Työttömyysvakuutusrahasto €1 billion credit facility

Overview:

• Työttömyysvakuutusrahasto (TVR) - the Finnish unemployment insurance fund - obtained a €1 billion credit facility from six major Nordic banks to replace its old loans. The proceeds will secure TVR's future debt financing in 2015 and onwards.
• TVR is backed by an absolute state guarantee of €770 million for this credit facility.
• The credit facility is valid for two years and part of it is renewable for a further one year.
• This was the biggest loan arrangement under Finnish law in 2015.

Wai Yee Tsang - Journalist