| year | event |
|---|---|
| 1918 | — The Maapaev (The Legislative Assembly of Estonia, 1917-1919) decided to issue short-term public bonds of 5% yield in the amount of 30 million marks, which established the mark as a legal tender of the Republic of Estonia. The Provisional Government gave the Ministry of Finance the right to issue Treasury notes. |
| 1919 | — Bank of Estonia was established by the decision of the Provisional Government and the Statutes of the Bank were confirmed. 10 million marks from the Treasury were assigned as the fixed capital of the Bank. The fixed capital was recorded in the official ledger, the first sum of money was transferred to the current account and Bank of Estonia commenced regular operations. |
| 1921 | — Bank of Estonia began issuing banknotes. The bank became a national bank under the control of the Government, which performed the functions of managing monetary affairs and credit on a state level and providing credit to the devastated economy with long term investment loans. At the same time Bank of Estonia was also the largest commercial bank in Estonia. |
| 1924 | — A new accounting (book) monetary unit — the Estonian gold kroon with a gold content of 0.403226 grams of pure gold — was legally introduced for the valorization of loans. The kroon was considered equal to 100 Estonian marks. The Monetary Commission of the League of Nations presented a packet of appropriate proposals for implementing monetary and central bank reforms to Estonia. |
| 1926 | — The final protocol on the schedule of the Estonian Monetary Reform was signed in Geneva. |
| 1927 | — Bank of Estonia was reformed into an independent currency issuing central bank with limited functions as well as into a true joint stock bank. The central bank was presented with the national gold and foreign currency reserve stocks and with a 1 million British pounds loan from that country. The fixed capital of the Bank was increased from 2.5 million kroons to 5 million kroons. All the non-performing long-term loans of the Bank were transferred to the Long Term Loan Bank, which was established for that purpose. |
| 1928 | — With the help of the monetary reform, an up-to-date monetary system was established for Estonia. The Estonian kroon was declared the sole legal tender: 1 kroon = 100 sents. The Estonian kroon (0.403226 grams of gold) was considered equal to the Swedish krona. |
| 1933 | — The Estonian kroon was devalued by 35%. The kroon was tied to the exchange rate of the British pound at GBP 1 = EKR 18.35, a ratio which remained practically the same until the end of the first independence period of the Republic of Estonia. |
| 1940 | — Bank of Estonia was nationalized and reorganized into the Estonian Republican Office of the State Bank of the Soviet Union. Kroons and kroon deposits were exchanged for rubles at the exchange rate of 1 kroon = 1.25 rubles (their actual purchasing power was 1 kroon = 8.10 rubles). |
| 1941 | — The name of the Bank and its operation were formally restored. In reality the Bank of Estonia of that time was a bank operating under the control of the German occupation authorities. It managed the turnover of the occupation currency and rendered services to local governments and other institutions. |
| 1943 | — Bank of Estonia was reorganized into a sub-unit of the Gemeinschaftsbank Ostland in Riga, under the name of Gemeinschaftsbank Estland. The Financial Main Cashier’s Office, founded on the basis of Bank of Estonia, performed the financial transactions and cash currency issues of the local authorities. |
| 1987 | — The newspaper „Edasi” published an article by Siim Kallas, Tiit Made, Edgar Savisaar, and Mikk Titma called the „Fundamentals of Self-Managing Estonia”, which foresaw, for the first time, the introduction of a national currency. |
| 1989 | — The „Fundamentals of Self-Management of the Estonian SSR” act was passed. — The Government formed a commission to devise specific programs for a transition to a national monetary and banking system as well as for achieving convertibility for the national currency. — The Government announced a public design competition for Estonian banknotes. — The decision to establish Bank of Estonia as of 1 January 1990 was taken. — The „Bank Law of the Republic of Estonia” was passed, which established Bank of Estonia as an independent bank of issue. Rein Otsason was appointed Governor of Bank of Estonia. |
| 1990 | — The first membership of the Supervisory Board of Bank of Estonia was approved. — The jury of the Estonian kroon design competition made a proposal to Vladimir Taiger, Rihet-Urmas Ploomipuu, and Mari Kabin to prepare sketches of the future banknotes. — The Statutes and Statute Fund of Bank of Estonia were approved. — The Supreme Soviet of the Republic of Estonia took the decision to make the transition to the national currency by 24 December 1991. — The Government transferred EEK 10 million into the account of Bank of Estonia for the Statute Fund. — The Supervisory Board of Bank of Estonia established the procedure for the establishment of commercial banks. — The programs of transition to the national currency were finished by Bank of Estonia (under the guidance of Rein Otsason) and the Government (under the guidance of Bo Kragh). |
| 1991 | — The Monetary Reform Committee was formed by the law of the Republic of Estonia, led by the Head of the Government, Edgar Savisaar. — A contract was signed with the company Thomas De La Rue & Co Ltd for the printing of 5-500 kroon denomination banknotes. — Siim Kallas was appointed member of the Monetary Reform Committee. — Siim Kallas was appointed Governor of Bank of Estonia. — The decision to join the Estonian Republican Bank of the Gosbank (the central bank of the USSR) and the State Collection Office with Bank of Estonia was taken. — The first decree, No 011, of the Monetary Reform Committee (on preparing for and conducting the monetary reform) was signed. — The Supreme Soviet of the Republic of Estonia declared the re-establishment of Bank of Estonia on 1 January 1990 as the legal successor of the Bank of Estonia established in 1919. |
| 1992 | — Bank of Estonia started quoting the ruble in circulation. — Tiit Vahi was appointed Prime Minister and the new Chairman of the Monetary Reform Committee. — Rudolf Jalakas was appointed member of the Monetary Reform Committee as an independent scientist. — The Bureau of the Monetary Reform Committee was formed, and Enn Teimann, Deputy Governor of Bank of Estonia, was appointed Director of the Bureau. — The first kroons printed by Thomas de la Rue & Co Ltd arrived. — It was decided to peg the Estonian kroon to the German mark. — Estonia became member of the International Monetary Fund. — Ardo Hansson was appointed alternate member of the Monetary Reform Committee (instead of R. Jalakas). — Estonia’s membership in the Bank for International Settlement was restored. — Decree No 030 of the monetary Reform Committee set 20 June 1992 as the date of the monetary reform. — The monetary reform was announced at 9:00 pm. — The Foreign Currency Act, the Currency Act, and the Act on the Security of the Estonian Kroon entered into force. The Estonian kroon became the sole legal tender of the Republic of Estonia. The official exchange rate of the Estonian kroon against the German mark was fixed at EEK 8 = DEM 1. — Estonia became a member of the World Bank. — The activities of the Bureau of the Monetary Reform Committee were determined. — 10 kroon silver collector coins dedicated to the monetary reform and the participants in the Barcelona Olympic Games were issued. — A moratorium was declared on Tartu Kommertspank (Tartu Commercial Bank), Pohja-Eesti Aktsiapank (North-Estonian Bank Ltd.), and Balti Uhispank (Union Bank of the Baltics). — The Bank of Finland started to quote the Estonian kroon. — The Monetary Reform Committee took the decision to sell the rubles collected in the course of the monetary reform. — The license of Tartu Kommertspank (Tartu Commercial Bank) was revoked and the bank was put into compulsory liquidation. |
| 1993 | — The State VEB Fund was formed, which comprised the claims of Pohja-Eesti Aktsiapank (North-Estonian Bank Ltd.) and Balti Uhispank (Union Bank of the Baltics) against the former Vneshekonombank (the Soviet foreign trade bank) on blocked accounts. — The license of Balti Uhispank (Union Bank of the Baltics) was revoked. — Issuance of the 100-kroon silver collector coin dedicated to the monetary reform. — The Bank of Estonia Act was passed. — Bank of Estonia issued the 5-kroon circulation coin. — Bank of Estonia and five commercial banks joined the international banking and information transmission system SWIFT. |
| 1994 | — The Foreign Currency Act was declared invalid. — The Credit Institutions Act was passed. |
| 1995 | — Vahur Kraft was appointed Governor of Bank of Estonia. — The powers of the Monetary Reform Committee were terminated. |
| 1996 | — Bank of Estonia issued a 100-kroon silver collector coin to commemorate the 100th anniversary of the modern Olympic games. |
| 1997 | — For the first time in the history of Bank of Estonia, the Bank of Estonia Museum was opened. — A scientific conference was held to celebrate the 5th anniversary of the Estonian kroon. — The rating agency Moody’s gave Estonia the credit rating Baa1 and IBCA rating BBB. — Bank of Estonia commissioned the first credit ratings for Estonia from the rating agency Standard & Poor’s. The ratings included the foreign currency credit rating BBB+, the domestic currency credit rating A-, and the short-term foreign currency and domestic currency rating A-2. |
| 1998 | — Bank of Estonia issued silver collector coins of 10-kroon and 100-kroon denominations and a gold coin of 500-kroon denomination to celebrate the 80th anniversary of the Republic of Estonia. — The Deposit Guarantee Fund Act was passed. — The Prevention of Money Laundering Act was passed. — The European Monetary Union introduced the euro as a payment unit. A Decree of the Governor of Bank of Estonia established the fixed exchange rate between the euro and the Estonian kroon at EUR 1 = EEK 15.6466. |
| 1999 | — To celebrate the 80th anniversary of Bank of Estonia and the adoption of the euro, the European single currency, Bank of Estonia issued a gold collector coin with a nominal value of EEK 15.65. — A scientific conference „The Role of the Central Bank in Economic Policy Management” took place to celebrate the 80th anniversary of Bank of Estonia. — A collector coin of 1-kroon denomination was issued by Bank of Estonia to celebrate the 130th anniversary of the Estonian song festivals. — Bank of Estonia opened a training and management center in Kuressaare, Saaremaa. |
| 2000 | — The President of the Republic of Estonia, Lennart Meri, awarded Raimund Hagelberg, advisor for Bank of Estonia and long-standing member of the Supervisory Board, the Class III Order of the National Coat of Arms. — Vahur Kraft was appointed Governor of Bank of Estonia for a second term of office. — Vahur Kraft was elected Chairman of the Council of the Deposit Guarantee Fund. |
| 2001 | — The President of the Republic of Estonia, Lennart Meri, awarded the Governor of Bank of Estonia, Vahur Kraft, the Class II Order of the White Star for maintaining the stability of Estonian monetary policy. — Vahur Kraft, Governor of Bank of Estonia, Toomas Luman, President of the Estonian Chamber of Commerce and Industry, Andres Keevallik, Rector of Tallinn Technical University, and Jaak Aaviksoo, Rector of Tartu University, signed a joint cooperation agreement, which laid the foundation for the Center for Strategic Initiatives. — Standard & Poor’s raised Estonia’s sovereign rating to level A-, the short-term obligations and the Estonian kroon rating to level A-2, and the long-term rating of the Estonian kroon to level A-. |
| 2002 | — Bank of Estonia began the operations of the autonomous and independently-budgeted Financial Supervision Authority. — Bank of Estonia and other credit institutions signed contracts with the new settlement systems of Bank of Estonia — the central bank’s Designated Time Net Settlement System (DNS) and the Real-Time Gross Settlement System (RTGS). — Bank of Estonia launched a new interbank settlement system, which meets international requirements. — A 10-kroon silver collector coin dedicated to Tartu University was issued by Bank of Estonia. — Bank of Estonia issued a 100-kroon gold collector coin to celebrate the 10th anniversary of the re-adoption of the kroon. — An international scientific conference, „Alternative Exchange Rate Regimes in the Globalising World”, was held in Tallinn and dedicated to the re-adoption of the Estonian kroon. — The rating agency FitchRatings decided to retain Estonia’s long-term foreign currency obligations rating at level A-, the long-term rating of the Estonian kroon at level A+, and the short-term foreign liabilities rating at level F1. — The annual meeting of the CEEC Cooperation Group of the Basel Committee of Banking Supervision elected Estonia as the presiding country for 2003. — The rating agency Moody’s raised Estonia’s long-term foreign liabilities rating from the level Baa1 to A1. — At the European Union summit held in Copenhagen, a formal invitation to join the EU was extended to ten candidate countries: Estonia, Cyprus, Lithuania, Latvia, Malta, Poland, Slovakia, Slovenia, the Czech Republic, and Hungary. — The Cash and Security Department of Bank of Estonia was granted the international quality certificate ISO 9001:2000 for the managing, handling, and safeguarding of cash reserves. |
| 2003 | — The rating agency Standard & Poor’s affirmed Estonia’s sovereign rating at the level A-/A-2. — The first gold coin minted in Estonia, the gulden, which was probably commissioned in 1560 by the last master of the Livonian Order Gotthard Kettler, was on display at the Bank of Estonia Museum. — Bank of Estonia announced the first competition for the research award dedicated to the memory of Urmas Sepp. — Estonia held a referendum on joining the European Union. 66.9% of the voters favored accession to the EU. |
| 2004 | — Bank of Estonia became a member of the European System of Central Banks (ESCB) and one of the owners of the European Central Bank (ECB). — A conference dedicated to the 85th anniversary of Bank of Estonia and to Estonia’s accession to the European Union was held in Tallinn. — Bank of Estonia issued a 10-kroon silver coin to celebrate the 120th anniversary of the Estonian national flag. — Bank of Estonia announced a design competition for the national side of the Estonian euro coins. — Estonia became a member of the Exchange Rate Mechanism ERM II. The central parity of the Estonian kroon was fixed at EUR 1 = EEK 15.6466. — A 100-kroon gold collector coin dedicated to the Olympic games was issued by Bank of Estonia. 4-11 December 2004The ten final Estonian national euro coin designs chosen by the jury of experts were put to a national telephone vote. — Bank of Estonia disclosed the results of the design competition for the national side of the Estonian euro coins. The winner was Lembit Lohmus with a design depicting the outline of the map of Estonia and the word „Eesti”. The design received 12,482 votes out of a total 45,453 votes. |
| 2005 | — The Government of the Republic summoned a committee of experts consisting of representatives from different agencies to manage the changeover to the euro. Bank of Estonia’s Deputy Governor Andres Sutt was also included on the committee. — The term of office of Vahur Kraft, who had been Governor of Bank of Estonia for ten years, ended. — Andres Lipstok assumed office as Governor of Bank of Estonia. — The rating agency Standard&Poor’s raised Estonia’s sovereign rating to positive. The country’s long-term foreign currency liabilities rating was set at level A, and the short-term foreign currency liabilities rating at level A-1. — In order to stimulate the movement of payments, Bank of Estonia launched a new Interbank Settlement System of Ordinary Payments (ESTA). — Bank of Estonia and the Police Board entered into a cooperation agreement to prevent the circulation of counterfeit money and to ensure the security of euro cash distribution. — Andres Lipstok, Governor of Bank of Estonia, and Raimo Makkonen, President and CEO of the Mint of Finland Ltd, signed a contract according to which the Mint of Finland will mint Estonia’s euro coins. |
| 2006 | — Andres Trink, Chairman of the Management Board of the Financial Supervision Authority, resigned. — The Supervisory Board of the Financial Supervision Authority appointed Raul Malmstein as Chairman of the Management Board. — Bank of Estonia issued a 10-kroon silver collector coin dedicated to the Torino Winter Olympic Games. — President Arnold Ruutel decorated the following people in celebration of Independence Day and to mark the occasion of the 15th anniversary of the restoration of the Republic of Estonia: Mart Opmann, member of the Supervisory Board of Bank of Estonia, 3rd class Order of the White Star; Andres Lipstok, Governor of Bank of Estonia, 2nd class Order of the National Coat of Arms; Mart Sorg, Chairman of the Supervisory Board of Bank of Estonia, 3rd class Order of the National Coat of Arms; Ivi Proos, adviser to the Supervisory Board, 4th class Order of the National Coat of Arms IV; and Ulle Rohtla, assistant to the Supervisory Board, 5th class Order of the National Coat of Arms. — Bank of Estonia launched its euro website. — The Moody’s rating agency issued a positive outlook concerning Estonia’s long-term foreign currency liabilities (or country rating) and confirmed its previous rating of A1. — The Fitch rating agency affirmed that Estonia’s country rating will remain at 'A' and the rating outlook is positive. — The Standard and Poor’s rating agency changed Estonia’s country rating outlook from positive to stable. — The Fitch rating agency changed Estonia’s country rating outlook from positive to stable. — Bank of Estonia decided to increase the reserve requirement of banks from 13% to 15%. — Bank of Estonia issued a silver collector coin with a nominal value of 100 kroons (designed by Tiiu Kirsipuu) to mark the centenary of the founding of the professional theater „Estonia” (The Estonian National Opera). — The construction company AS Merko Ehitus completed the refurbishment of the office block at 6 Sakala St. and officially handed over the keys to Bank of Estonia. — Bank of Estonia joined the central banks settlement system TARGET. — President of the USA George W. Bush gave a press conference in the Independence Hall of Bank of Estonia during his state visit to Estonia. — Governor of Bank of Estonia Andres Lipstok, Chairman of the Management Board of the Financial Supervision Authority Raul Malmstein and Minister of Finance Aivar Soerd signed a tripartite agreement on the management of financial crises. — Governor of Bank of Estonia Andres Lipstok, Governor of Sveriges Riksbank Stefan Ingves, Governor of Latvijas Banka Ilmars Rimsevics and Deputy Governor of Lietuvos Bankas Darius Petranskas signed an agreement on the management of financial crises. |
| 2007 | — The Standard & Poor’s rating agency affirmed Estonia’s country rating at 'A' and its outlook as positive. — President Toomas Hendrik Ilves awarded the 4th class Order of the White Star to Tanel Ross, Head of the International and Public Relations Department, and Rait Roosve, Head of the Cash and Security Department to mark the 89th anniversary of the Republic of Estonia and to give recognition for services rendered in state public service. — Bank of Estonia held a research conference titled „Opportunities of the Estonian Economy in Global Competition” to mark the 15th anniversary of the re-establishment of the Estonian kroon. Presentations and discussions were followed by a lecture delivered by Siim Kallas, European Commission Vice-President, which was the first in a series of lectures named after Professor of Economics Ragnar Nurkse. — Bank of Estonia published a report on the current preparations for the changeover to the euro at www.bankofestonia.info. Reviews of different aspects of the changeover will be published twice a year. — The Museum of Bank of Estonia celebrated ten years of its activities. In order to mark this occasion along with the 15th anniversary of the Estonian kroon, the museum opened an exhibition titled „15 years of currency — designs of the Estonian kroon” and another exhibition in the Independence Hall of the Bank reviewing the previous ten years' exhibitions. — Bank of Estonia issued a triangular gold collector coin commemorating the 15th anniversary of the re-establishment of the Estonian kroon. |