Data on photoelectron emission obtained recently with a resolution bet
ter than 10 meV can be described well by the model of a singlet-correl
ated motion of oxygen holes in CuO2 planes. This model predicts the ex
istence of a peak in the density of states near the bottom of the band
. Experimental points corresponding to an energy of 120 meV near the c
enter of the Brillouin zone in YBa2Cu4O8 are explained on the basis of
an interplanar tunneling of singlet-correlated oxygen holes.