OREANDA-NEWS.  April 18, 2014. A draft law to create a municipal bank in Tallinn will head to the city council.

The first step will be to set up a foundation to oversee the business plan and budget of the proposed bank, Eesti Paevaleht reported today.

Mayor Edgar Savisaar will sit on the board of that foundation, alongside deputy mayor Taavi Aas and the city's former finance director Ahti Kallaste.

The bank should open doors by the fall or winter this year, the city said, adding that 50,000 euros will be set aside for the project with additional sums also considered.

Opposition councilmen said they back the idea of a cooperative bank, but question the motives behind Tallinn leading the project.