Banks, Budget, Estonia, Financial Services

The supervisory board decided on the extraordinary decision in dividing the profits of 2008 in allocating 56.6% of the profits into the State budget.

“The supervisory board’s decision was based on two considerations – firstly, the accession to the euro area would help manage the risks related to monetary policy and bring more confidence towards the monetary policy. And secondly, it is clear that by giving a bigger share than usually to the State budget, the Bank of Estonia contributes besides its regular tasks in another way to the State’s aspirations to adopt the euro from the year 2011,” noted the chairman of the supervisory board of the central bank Jaan Männik.

The Bank of Estonia’s supervisory board decided to transfer to this year’s State budget from the central bank’s last year’s profits the amount that would, in accordance with the statistical accounting rules, be taken into account in calculating the balance of the central budget.