Reconstruction of Estonian banking system started twenty years ago. Estonia built up for the market economy a banking oriented financial sector, which is centred on commercial banks. During the two decades less than ten banks remained from more than 50 licensed commercial banks, the rest were...

Over fifteen years have passed since the beginning of the reconstruction of the transition countries' banking systems. The analysis of the development of commercial banking in Estonia and other transition countries points out several features, which are typical for the starting period of...