State takes €4.3 million from Bank of Estonia profits

The Bank of Estonia Photo: Õhtuleht/Scanpix
4/30/2015 12:18 PM
Category: Economy

The state has dipped into the Bank of Estonia profits, taking out 4.3 million euros from its 2014, 17-million-euro profit.

The rest of the sum will be used to sore up the central bank's reserves.

The bank's supervisory board chairman Mart Laar said the bank usually suffers losses when the economy falters and building up reserves will allow the bank to become less of a strain on the national budget during tough times.

The bank took a decision 2012 to increase its reserves to average proportional level of Eurozone central banks, which means an increase of one billion euros to 1.3 billion in reserves.

The bank has paid a total of 133 million euros into state coffers since 1992.

J.M. Laats

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