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The Employment Fund as an issuer

The Employment Fund is entitled to take out loans to fulfil its obligations on the basis of the Act on Financing Unemployment Benefits. If the Employment Fund’s debts exceed its assets, the government may issue sate-backed guarantees without requiring counter-guarantees. The government may set conditions on the guarantees it issues. The Employment Fund may also borrow to safeguard its liquidity with the permission of the Financial Supervisory Authority. However, the Financial Supervisory Authority’s permission is not required for borrowing if the Employment Fund’s business cycle buffer is negative.

The Employment Fund has agreed on a commercial paper programme with six banks.  The maximum value of the commercial paper issued within the remit of this programme is EUR 300 million.

The Employment Fund has agreed on a standby credit facility with five major Nordic banks in the value of EUR 800 million. 

Investor Presentation

Credit rating

Standard & Poor’s granted the Employment Fund short- and long-term credit ratings of AA+/A-1+ with a stable outlook on 29 September 2020.

Credit rating report (September, 29, 2020)

Credit rating report (September 25, 2019)

Credit rating report (September 24, 2018)

Credit rating report (September 20, 2017)

Credit rating report (September 30, 2016)

Credit rating report (May 10, 2016)

Credit rating report (October 06, 2015)

Credit rating report (June 12, 2015)

Credit rating report (May 21, 2015)


Page updated: 17/6/2020