On April 25 Professor Vello Vensel submitted an application to the Board of the Bank of Estonia in which he declared that due to the condition of his health he was unable to take the office of the president of the Bank of Estonia.

Professor V. Vensel thanked the Board of the Bank of Estonia for their trust. The Supervisory Board of the Bank of Estonia discussed the application of Professor V. Vensel as an off the agenda issue at their ordinary session held on April 25 and turned to the President of the Republic of Estonia with the proposal to annul the resolution on the appointment of Vello Vensel.

The proposal of the Board of the Bank of Estonia was forwarded to the President of the Republic of Estonia.

Having discussed the situation with Professor Mart Sõrg, Chairman of the Supervisory Board of the Bank of Estonia, the President of the Republic of Estonia annulled his resolution from April 13, 2000 on the appointment of Vello Vensel the president of the bank of Estonia.

On the basis of the Statute of the Bank of Estonia, the present Vice-President of the bank Peter Lõhmus will temporarily take over the duties of the president from April 28.