466.71242212427.10795512783.71849312922.77685513058.45440813229.02296913525.18286713515.13326313709.57133814076.36983614543.01935514793.92188314914.69622714880.21672315612.13352716241.1347416845.216717008.09951217162.56074417702.88567718335.32029919022.60070219498.87613720099.69485620301.51891621142.76526521863.136822211.49126322551.82582122821.30497123360.86010624522.6005725371.73897726289.52078826741.94993327567.07940128731.21951529456.63200930041.75409330901.18913

31.01.9928.02.9931.03.9930.04.9931.05.9930.06.9931.07.9931.08.9930.09.9931.10.9930.11.9931.12.9931.01.0029.02.0031.03.0030.04.0031.05.0030.06.0031.07.0031.08.0030.09.0031.10.0030.11.0031.12.0031.01.0128.02.0131.03.0130.04.0131.05.0130.06.0131.07.0131.08.0130.09.0131.10.0130.11.0131.12.0131.01.0228.02.0231.03.0230.04.0231.05.0230.06.0231.07.0231.08.0230.09.0231.10.0230.11.0231.12.0231.01.0328.02.0331.03.0330.04.0331.05.0330.06.0331.07.0331.08.0330.09.0331.10.0330.11.0331.12.0331.01.0429.02.0431.03.0430.04.0431.05.0430.06.0431.07.0431.08.0430.09.0431.10.0430.11.0431.12.0431.01.0528.02.0531.03.0530.04.0531.05.0530.06.0531.07.0531.08.0530.09.0531.10.0530.11.0531.12.0531.01.0628.02.0631.03.0630.04.0631.05.0630.06.0631.07.0631.08.0630.09.0631.10.0630.11.0631.12.0631.01.0728.02.0731.03.0730.04.0731.05.0730.06.0731.07.0731.08.0730.09.0731.10.0730.11.0731.12.0731.01.0829.02.0831.03.0830.04.0831.05.0830.06.0831.07.08

Thtajaliste sstu- ja muude hoiuste jkide igakuine muutus, EEK mio105.08745975.247941-173.650579-19.84936838.131888-32.47080151.32026496.656956120.388936269.604451175.7253092153.79451579119.678026137.077419191.42699321.26751491.660748193.472688284.204672274.097333304.3876323.799596-74.330961199.982504112.360703217.188885136.980728215.089471105.70498688.45510982.266553-39.02837830.8758340.659028240.421347218.719389136.7814818.773882-59.574685-13.05491326.09893295.32214579.95780757.37251-192.535785192.390603-5.005422177.922914119.931668-19.057978-27.998252-175.56222746.191982-34.31598168.316508-209.17145997.78818643.9013539.576333204.458527-21.131086117.1225325.69752721.73265210.000225293.237547119.947783154.828267204.949823223.547691334.200812304.271635280.186585310.62203884.50849-39.604467356.610538139.058362135.677553170.568561296.159898-10.049604194.438075366.798498466.649519250.902528120.774344-34.479504731.916804629.001213604.08196162.882812154.461232540.324933632.434622687.280403476.275435600.818719201.82406841.246349720.371535348.354463340.334558269.47915539.5551351161.740464849.138407917.781811452.429145825.1294681164.140114725.412494585.122084859.435037

4.1.1.2 Hoiuste kive kliendigruppide likes

31.01.0029.02.0031.03.0030.04.0031.05.0030.06.0031.07.0031.08.0030.09.0031.10.0030.11.0031.12.0031.01.0128.02.0131.03.0130.04.0131.05.0130.06.0131.07.0131.08.0130.09.0131.10.0130.11.0131.12.0131.01.0228.02.0231.03.0230.04.0231.05.0230.06.0231.07.0231.08.0230.09.0231.10.0230.11.0231.12.0231.01.0328.02.0331.03.0330.04.0331.05.0330.06.0331.07.0331.08.0330.09.0331.10.0330.11.0331.12.0331.01.0429.02.0431.03.0430.04.0431.05.0430.06.0431.07.0431.08.0430.09.0431.10.0430.11.0431.12.0431.01.0528.02.0531.03.0530.04.0531.05.0530.06.0531.07.0531.08.0530.09.0531.10.0530.11.0531.12.0531.01.0628.02.0631.03.0630.04.0631.05.0630.06.0631.07.0631.08.0630.09.0631.10.0630.11.0631.12.0631.01.0728.02.0731.03.0730.04.0731.05.0730.06.0731.07.0731.08.0730.09.0731.10.0730.11.0731.12.0731.01.0829.02.0831.03.0830.04.0831.05.0830.06.0831.07.08

Muude hoiuste kive, eraisikud936.625385835.890522924.215756866.2518851396.6332791113.2758611030.7406471225.7825291130.0983231182.297551155.4452911365.6701171277.311171255.729661259.6353221236.5862071441.6202511537.5015541769.4191951514.6904341286.3540421439.3631111472.4040751791.8456611745.1867691583.0491431587.5295761760.225231717.0932211634.142461617.3042091609.0185061617.2858971541.0534611631.0997581674.732821534.8377711423.1603961228.9325081236.5858171158.1080811313.7815061174.9225841123.289741210.1668731131.4077921055.2759331215.8674211373.5569511062.2997611238.5697671222.8983861224.0586871383.8240911402.1371891205.739651392.3063341383.0259361416.0879151650.575781512.6587151508.320791876.6387482708.7003562292.3199792239.7809822024.5128992121.5696762579.9238312818.5307812680.5541342807.0472322907.5942813353.8859583595.5167033251.6708693425.5742124342.1070223442.9141233790.1392133647.7871373634.6262624147.996024326.8535955361.2787273919.4650284918.8213844496.7563215198.5214185985.3208065036.2636064874.0316244944.2885795689.4992236534.0184735664.44591516366.00419614739.96313814848.13399117570.58579817322.32094516792.15183317008.690826

* Muud hoiused hlmavad thtajalisi, sstu- ja muid hoiuseid. Mrkused: (4)

20052006200720082009

Ettevtted22%59%31%9%8%

Eraisikud68%63%33%9%8%

depod ja laenud

Laenude kasv, rihingud

Laenude kasv, eraisikud

Oodatav rihingute laenude kasv

Oodatav eraisikute laenude kasv

investeerimisfondid

2005

2006

2007

2008

2009

Corporate

22%

59%

31%

9%

8%

Household

68%

63%

33%

9%

8%

Thtajaliste sstu- ja muude hoiuste jkide igakuine muutus, EEK mio

Nudmiseni hoiused, eraisikud, EEK mio

Thtajalised sstu- ja muud hoiused, eraisikud, EEK mio

4.1.1.1 Hoiuste jk kliendigruppide likes

30.06.0430.09.0431.12.0431.03.0530.06.0530.09.0531.12.0531.03.0630.06.0630.09.0631.12.0631.03.0730.06.0730.09.0731.12.0731.03.0830.06.08

Nudmiseni hoiused, eraisikud, EEK mio16263.36428816178.42221716594.73462317716.1371320546.87859720736.67716922246.12620523911.89597827151.22001527626.50277128260.51600929841.58972331486.62049230325.24005328271.52635928660.09154130390.449932

Thtajalised sstu- ja muud hoiused, eraisikud, EEK mio9356.4117599924.42535610687.12368211582.20393212783.71849312922.77685513525.18286714076.36983614914.69622716241.1347417162.56074419022.60070220301.51891622211.49126323360.86010626289.52078828731.219515

Fondide puhasvrtus, miljonites kroonides

6/30/049/30/0412/31/043/31/056/30/059/30/0512/31/053/31/066/30/069/30/0612/31/063/31/076/30/079/30/0712/31/073/31/086/30/08

Nudmiseni hoiused16263.36428816178.42221716594.73462317716.1371320546.87859720736.67716922246.12620523911.89597827151.22001527626.50277128260.51600929841.58972331486.62049230325.24005328271.52635928660.09154130390.449932

Thtajalised hoiused9356.4117599924.42535610687.12368211582.20393212783.71849312922.77685513525.18286714076.36983614914.69622716241.1347417162.56074419022.60070220301.51891622211.49126323360.86010626289.52078828731.219515

Vlakohustuste fondid5,0514,9964,8184,8744,9194,8825,3005,5365,6635,7365,0965,0424,2735,0464,8355,0795,169

Aktsiafondid1,6682,0283,3904,6275,5466,9417,6689,5389,33910,81813,56916,04919,18619,45717,34512,91411,914

II samba pensionifondid1,6482,0372,4842,9593,4774,1714,6555,2715,6206,4437,4368,2799,33310,20010,99411,25412,188

III samba pensionifondid13113918720927333445351252257776382592798011061,0181,064

Muud fondid (kinnisvara + hedge)7291,707

Sektor kokku8,4979,20110,87912,66914,21416,32818,07620,85621,14423,57526,86430,19533,71935,68334,28030,99532,042

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Vlakohustuste fondid

Aktsiafondid

II samba pensionifondid

III samba pensionifondid

Muud fondid (kinnisvara + hedge)

EEK mio

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Nudmiseni hoiused

Thtajalised hoiused

Vlakohustuste fondid

Aktsiafondid

II samba pensionifondid

III samba pensionifondid

Muud fondid (kinnisvara + hedge)

EEK mio

0000000

0000000

0000000

0000000

0000000

0000000

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0000000

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Nudmiseni hoiused

Thtajalised hoiused

Vlakohustuste fondid

Aktsiafondid

II samba pensionifondid

III samba pensionifondid

Muud fondid (kinnisvara + hedge)

EEK mio

*Pankade poolt kaasatud vlispankade vahendite muutused ja osakaal

*Pankuri kellKus asub Eesti praegu?Oleme alles suhteliselt kriisi alguses. Raskused on veel ees.

* KOKKUVTTEKS Majanduskasvu jrsk langusNrk vlisnudlusJik rahvusvaheline krediiditurgInvesteeringute vhenemine, hoogsalt kasvav tpuudusKinnisvarahindade tugev langusKommertspankade laenuportfelli kvaliteedi langusKonkurentsivime langusEelarvedefitsiit ja avaliku sektori roll

* NELI DILEMMATEelarvedefitsiit vi majanduskriis

Kas vtta laenu vi mitte vtta (valitsus)

Reaalpalkade langus vi krge tpuudus

Anda laenu vi mitte anda (kommertspangad)

* TNAN THELEPANU EEST