Central Bank Releases Identity of Euro Frontloading Violators
The Bank of Estonia has announced that the two companies that were the source of the Estonian euro coins sold at auction in Riga were Double Trade and Näpi Invest. The companies have been fined 1,000 and 200 euros respectively.
The coins were part of the frontloading process where euro currency is distributed to commercial banks and, in turn, to merchants ahead of the currency changeover on January 1.
The firms at fault had a common board member.
Companies that release euros into circulation before the new year face a fine of 10 percent of the amount in question.