Unemployment Insurance Fund – EUR 1,000 Million Credit Facility Agreement

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We advised the Unemployment Insurance Fund (UIF) in relation to a EUR 1,000 million credit facility agreement signed with six major Nordic banks on 29 April 2015. The credit facility is valid for two years, and part of the credit facility can also be renewed for one year.

This credit facility replaces the UIF’s old credit facilities, and it is essentially sufficient to secure the UIF’s foreseeable needs for debt financing in 2015 and onwards. The Finnish Government has granted an absolute state guarantee of EUR 770 million for the credit facility.