Municipality Finance Plc
Stock Exchange Release
29 June 2016 at 17:45 (EET)
Health, social services and regional government reform proceeds in Finland – total impact on MuniFin’s operations cannot be evaluated yet
The Finnish government is planning to implement a substantial reform related to the Finnish social and healthcare system and regional government. The reform includes among other things plans to transfer tasks related to social and healthcare services from municipalities to new autonomous regions.
The Finnish Government has today published preliminary principles and draft legislation concerning the reform. The materials are available at http://valtioneuvosto.fi/en/article/-/asset_publisher/10616/hallitus-julkisti-sote-ja-maakuntauudistuksen-lakiluonnokset.
Some integral components of the reform are still missing and therefore Municipality Finance Plc (“MuniFin”) is not in a position to evaluate the reform’s impact on its operation. Potentially the reform might have an effect on MuniFin’s volumes. MuniFin is actively following the development of the reform.
MUNICIPALITY FINANCE PLC
Esa Kallio, Deputy to the CEO
Tel. +358 50 3377953
Measured by the group’s balance sheet, MuniFin (Municipality Finance Plc) is Finland’s third largest credit institution. 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 balance sheet totals nearly EUR 34 billion. Funding for the company is primarily obtained through the international capital markets. MuniFin’s funding is guaranteed by the Municipal Guarantee Board.
MuniFin’s mission is to ensure competitive funding for its customers in all market conditions. The company’s customers are Finnish municipalities, municipal federations, municipally controlled companies and non-profit housing corporations. A significant portion of lending is used for socially responsible projects such as building hospitals, healthcare centers, schools, day care centers and homes for the elderly.
The Municipality Finance Group also includes the subsidiary company, Financial Advisory Services Inspira Ltd.