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International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 04:24

Tallinn drafts supplementary budget for 2015, cooperative bank receives 5 mln euros

BC, Tallinn, 22.05.2015.Print version
The Tallinn city government decided to submit to the city council the first supplementary budget of 2015, which increases the city budget volume by nearly 34.5 euros million and allocates 5 million euros more to create the city's cooperative bank, Eesti Ühistupank, LETA/Public Broadcasting reports.

The supplementary budget will increase the city's budget revenue and expenditure volume by 34.5 million euros to 563.7 million euros.

 

The supplementary budget allocates 5 million euros the founding Eesti Ühistupank, which is in notary deposit till the Financial Supervision Authority grants permission to found the bank.

 

Deputy Mayor Taavi Aas said that the necessary documents will be submitted to the FSA in the second half of the summer, but the bank's establishment procedures can take a year.

 

Aas said that by now the initial capital required for the establishment of the bank has been found, as well as founder members. "City of Tallinn will be one of the many members of the cooperative bank," said Aas, who believes that the cooperative bank is a very democratic organization.

 

Taavi Aas said that the cooperative bank will be primarily develop small and medium-sized business in the capital, but also in elsewhere in Estonia.





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