|
Translation
EESTI PANK
GOVERNOR'S DECREE No 13 February 2003
Establishing interest rates for the reserves and standing deposit facility
Proceeding from Decision No 11-1 of the Board of Eesti Pank (RTL 2002, 128,
1871) from 31 October 2002 and Clause 6 of § 14 of the Central
Bank Act (RTL I 1993, 28, 498; 30, correction note; 1994, 30, 463;
1998, 64/65, 1006; 1999, 16, 271; 2001, 58, 353; 59, 358; 2002, 57, 356)
Eesti Pank ordains:
1. Eesti Pank shall pay reserve interest on the reporting month's average
end-of-day balance of a credit institution's settlement account
which does not exceed the minimum reserve requirement with Eesti
Pank. The deposit interest rate of the European Central Bank valid
on the last banking day of the reporting month shall be the interest
rate payable by Eesti Pank to credit institutions on the reserves
kept at Eesti Pank.
2. Eesti Pank shall pay interest on the standing deposit facility on the
reporting month's average end-of-day balance of a settlement
account which exceeds the minimum reserve requirement with
Eesti Pank. The deposit interest rate of the European Central Bank
valid on the last banking day of the reporting month shall be the
interest rate payable to credit institutions on their standing deposit
facilities.
3. The annual interest is calculated on the basis of 360 days and monthly
interest on 30 days.
4. To invalidate Decree No 14 of the Governor of Eesti Pank "Establishing
interest rates for the reserves and standing deposit facility"
of 15 June 1999 (RTL 1999, 103, 1271).
5. The Decree takes effect on 1 March 2003.
Vahur Kraft
Governor
|
