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Contributions

Formation of sectoral funds

Fund participants pay to the Fund the single and quarterly contributions.

The Fund shall establish the following pools of assets or sectoral funds out of the contributions received by the Fund:

  • The Deposit Guarantee Sectoral Fund - contributions paid by the credit institutions
  • The Investor Protection Sectoral Fund - contributions paid by the investment institutions
  • The Pension Protection Sectoral Fund - contributions paid by the management companies of mandatory pension funds
  • The Annuity Protection Sectoral Fund - contributions paid by the life insurance companies
  • The Resolution Sectoral Fund - contributions paid by the fund participants

Single contribution and terms of payment

  • Deposit Guarantee Sectoral Fund - 3 200 euro
  • Investor Protection Sectoral Fund - 1 300 euro
  • Pension Protection Sectoral Fund -  1 000 euro
  • Annuity Protection Sectoral Fund -   1 280 euro

A credit institution shall pay the single contribution within one month after notification of the resolution to issue authorisation to the credit institution.

An investment institution shall pay the single contribution within one month after notification of the resolution to issue an activity license to the investment institution.

A pension management company shall pay the single contribution within one month after registration of the pension fund rules by the Supervision Authority.

A life insurance comany shall pay the single contribution within one month after entering into the first insurance contract for a mandatory funded pension.


Quarterly contribution rates and terms of payment

  • Deposit Guarantee Sectoral Fund – 0,1% of year according to the Guarantee Fund Act §35 (1)0,030% of eligible deposits on the last banking day of the quarter preceding payment of the contribution. 
  • Investor Protection Sectoral Fund - percentage of different volumes of guaranteed investments and investments services according to the Guarantee Fund Act §54 (1) as following:

1) 0,012% of the average turnover of the securities sale and purchase transactions which are performed in the investment institution within the last ten working days of the quarter preceding payment of the contribution and where one party or broker is the investment institution.

2) 0,0048% of the market value of the money and securities managed by the investment institution as on the last banking day of the quarter preceding payment of the contribution.
 
3) 0,0012% of the market value of the securities held by the investment institution as on the last banking day of the quarter preceding payment of the contribution
 
  • Pension Protection Sectoral Fund - 0,005% of the net asset value of all mandatory pension funds managed by a pension management company as on the last day of the quarter preceding payment of the contribution. 
  • Annuity Protection Sectoral Fund - 0,05% kindlustusandja pensionilepingute kindlustusmaksete summast, mis koguti osamakse tasumisele eelneva kvartali jooksul.

The quarterly contribution rates are established by the supervisory board of the Fund.

A uniform quarterly contribution rates shall be applied to all the fund participants of the specific sectoral fund.

A fund participant shall pay quarterly contributions on a regular basis by the 15th day of the second month of each quarter.

If a fund participant fails to pay a contribution or does not pay a contribution in full by the due date (by the 15th day of the second month of each quarter), the Fund shall charge a fine for delay in the amount of 0.2% of the outstanding amount per day.

If a fund participant fails to pay a contribution by the due date or to perform any other obligation arising from the Guarantee Fund Act, the Fund shall immediately notify the Financial Supervision Authority of such failure.


Deferring payment of quarterly contributions

  • Deposit Guarantee Sectoral Fund -  no right to defer payment of quarterly contributions.
  • Investor Protection Sectoral Fund - The supervisory board may, by a resolution thereof, grant investment institutions the right to defer payment of up to one-third of a quarterly contribution. The total amount of contributions deferred by one investment institution shall not exceed four times the total amount of contributions calculated on the basis of the maximum limits of contribution rates for investment services. 
  • Pension Protection Sectoral Fund - The supervisory board may, by a resolution thereof, permit deferral of the payment of up to one quarter of a quarterly contribution The total amount of contributions deferred by one pension management company shall not exceed 0.2 per cent of the total amount of the net asset values of the pension funds   managed by a pension management company. 
  • Annuity Protection Sectoral Fund - no right to defer payment of quarterly contributions.The Fund shall suspend the collection of quarterly contributions on the basis of a resolution of the supervisory board of the Fund.

Suspending collection of quarterly contributions

The Fund shall suspend the collection of quarterly contributions on the basis of a resolution of the supervisory board if all of the following conditions are complied with:

  • Deposit Guarantee Sectoral Fund - the assets of the Sectoral Fund constitute at least 3% of the total amount of eligible deposits;
  • Investor Protection Sectoral Fund - the value of the assets of the Sectoral Fund exceeds 2 000 000 euro;
  • Pension Protection Sectoral Fund - the assets of the Sectoral Fund constitute at least 1% of the net asset value of all pension funds and the value of the assets of the Sectoral Fund exceeds 1 000 000 euro;
  • Annuity Protection Sectoral Fund - the assets of the Sectoral Fund constitute at least 1% of the net asset value of all pension funds and the value of the assets of the Sectoral Fund exceeds 1 000 000 euro;
  • Resolution Sectoral Fund - the assets of the Sectoral Funf from at least 1% of the amount of the deposits subject to guarantee and compensation of all the credit institutions required to make contributions to the Sectoral Fund.

 

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