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65-682: The Bank of Estonia ( Estonian : Eesti Pank ) is the Estonian member of the Eurosystem and has been the monetary authority for Estonia from 1919 to 2010, albeit with a long suspension between 1940 and 1989, issuing the Estonian kroon . Like other central banks, the Bank of Estonia refers to itself in its native language even in English-speaking contexts. The bank was established on 24 February 1919 by

130-663: A biannual Financial Stability Report. The bank provides wholesale banking services to the UK Government (and to over a hundred overseas central banks). It manages the UK's Exchange Equalisation Account on behalf of HM Treasury and it maintains the government's Consolidated Fund account. It also manages the country's foreign exchange reserves and is custodian of the UK's (and others') gold reserves . The bank also offers 'liquidity support and other services to banks and other financial institutions'. Commercial banks customarily keep

195-451: A broad classical education and knew Ancient Greek , Latin and French . Consider roim 'crime' versus English crime or taunima 'to condemn, disapprove' versus Finnish tuomita 'to condemn, to judge' (these Aavikisms appear in Aavik's 1921 dictionary). These words might be better regarded as a peculiar manifestation of morpho-phonemic adaptation of a foreign lexical item. Article 1 of

260-571: A central bank since Estonia was still part of the ruble zone and the State Bank of the USSR kept its branch in Tallinn. It developed an autonomous capacity for policy expertise, however, and also a commercial business of its own by taking over the Estonian operations of Vnesheconombank which gave it experience in managing foreign assets. The Bank of Estonia also attempted to take other steps within its ability for

325-560: A century. The Bank of England thus returned about $ 52 million in gold in early 1992, followed by the Bank for International Settlements with $ 45 million in July 1992. These were sufficient to appropriately cover the Bank's liabilities plus the full value of deposits at the state-owned Eesti Hoiupank . Reserve areas of the State Forest Fund worth 150 million dollars had also been transferred to

390-715: A member of the Eurosystem or the system of Eurozone central banks that of that collectively set and implement the zone's monetary policy. Some of the functions of the bank were taken over by the European Central Bank . Other functions, as well as membership to the European System of Central Banks remained. Estonian language Estonian belongs to the Finnic branch of the Uralic language family . Other Finnic languages include Finnish and some minority languages spoken around

455-567: A privilege for employees. Previously, the bank had maintained private and commercial accounts for all sorts of customers, including individuals, small businesses and public organisations; but a change of policy following the First World War saw the bank increasingly withdraw from this type of business to focus more clearly on its central banking role. During the Nine Years' War , the Royal Navy

520-418: A sizeable proportion of their cash reserves on deposit at the Bank of England. These central bank reserves are used by the banks to settle payments with one another; (for this reason the Bank of England is sometimes called 'the bankers' bank'). In exceptional circumstances, the Bank may act as the lender of last resort by extending credit when no other institution will. As a regulator and central bank,

585-502: A statutory regulator . The bank's headquarters have been in London's main financial district, the City of London , since 1694, and on Threadneedle Street since 1734. It is sometimes known as "The Old Lady of Threadneedle Street", a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank Junction . The bank, among other things, is custodian to

650-662: Is a bilingual German-Estonian translation of the Lutheran catechism by S.   Wanradt and J.   Koell dating to 1535, during the Protestant Reformation period. An Estonian grammar book to be used by priests was printed in German in 1637. The New Testament was translated into the variety of South Estonian called Võro in 1686 (northern Estonian, 1715). The two languages were united based on Northern Estonian by Anton thor Helle . Writings in Estonian became more significant in

715-734: Is based on central dialects, it has no vowel harmony either. In the standard language, the front vowels occur exclusively on the first or stressed syllable, although vowel harmony is still apparent in older texts. Typologically, Estonian represents a transitional form from an agglutinating language to a fusional language . The canonical word order is SVO (subject–verb–object), although often debated among linguists. In Estonian, nouns and pronouns do not have grammatical gender , but nouns and adjectives decline in fourteen cases: nominative , genitive , partitive , illative , inessive , elative , allative , adessive , ablative , translative , terminative , essive , abessive , and comitative , with

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780-413: Is empowered to act in the event of a bank failure 'to protect the UK's vital financial services and financial stability'. Between 1715 and 1998, the Bank of England managed Government Stocks (which formed the bulk of the national debt ): the bank was responsible for issuing stocks to stockholders, paying dividends and maintaining a register of transfers; however in 1998, following the decision to grant

845-452: Is extensive, and this has made its inflectional morphology markedly more fusional , especially with respect to noun and adjective inflection. The transitional form from an agglutinating to a fusional language is a common feature of Estonian typologically over the course of history with the development of a rich morphological system. Word order is considerably more flexible than in English, but

910-734: Is missed the Governor is required to write an open letter to the Chancellor of the Exchequer explaining the situation and proposing remedies. Other than setting the base interest rate, the main tool at the bank's disposal in this regard is quantitative easing . The bank has a monopoly on the issue of banknotes in England and Wales and regulates the issuance of banknotes by commercial banks in Scotland and Northern Ireland. (Scottish and Northern Irish banks retain

975-687: Is pronounced [æ], as in English mat . The vowels Ä, Ö and Ü are clearly separate phonemes and inherent in Estonian, although the letter shapes come from German. The letter õ denotes /ɤ/ , unrounded /o/ , or a close-mid back unrounded vowel . It is almost identical to the Bulgarian ъ /ɤ̞/ and the Vietnamese ơ , and is also used to transcribe the Russian ы . Additionally C , Q , W , X , and Y are used in writing foreign proper names . They do not occur in Estonian words , and are not officially part of

1040-488: Is pronounced) and in the use of 'i' and 'j'. Where it is very impractical or impossible to type š and ž , they are replaced by sh and zh in some written texts, although this is considered incorrect. Otherwise, the h in sh represents a voiceless glottal fricative , as in Pasha ( pas-ha ); this also applies to some foreign names. Modern Estonian orthography is based on the "Newer orthography" created by Eduard Ahrens in

1105-643: Is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government 's banker and debt manager, and still one of the bankers for the Government of the United Kingdom , it is the world's eighth-oldest bank . The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by

1170-748: The idamurre or eastern dialect on the northwestern shore of Lake Peipus . One of the pronunciation features of the Saaremaa dialect is the lack of the 'õ' vowel. A five-metre monument erected in 2020, marking the "border" between the vowels 'õ' and 'ö', humorously makes reference to this fact. South Estonian consists of the Tartu, Mulgi, Võro and Seto varieties. These are sometimes considered either variants of South Estonian or separate languages altogether. Also, Seto and Võro distinguish themselves from each other less by language and more by their culture and their respective Christian confession. Estonian employs

1235-489: The Livonian Chronicle of Henry contains Estonian place names, words and fragments of sentences. The earliest extant samples of connected (north) Estonian are the so-called Kullamaa prayers dating from 1524 and 1528. In 1525 the first book published in Estonian was printed. The book was a Lutheran manuscript, which never reached the reader and was destroyed immediately after publication. The first extant Estonian book

1300-646: The Universal Declaration of Human Rights in Estonian and English: Bank of England King Charles III [REDACTED] William, Prince of Wales [REDACTED] Charles III ( King-in-Council ) [REDACTED] Starmer ministry ( L ) Keir Starmer ( L ) Angela Rayner ( L ) ( King-in-Parliament ) [REDACTED] Charles III [REDACTED] [REDACTED] [REDACTED] The Lord Reed The Lord Hodge Andrew Bailey Monetary Policy Committee The Bank of England

1365-544: The Attlee ministry . In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as

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1430-626: The Baltic Sea and in northwestern Russia. Estonian is typically subclassified as a Southern Finnic language, and it is the second-most-spoken language among all the Finnic languages. Alongside Finnish, Hungarian , and Maltese , Estonian is one of the four official languages of the European Union that are not Indo-European languages . In terms of linguistic morphology , Estonian is a predominantly agglutinative language . The loss of word-final sounds

1495-700: The Germanic languages have very different origins and the vocabulary is considered quite different from that of the Indo-European family, one can identify many similar words in Estonian and English, for example. This is primarily because Estonian has borrowed nearly one-third of its vocabulary from Germanic languages, mainly from Low Saxon ( Middle Low German ) during the period of German rule , and High German (including standard German ). The percentage of Low Saxon and High German loanwords can be estimated at 22–25 percent, with Low Saxon making up about 15 percent. Prior to

1560-572: The Latin script as the basis for its alphabet . The script adds the letters ä , ö , ü , and õ , plus the later additions š and ž . The letters c , q , w , x and y are limited to proper names of foreign origin, and f , z , š , and ž appear in loanwords and foreign names only. Ö and Ü are pronounced similarly to their equivalents in Swedish and German. Unlike in standard German but like Swedish (when followed by 'r') and Finnish, Ä

1625-524: The Proto-Finnic language , elision has occurred; thus, the actual case marker may be absent, but the stem is changed, cf. maja – majja and the Ostrobothnia dialect of Finnish maja – majahan . The verbal system has no distinct future tense (the present tense serves here) and features special forms to express an action performed by an undetermined subject (the "impersonal"). Although Estonian and

1690-596: The Soviet invasion of 1940, the Bank of Estonia was closed by the occupying authorities. Its operations were taken over by the State Bank of the Soviet Union , which introduced the Soviet ruble as legal tender . The Bank of Estonia was re-established on 1 January 1990, following Soviet legislation of November 1989 that granted the Baltic Republics a degree of policy autonomy. The new institution, however, could not act as

1755-414: The bank rate ), which is decided by the bank's Monetary Policy Committee (MPC). (The MPC has devolved responsibility for managing monetary policy ; HM Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but Parliament must endorse such orders within 28 days.) As of 2024 the inflation target is 2%; if this target

1820-485: The 1870s to the 1890s) tried to use formation ex nihilo ( Urschöpfung ); i.e. they created new words out of nothing. The most well-known reformer of Estonian, Johannes Aavik (1880–1973), used creations ex nihilo (cf. 'free constructions', Tauli 1977), along with other sources of lexical enrichment such as derivations, compositions and loanwords (often from Finnish; cf. Saareste and Raun 1965: 76). In Aavik's dictionary (1921) lists approximately 4000 words. About 40 of

1885-541: The 18th and 19th centuries based on the dialects of northern Estonia. During the Medieval and Early Modern periods, Estonian accepted many loanwords from Germanic languages , mainly from Middle Low German (Middle Saxon) and, after the 16th-century Protestant Reformation , from the Standard German language. Estonia's oldest written records of the Finnic languages date from the 13th century. The "Originates Livoniae" in

1950-926: The 1930s. There are 9 vowels and 36 diphthongs , 28 of which are native to Estonian. All nine vowels can appear as the first component of a diphthong, but only /ɑ e i o u/ occur as the second component. A vowel characteristic of Estonian is the unrounded back vowel /ɤ/, which may be close-mid back , close back , or close-mid central . Word-initial b, d, g occur only in loanwords and some old loanwords are spelled with p, t, k instead of etymological b, d, g : pank 'bank'. Word-medially and word-finally, b, d, g represent short plosives /p, t, k/ (may be pronounced as partially voiced consonants), p, t, k represent half-long plosives /pː, tː, kː/, and pp, tt, kk represent overlong plosives /pːː, tːː, kːː/; for example: kabi /kɑpi/ 'hoof' — kapi /kɑpːi/ 'wardrobe [ gen sg ] — kappi /kɑpːːi/ 'wardrobe [ ptv sg ]'. Before and after b, p, d, t, g, k, s, h, f, š, z, ž ,

2015-512: The 19th century during the Estophile Enlightenment Period (1750–1840). The birth of native Estonian literature was during the period 1810–1820, when the patriotic and philosophical poems by Kristjan Jaak Peterson were published. Peterson, who was the first student to acknowledge his Estonian origin at the then German-language University of Dorpat , is commonly regarded as a herald of Estonian national literature and considered

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2080-490: The 200 words created by Johannes Aavik allegedly ex nihilo are in common use today. Examples are * ese 'object', * kolp 'skull', * liibuma 'to cling', * naasma 'to return, come back', * nõme 'stupid, dull'. Many of the coinages that have been considered (often by Aavik himself) as words concocted ex nihilo could well have been influenced by foreign lexical items; for example, words from Russian , German , French , Finnish , English and Swedish . Aavik had

2145-532: The Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services (such as exchanging superseded bank notes). Until 2017, Bank staff were entitled to open current accounts directly with the Bank of England and were given the unique sort code of 10-00-00. Under the terms of the Banking Act 2009 the bank is the UK's Resolution Authority for any bank or building society judged ' too big to fail '; as such it

2210-539: The Bank of Estonia decided to implement a currency board arrangement so as to provide monetary stability and to deflect the risk of political interference. This radical decision allowed the Bank to promptly introduce the country's new currency, the kroon pegged at eight to the Deutsche Mark , on 20 June 1992. The Bank of Estonia's initial foreign exchange reserves was made predominantly of its interwar predecessor's gold reserves that had been immobilized for more than half

2275-592: The Bank of Estonia in January 1992, even though they had more of a moral and emotional value for the Estonian public than practical usefulness as foreign exchange reserves; they were removed from the Bank's balance sheet in June 1997. The new "second kroon" banknotes reached Estonia in April 1992. Within three days of their introduction to the public on 20 June 1992, 1500 rubles were exchanged to krooni for each resident natural person at

2340-599: The Debt Management Office and custodian of its securities . Ever since its foundation in 1694, the bank had provided a retail banking service for the Government; however in 2008 it decided to withdraw from offering these services, which are now provided by a range of other financial institutions and managed by the Government Banking Service . Until 2016, the bank provided personal banking services as

2405-553: The English government to borrow the £1.5m that it wanted to use to expand the Royal Navy. In 1691, William Paterson had proposed establishing a national bank as a means of bolstering public finances. As he later wrote in his pamphlet A Brief Account of the Intended Bank of England (1694): "...it was proposed some years ago that a publick transferrable Fund of Interest should be established by Parliament, and made convenient for

2470-588: The Estophile educated class admired the ancient culture of the Estonians and their era of freedom before the conquests by Danes and Germans in the 13th century. When the Republic of Estonia was established in 1918, Estonian became the official language of the newly independent country. Immediately after World War II , in 1945, over 97% of the then population of Estonia self-identified as native ethnic Estonians and spoke

2535-600: The Soviet State Bank infrastructure. When Estonian independence was restored in August 1991, the Bank of Estonia still had only about 25 staff. Following independence, the Bank of Estonia finally took over the former Soviet Stater Bank branch and was acknowledged as the legal successor of the interwar central bank of the Republic of Estonia. In April 1992, following a visit by economist Jeffrey Sachs in Tallinn early in that month,

2600-541: The State Treasury were also transferred to the central bank. The fixed capital of the bank was increased from 2.5 million kroon to 5 million kroon. The sizes of the issues in relation to the reserves backing the kroon were determined. Long-term loans that had become illiquid were transferred to the Long Term Loan Bank, founded specifically for the purpose of releasing Eesti Pank from this burden. Upon

2665-407: The UK's savers, investors and borrowers against threats to the financial system as a whole. Threats are detected by the bank's surveillance and market intelligence functions, and dealt with through financial and other operations (both at home and abroad). The majority of these safeguards were put in place in after the 2007–2008 financial crisis : In 2011 the bank's Prudential Regulation Authority

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2730-410: The alphabet. Including all the foreign letters, the alphabet consists of the following 32 letters: Although the Estonian orthography is generally guided by phonemic principles, with each grapheme corresponding to one phoneme , there are some historical and morphological deviations from this: for example preservation of the morpheme in declension of the word (writing b, g, d in places where p, k, t

2795-448: The bank operational independence, responsibility for government debt management was transferred to a new Debt Management Office , which also took over Exchequer cash management and responsibility for issuing Treasury bills from the bank in 2000. Computershare took over as the registrar for UK Government bonds ( gilt-edged securities or 'gilts') from the bank at the end of 2004. The bank, however, continues to act as settlement agent for

2860-452: The bank remained to guarantee the value of the money through currency circulation and through the arrangement and regulation of short-term credit volume. Through the sale of government securities , the bank became a true joint-stock bank . A foreign loan of GBP 1.35 million (27.6 million kroon) supplemented the foreign currency reserves, of which Eesti Pank received GBP 1 million. The gold and foreign currency reserves of

2925-491: The basic order is subject–verb–object . The speakers of the two major historical languages spoken in Estonia, North and South Estonian , are thought by some linguists to have arrived in Estonia in at least two different migration waves over two millennia ago, both groups having spoken considerably different vernacular; South Estonian might be a Finnic language rather than a variety of Estonian. Modern standard Estonian evolved in

2990-413: The case and number of the adjective always agreeing with that of the noun (except in the terminative, essive, abessive and comitative, where there is agreement only for the number, the adjective being in the genitive form). Thus the illative for kollane maja ("a yellow house") is kollasesse majja ("into a yellow house"), but the terminative is kollase majani ("as far as a yellow house"). With respect to

3055-422: The end of the 20th century has brought the proportion of native Estonian-speakers in Estonia now back above 70%. Large parts of the first- and second-generation immigrants in Estonia have now adopted Estonian (over 50% as of the 2022 census). The Estonian dialects are divided into two groups – the northern and southern dialects, historically associated with the cities of Tallinn in the north and Tartu in

3120-546: The facts that the three institutions together represented a significant share of Estonia's monetary system, the episode did not take a large toll on the Estonian economy. Prior to the introduction of the euro, TALIBOR (the TALlinn Inter-Bank Offered Rate) was a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Estonian wholesale money market (or interbank market in Estonian kroons). TALIBOR

3185-584: The founder of modern Estonian poetry. His birthday, March 14, is celebrated in Estonia as Mother Tongue Day. A fragment from Peterson's poem "Kuu" expresses the claim reestablishing the birthright of the Estonian language: In English: In the period from 1525 to 1917, 14,503 titles were published in Estonian; by comparison, between 1918 and 1940, 23,868 titles were published. In modern times A. H. Tammsaare , Jaan Kross , and Andrus Kivirähk are Estonia 's best-known and most translated writers. Estonians lead

3250-452: The language. When Estonia was invaded and reoccupied by the Soviet army in 1944, the status of Estonian effectively changed to one of the two official languages (Russian being the other one). Many immigrants from Russia entered Estonia under Soviet encouragement. In the 1970s, the pressure of bilingualism for Estonians was intensified. Although teaching Estonian to non-Estonians in local schools

3315-425: The liberalisation of the economy and in order to make the transition to a market economy : it began organising currency auctions, publishing quotations of the number of rubles in circulation, and issuing licenses for foreign payments and settlements. It also attempted to regulate the fledgling Estonian banking sector. Settlements were still performed through Moscow, however, the local clearing centre being still part of

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3380-408: The official gold reserves of the United Kingdom (and those of around 30 other countries). As of April 2016 , the bank held around 5,134 tonnes (5,659 tons) of gold, worth £141 billion. These estimates suggest that the vault could hold as much as 3% of the 171,300 tonnes of gold mined throughout human history. According to its strapline , the bank's core purpose is 'promoting the good of

3445-412: The people of the United Kingdom by maintaining monetary and financial stability'. This is achieved in a variety of ways: Stable prices and secure forms of payment are the two main criteria for monetary stability. Stable prices are maintained by seeking to ensure that price increases meet the Government's inflation target. The bank aims to meet this target by adjusting the base interest rate (known as

3510-669: The provisional government of Estonia following the independence of Estonia . In 1921, Eesti Pank was made the national bank and given the duty of printing the Estonian mark . The Bank of Estonia was restructured under the conditions of the stabilization loan coordinated by the Economic and Financial Organization of the League of Nations . A new version of the Statutes was approved in 1927, according to which Eesti Pank became an independent note-issuing central bank with limited functions. The main tasks of

3575-580: The rate of 1 kroon = 10 rubles. Almost the entire amount of rubles in circulation in Estonia was exchanged. The rate was considered under-priced by many opponents, but it actually corresponded to the market rate of that time. Later in 1992, the Bank of Estonia led the resolution of a major banking crisis triggered by the fact that several Estonian banks, including Balti Ühispank  [ et ] , Põhja-Eesti Aktsiapank (PEAP), and Tartu Commercial Bank  [ et ] lost access to assets in Russia. Despite

3640-507: The right to issue their own banknotes, but they must be backed one-for-one with deposits at the bank, excepting a few million pounds representing the value of notes they had in circulation in 1845.) In addition the bank supervises other payment systems , acting as a settlement agent and operating Real-time gross settlement systems including CHAPS . In 2024 the bank was settling around £500 billion worth of payments between banks each day. Maintaining financial stability involves protecting

3705-492: The second half of the 19th   century based on Finnish orthography. The "Older orthography" it replaced was created in the 17th   century by Bengt Gottfried Forselius and Johann Hornung based on standard German orthography. Earlier writing in Estonian had, by and large, used an ad hoc orthography based on Latin and Middle Low German orthography. Some influences of the standard German orthography – for example, writing 'W'/'w' instead of 'V'/'v' – persisted well into

3770-419: The sounds [p], [t], [k] are written as p, t, k , with some exceptions due to morphology or etymology. Representation of palatalised consonants is inconsistent, and they are not always indicated. ŋ is an allophone of /n/ before /k/. While peripheral Estonian dialects are characterized by various degrees of vowel harmony , central dialects have almost completely lost the feature. Since the standard language

3835-405: The south, in addition to a distinct kirderanniku dialect, Northeastern coastal Estonian . The northern group consists of the keskmurre or central dialect that is also the basis for the standard language, the läänemurre or western dialect, roughly corresponding to Lääne County and Pärnu County , the saarte murre (islands' dialect) of Saaremaa , Hiiumaa , Muhu and Kihnu , and

3900-514: The wave of new loanwords from English in the 20th and 21st centuries, historically, Swedish and Russian were also sources of borrowings but to a much lesser extent. In borrowings, often 'b' and 'p' are interchangeable, for example 'baggage' becomes 'pagas', 'lob' (to throw) becomes 'loopima'. The initial letter 's' before another consonant is often dropped, for example 'skool' becomes 'kool', 'stool' becomes 'tool'. Estonian language planners such as Ado Grenzstein (a journalist active in Estonia from

3965-461: The world in book ownership, owning on average 218 books per house, and 35% of Estonians owning 350 books or more (as of 2018). Writings in Estonian became significant only in the 19th century with the spread of the ideas of the Age of Enlightenment , during the Estophile Enlightenment Period (1750–1840). Although Baltic Germans at large regarded the future of Estonians as being a fusion with themselves,

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4030-532: Was defeated by the French Navy in the 1690 Battle of Beachy Head , causing consternation in the government of William III of England . The English government decided to rebuild the Royal Navy into a force that was capable of challenging the French on equal terms; however, their ability to do so was hampered both by a lack of available public funds and the government's low credit. This lack of credit made it impossible for

4095-536: Was established to regulate and supervise all major banks, building societies, credit unions, insurers and investment firms in the UK (' microprudential regulation '). The bank also has a statutory supervisory role in relation to financial market infrastructures. At the same time, the bank's Financial Policy Committee (FPC) was set up to identify and monitor risks in the financial system , and to take appropriate action where necessary (' macroprudential regulation '). The FPC publishes its findings (and actions taken) in

4160-522: Was formally compulsory, in practice, the teaching and learning of Estonian by Russian-speakers was often considered unnecessary by the Soviet authorities. In 1991, with the restoration of Estonia's independence , Estonian went back to being the only official language in Estonia. Since 2004, when Estonia joined the European Union, Estonian is also one of the (now 24) official languages of the EU . The return of former Soviet immigrants to their countries of origin at

4225-410: Was published daily by the Bank of Estonia, together with TALIBID (Tallinn Interbank Bid Rate). TALIBOR was calculated based on the quotes for different maturities provided by reference banks at about 11.00 am each business day by disregarding highest and lowest quotation and calculating arithmetic mean of the quotations. With the introduction of the euro on 1 January 2011, the Bank of Estonia became

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