CHRONICLE OF MONETARY POLICY

OCTOBER 1995

October 16

Eesti Hoiupank (the Estonian Savings Bank) issued 30 million kroons worth of shares, sold to investors at a public share offer from October 2-13. Subscribers wished to buy 7.378 million shares, 2.64 times more than the actual 3 million shares issued. On October 16 the board of the bank decided on the principles of distributing the shares. After the share issue, 24.1% of the Estonian Savings Bank shares belong to Eesti Pank; 22.6% to new shareholders; 21% to Hansapank; 21% to the European Bank for Reconstruction and Development; and 11.3% to employees of the Estonian Savings Bank.

October 18

Decree of the President of Eesti Pank

On the Prudential Ratios of Commercial Banks

The decree supplemented the Eesti Pank Decree of October 30, 1994, on the prudential ratios of commercial banks, specifying the explanation to the procedure of calculating the capital adequacy ratio, with reference to off-balance sheet items.