Bank of Estonia Budget Bumped Up to 20 Million Euros
The Bank of Estonia's budget for 2012 is 13.8 percent larger than it was this year, mainly due to increased expenses related to cash.
The central bank will namely be taking part in euro production for the first time. The bank is required to return 44 million banknotes it received for frontloading last year before the currency changeover. It will also have to produce the quota annually allotted by the European Central Bank to national central banks
In a joint procurement with eight other central banks, the Bank of Estonia will produce 20-euro notes for the Eurozone's jointly held reserves.
Not counting the amount to be spent on cash in 2012, the budget is 3.1 percent larger - 19.8 million euros. The largest line items will be a transition to an IP-based telephone system and technical utility systems in its offices in central Tallinn.
Personnel expenses will increase two percent, to 8 million euros.
The Bank of Estonia projects revenue next year to be at 22.8 million euros, which it earns by investing reserves.