Municipality Finance Plc
Stock Exchange Release
December 28, 2017 at 4.30 pm (EET)
O-SII buffer requirement of MuniFin is subject to change
Finnish Financial Supervisory Authority (FIN-FSA) has set an addition capital requirement of 1.0% for Municipality Finance Plc as a credit institution significant for the Finnish financial system (O-SII) at its meeting of 21 December 2017.
MuniFin is able to meet clearly all capital requirements set to it, including this O-SII buffer requirement. The O-SII buffer requirement will take effect on 1 July 2018. The current O-SII buffer requirement for MuniFin is 0.5%.
The change is based is based on the scoring specified in the current guideline of the European Banking Authority (EBA) and supervisory information for the periods following Nordea's restructuring in January 2017, reported to the FIN-FSA on 30 June 2017.
MUNICIPALITY FINANCE PLC
Tel. +358 50 3377 953
Measured by the group's balance sheet, MuniFin (Municipality Finance Plc) is Finland's second largest credit institution: the company's balance sheet totals nearly EUR 34 billion. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. MuniFin is an integral part of the Finnish public economy.
MuniFin's mission is to help its customers thrive in changing circumstances. The company ensures competitive funding for its customers in all market conditions. Its customers are Finnish municipalities, municipal federations, municipally controlled companies and non-profit housing corporations. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centers, schools and day care centers, and homes for the elderly.
MuniFin's customers are domestic but the company operates in a completely global business environment. It is the most active Finnish bond issuer in international capital markets. The funding is exclusively guaranteed by the Municipal Guarantee Board.
The Municipality Finance Group also includes the subsidiary company, Financial Advisory Services Inspira Ltd.
Read more: www.munifin.fi