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Monetary Policy The value of a substantial portion of the assets and liabilities of the Bank and its affiliates can be affected by the monetary policy of the Bank of Estonia. In particular, changes in reserve requirements against the Bank's deposits and other liabilities can affect the financial condition and results of operations of the Bank. In addition, monetary policy can influence to a significant extent the overall demand for bank loans and other financial services. There can be no assurance as to the future course of monetary policy in Estonia, including the imposition of new or modified reserve requirements, or the effect of such policies on the Bank and its affiliates. |