Postimees Digest, Wednesday, April 24
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Profits of banks drop.
Commercial banks lost a fifth in profit in Q1 year over year as low interest rates have hurt corresponding revenue. Banks made a total profit of 81 million euros. Head of SEB Riho Unt said that even though interest rates remain low, it has led to increased client activity as investors are looking for more lucrative options than record low deposit return rates. Data from the central bank suggests that while the number of home loans issued grew by 22 percent, the annual growth of the portfolio is still negative.
Riigikogu sends Mart Laar to Bank of Estonia. T
he parliament approved Mart Laar for the position of central bank supervisory board chairman yesterday with 46 votes for and 34 against. Laar said after the sitting that he will leave the Riigikogu before taking office in the bank and that he plans to create a preventative mechanism to warn of looming economic crises and promised to speak out as soon as he sees signs pointing to the latter.
Money laundering tracks lead to former policemen and politicians
«Behind this, there stands a bunch of politicians, business circles and people linked to organised crime,» says Security Police chief Raivo Aeg. At his right sits Central Criminal Police head Raigo Haabu, at the left: the KaPo deputy director Eerik Heldna. Both nod along. It feels like the top brass of Estonia’s law enforcement has asked Postimees to drop by. Mr Aeg reveals a lengthy, dirty and twisty story – with many parts unsolved or shrouded as state secrets.
Pharma firm takes apothecaries to illicit trip
Medicament makers are forbidden from giving gifts to prescribers or sellers of drugs. The latter are forbidden from accepting the gifts.
Last weekend, twenty or so Estonian apothecaries attended a Vitabalans Pharma organised trip to London. State Agency for Medicines (SAM) is checking the legality of the event.