CHRONICLE OF MONETARY POLICY.

SEPTEMBER 1995

September 4

President of Eesti Pank (Bank of Estonia) Vahur Kraft and Chairman of the Board of Eesti Ühispank (Estonian Union Bank) Ain Hanschmidt signed a contract on purchase and sale of shares of Põhja-Eesti Pank (North-Estonian Bank), under which Eesti Ühispank acquired one-third of the Eesti Pank shares in Põhja-Eesti Pank. Eesti Ühispank had won the limited tender for the shares held in August.

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Landesbank Schleswig-Holstein Girozentrale became the first German bank to open a representative office in Estonia. The German bank was granted permission to open a representation in Tallinn by the decree of Eesti Pank of May 16. The German bank's Tallinn office will represent its and its clients' interests in all three Baltic States.

September 5

Shareholders of Põhja-Eesti Pank made changes in the bank's Supervisory Board.

September 6

The new Supervisory Board of Põhja-Eesti Pank re-elected Andres Lipstok as the Chairman of the Board and decided to replace the bank's Board of Directors.

September 18

Employees of Eesti Hoiupank (Estonian Savings Bank) increased their participation in the bank by buying ten million kroons worth of shares through a closed share issue. The bank's share capital thus increased to 103 million kroons.

September 21

Resolutions of Eesti Pank

On Regarding the Description of the Money Transportation Card Used at the Transportation of Money and Securities and the Use of the Card

The Estonian Government with its decree No 309 of August 31, 1995, established the regulations on transporting money and securities. Section eight of the decree states that Eesti Pank will issue cards to companies specialising in the transportation of money which the drivers are to show to the police officials or other persons entitled to stop and check vehicles and which will guarantee them the right to continue unstopped.

The resolutions of Eesti Pank provided the description of the money transport card and its use. The cards will be issued by the Security Department of Eesti Pank to companies dealing with the transportation of money upon such a company's written request.