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In Focus
Home In Focus Parliamentary decision on temporary guarantee schemes for Finnish banks

Legal Updates21.01.2009

Parliamentary decision on temporary guarantee schemes for Finnish banks

Finnish Parliament has approved a temporary government guarantee scheme for Finnish deposit and mortgage banks. A temporary government guarantee can from 1 January 2009 be granted upon application to secure the repayment or other terms and conditions of medium and short term deposit certificates and bonds as well as mortgage-backed debts.

The aggregate maximum capital amount of the government guarantee that can be granted under the scheme is EUR 50 billion. Preconditions for the granting of a government guarantee include, however, that the government will in return receive, for example, shares or other ownership rights in the bank for the amount equaling the capital amount of the guarantee, decision rights in the bank as well as the right to profit distribution. In addition, the granting of the government guarantee would impose restrictions on the benefits of the management of the bank.

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