Banks, Estonia, EU – Baltic States, Financial Services, Legislation

Eesti Paevaleht has published these details from the past of the prominent political person this week.

According to the newspaper, about 20 years ago, being a President of Eesti Pank (or the Bank of Estonia), Kallas issued banking warranties worth about 100 billion euros, which is quite a big amount both for those days and for nowadays. The financial guaranties were in force until 2004; however, they were not mentioned in accounts of the central bank of Estonia. As mentioned, the warrants were transferred to a company Conor Trading International Ltd.; in case of collection of those warranties the state might have been in financial troubles because Estonia's state budget was only seven billion kroons (450 million euros).

In an interview to the newspaper, Kallas admits that in nineties (of the previous century) employees of the Estonian national bank applied various financial schemes to earn money for the state budget, still the politician denies the fact of issuing warranties.

As reported, the Reform Party would like to see current European Transport Commissioner Siim Kallas as the new prime minister, after the resignation of former Prime Minister Andrus Ansip.