| 1 |
Founding Instrument(s)
(with links if possible) |
Finnish Limited Liability Companies Act; Act on Mortgage Credit Banks and Covered Bonds (151/2022); Act on the Amalgamation of Deposit Banks; OPMB Articles of Association. OPMB received its current mortgage-credit-bank licence on 30 June 2022, before the new Act took effect on 8 July 2022.
|
|
| 2 |
Any additional or subsequent mandate or governance statements (not included in the above). |
OPMB's role is to secure long-term wholesale funding for OP cooperative banks by issuing covered bonds and granting them intermediary loans. It is part of the OP amalgamation and subject to ECB/FIN-FSA credit-institution and covered-bond supervision.
|
|
| 3 |
Ownership |
Wholly owned by OP Cooperative, which holds all 76,592 shares.
|
|
| 4 |
Legal status |
Finnish public limited company, licensed credit institution and mortgage credit bank. It is a member credit institution of the OP amalgamation.
|
|
| 5 |
Government accounting for stake |
No state ownership
|
|
| 6 |
Member bank accounting for stake |
OP Cooperative holds the equity investment and consolidates OPMB. Participating OP cooperative banks retain the tagged mortgages and recognise the intermediary loans as secured funding liabilities.
|
|
| 7 |
Government guarantee |
No government guarantee. Under Finland's amalgamation legislation, OP Cooperative and the member credit institutions are ultimately jointly and severally liable for each other's debts and commitments.
|
|
| 8 |
Other Comments |
OPMB's current model uses intermediary loans rather than transfers of mortgage receivables
|
|