President Lennart Meri invited the Board of the Bank of Estonia, who had made a proposal to the President to appoint Professor Vello Vensel the President of the Bank of Estonia, to Kadriorg today.

President Meri signed the resolution to appoint Vello Vensel the President of the Bank of Estonia from April 28, 2000, in the State Council Hall. By the same resolution, the President declared the duties to Vahur Kraft as the President of the Bank of Estonia to be expired as of April 27, 2000. The President's Resolution proceeds from Section 78 of the Constitution, the Bank of Estonia Act and the proposal of the Board of the Bank of Estonia from March 30, 2000.

President Meri congratulated Professor Vensel and thanked Vahur Kraft, the current President of the Bank of Estonia, for his good work in the last five years. The President also announced his decision to confer the II Class Order of the White Star on Vahur Kraft on the Independence Day 2001, for preserving the stability of the Estonian fiscal policy.

As President Meri said, the Bank of Estonia has a significant role in the development of the independent Estonian state, as well as in Estonia's accession to the European Union. As the President said, the Estonian banking system is not just the best in Central Europe, but also ahead of the banks in the United States of America in its development. The President wished the Bank of Estonia and the Board of the Bank of Estonia strength, and above all, that they would maintain their independence in decision-making.


Press Service of the Office of the President
Kadriorg, April 13, 2000

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