Estonia's central bank, Eesti Pank, sent a notice to Bigbank AS saying it had breached mandatory reserve requirements and imposed a penalty of 10,430..53 euro fine。

According to the notice, between November 1, 2023 and December 19, 2023, the average balance of the Bigbank AS Reserve Account was below the mandatory reserve requirement, and Bigbank AS agreed with the statement in the notice.。

According to Martin Länts, chairman of the board of Bigbank AS, the irregularities relating to the monitoring of the amount of reserves were due to human error.。

"There was a human error in monitoring the reserves.。In order to address and prevent this from happening again in the future, we have put in place additional ex post control measures。We are also reviewing the entire workflow for monitoring reserves to minimize the possibility of human error。It is necessary to add that this incident has nothing to do with the liquidity of banks - Bigbank AS has a large liquidity buffer in Estonian banks and meets all liquidity requirements on margin.。"

Bigbank AS is headquartered in the Estonian capital and mainly provides loan and deposit services to private and corporate clients.。In addition to its operations in Estonia, Bigbank has branches in Finland, Sweden, Latvia, Lithuania and Bulgaria, and cross-border service offerings in Austria, Germany and the Netherlands.。