OREANDA-NEWS. December 05, 2011. At the regular meeting of the Supervisory Board of Eesti Pank, the Board got an overview of the current situation of financial stability, reported the press-centre of Eesti Pank.

The Board also made technical changes in the terms and conditions of housing loans issued to Eesti Pank employees. The interest rate on mortgage loans is now based on the six-month Euribor plus 0.5 per cent but no more than the minimum loan interest rate established by the Minister of Finance. Prior to Estonia's accession to the euro area, Eesti Pank used to calculate its mortgage interest rate on the basis of the rate on the standing deposit facility, which is established by the Governing Council of the European Central Bank.

Now the Euribor is more appropriate, given that Eesti Pank takes part in formulating the ECB's interest rate decisions. The level of the loan interest rate remained virtually the same. The 2012 interest rate on consumer credit for employees was established at 7.5 per cent.

In addition, the Supervisory Board approved of the 2012 work schedule of the Internal Audit Department of Eesti Pank.

The next regular meeting of the Supervisory Board of Eesti Pank will be held on 31 January 2012.