Rein Otsason

Rein Otsason (24 May 1931 in Tartu, Estonia - 30 October 2004 in Tallinn, Estonia) was an Estonian economist and banker, the main organiser of Estonian monetary reform in 1992. May 24 is the 144th day of the year in the Gregorian calendar (145th in leap years). ... 1931 (MCMXXXI) is a common year starting on Thursday. ... County Tartu County Mayor Laine Jänes Area 38. ... October 30 is the 303rd day of the year (304th in leap years) in the Gregorian Calendar, with 62 days remaining. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... County Harju County Mayor Jüri Ratas Area 159. ...

Biography

Rein Otsason grew up in Southern-Estonia. After obtaining secondary education he came to study in Tallinn and graduated in 1954 from Tallinn Polytechnical Institute as an economist. He became one of the leading researchers on economics, being finally nominated as the Director of the Institute of Economics at the Estonian Academy of Sciences. Rein Otsason completed a doctorate in economics in 1984. County Harju County Mayor Jüri Ratas Area 159. ... 1954 (MCMLIV) was a common year starting on Friday of the Gregorian calendar. ... An economist is an individual who studies economics and writes about economic policy. ... 1984 (MCMLXXXIV) is a leap year starting on Sunday of the Gregorian calendar. ...

From 1988 to 1989 he worked as the Head of the State Plan Committee of the Estonian SSR. Those were the years of political and economical liberation, the beginning of breaking away from the Soviet system. On 15 December 1989 the Estonian government decided to establish the Bank of Estonia (Eesti Pank). On 28 December 1989 the Bank Law of the Republic of Estonia was passed and Rein Otsason was appointed the first President of the Bank of Estonia. On 1 January 1990 the Bank of Estonia began its work as independent bank of issue. December 15 is the 349th day of the year (350th in leap years) in the Gregorian calendar. ... 1989 (MCMLXXXIX in Roman) is a common year starting on Sunday of the Gregorian calendar. ... The Bank of Estonia (Estonian: Eesti Pank), is the central bank of Estonia. ... December 28 is the 362nd day of the year (363rd in leap years) in the Gregorian Calendar, with 3 days remaining. ... 1989 (MCMLXXXIX in Roman) is a common year starting on Sunday of the Gregorian calendar. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... This article is about the year. ...

Bank of Estonia

Rein Otsason led the Bank of Estonia in its very first years when legal acts regulating the activities of the bank were created and monetary reform to re-establish Estonian kroon as the national currency of Estonia was prepared. On 15 March 1990 the Statutes of the Bank of Estonia were approved; on 15 May 1990 the procedure for establishment of commercial banks was established. The programmes for transition to national currency were finished in November 1990 and next year started the preparations for monetary reform. The Kroon is the official currency of Estonia. ... March 15 is the 74th day of the year in the Gregorian Calendar (75th in Leap years). ... This article is about the year. ... May 15 is the 135th day of the year in the Gregorian Calendar (136th in leap years). ... This article is about the year. ... Monetary Reform is accounting reform that reaches more deeply into banking central bank, money supply and monetary policy. ...

Rein Otsason participated in the work of Monetary Reform Committee established on 27 March 1991 and led by Prime Minister Edgar Savisaar. He signed on 10 May 1991 a contract with the company Thomas De La Rue & Co Ltd. for printing banknotes of Estonian kroons. Although his work was crucial for the success of monetary reform, he was not the one to supervise the reform. His wish to postpone the monetary reform until a way will be found to alleviate social problems caused by the reform lead to confrontation with his superiors and on 23 September 1991 he was replaced with Siim Kallas. The reform took place on 20 June 1992. March 27 is the 86th day of the year in the Gregorian Calendar (87th in Leap years). ... 1991 (MCMXCI in Roman) is a common year starting on Tuesday of the Gregorian calendar. ... Edgar Savisaar (born May 31, 1950), is an Estonian politician who served as the Prime Minister of Estonia from 1990-1992. ... May 10 is the 130th day of the year in the Gregorian Calendar (131st in leap years). ... 1991 (MCMXCI in Roman) is a common year starting on Tuesday of the Gregorian calendar. ... September 23 is the 266th day of the year (267th in leap years). ... 1991 (MCMXCI in Roman) is a common year starting on Tuesday of the Gregorian calendar. ... Categories: Stub | 1948 births | European Commissioners ... June 20 is the 171st day of the year (172nd in leap years) in the Gregorian Calendar, with 194 days remaining. ... 1992 (MCMXCII in Roman) was a leap year starting on Wednesday. ...

Rein Otsason and Siim Kallas are often called the "fathers of Estonian kroon". Rein Otsason was decorated by the President of the Republic with the Estonian Order of the Coat of Arms, 4th class (2003).

Estonian Credit Bank

Rein Otsason started to work on creating his own bank. The commercial bank known as Estonian Credit Bank (Eesti Krediidipank) was established on 15 March 1992. Rein Otsason was the leader of the bank from its establishment till his death, first as the Chairman of the Board and since 2000 as the Chairman of the Council. He and his wife Valentina Otsason were also the main shareholders of the Estonian Credit Bank. Using his extensive knowledge and connections he managed to maintain the bank even during the economical and financial crisis of 1997-1999 when numerous small financial institutions went bankrupt. March 15 is the 74th day of the year in the Gregorian Calendar (75th in Leap years). ... 1992 (MCMXCII in Roman) was a leap year starting on Wednesday. ... This article is about the year 2000. ...

As the President of the Estonian Credit Bank he was also a board member of the Estonian Banking Association (Eesti Pangaliit).

In 2003 Rein Otsason started co-operation with the Bank of Moscow, which obtained 18,69% of the shares of the Estonian Credit Bank through its subsidiary company Latvian Business Bank. After the death of Rein Otsason the Latvian Business Bank became a major shareholder of the Estonian Credit Bank, obtaining 60% of shares on 2 August 2005. August 2 is the 214th day of the year in the Gregorian Calendar (215th in leap years), with 151 days remaining. ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...

Politics

Rein Otsason was a member of the Union for the Republic - Res Publica and was a candidate at the Estonian parliamentary election, 2003. He was elected to the Estonian Parliament (Riigikogu), but turned down his seat and decided to continue his work in the bank. Res Publica Party (Estonian: Erakond Res Publica) is a conservative political party in Estonia. ... Estonian parliamentary election of 2003 was held on 2nd March, 2003. ... Riigikogu is the name of the national parliament of Estonia. ...

Career

• 1984-1988 Director of the Institute of Economics at the Estonian Academy of Sciences
• 1988-1989 Head of the Estonian State Plan Committee
• 1989-1991 President of the Bank of Estonia
• 1992-2004 President of the Estonian Credit Bank
• 1992-2000 Chairman of the Board of the Estonian Credit Bank
• 2000-2004 Chairman of the Council of the Estonian Credit Bank

See also

• Bank of Estonia
• Estonian kroon

The Bank of Estonia (Estonian: Eesti Pank), is the central bank of Estonia. ... The Kroon is the official currency of Estonia. ...

External links

• Estonian Credit Bank (Eesti Krediidipank)
• Bank of Estonia (Eesti Pank)