| 1 |
Funding /risk transfer / both |
Funding only. The mortgage receivables and their customer credit risk are not transferred to OPMB.
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| 2 |
Eligible assets |
Qualifying Finnish residential mortgage loans (and, where applicable under the legislation, public-sector assets) meeting the Covered Bond Act and OPMB programme criteria and tagged to OPMB's cover-asset pool while remaining on the member bank's balance sheet.
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| 3 |
Brief description of structure for each |
OPMB issues covered bonds and advances the proceeds to OP cooperative banks through intermediary loans. The member bank designates qualifying mortgage receivables to OPMB's cover register as collateral. Legal title and the customer relationship remain with the member bank.
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| 4 |
Fees / pricing structure |
The internal transfer price is expected to reflect OPMB's covered-bond funding, hedging, liquidity and operating costs.
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| 5 |
Servicing |
The originating OP cooperative bank continues all customer servicing, collections and arrears management.
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| 6 |
Risk sharing (if appropriate) |
The member bank retains the mortgage borrowers' credit and servicing risk and remains liable on the intermediary loan. OPMB benefits from the tagged mortgage collateral and the OP amalgamation's statutory joint-liability framework.
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| 7 |
Other Comments |
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