The Unemployment Insurance Fund – Credit Facility Agreement

We advised Finland-based Työttömyysvakuutusrahasto, The Unemployment Insurance Fund in relation to a EUR 400,000,000 credit facility agreement which Työttömyysvakuutusrahasto signed on 20 April 2017 with OP Corporate Bank plc, Nordea Bank AB (publ), Finnish Branch, Svenska Handelsbanken AB (publ), Branch operation in Finland and Swedbank AB (publ). The credit facility has a maturity of two years and the Finnish Government has granted a state guarantee of EUR 440,000,000 for the credit facility. The credit facility replaces the old credit facilities of Työttömyysvakuutusrahasto and it is aimed to ensure the financing of the benefit payments entitled to Työttömyysvakuutusrahasto.