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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 Unemployment Insurance Fund (now known as the Employment Fund) agreed on a commercial paper programme with six banks in October 2014. The maximum value of the commercial paper issued within the remit of this programme is EUR 300 million.

On 20 April 2017, the Unemployment Insurance Fund (now known as the Employment Fund) agreed on a standby credit facility with four major Nordic banks in the value of EUR 400 million. The loans taken out within the remit of this programme are guaranteed by the State, and the total guarantee amount is EUR 440 million.

In addition to the foregoing, the Unemployment Insurance Fund (now known as the Employment Fund) issued a bond in the amount of EUR 600 million in 2015. The bond will mature on 23 September 2019.

 

Credit rating

Standard & Poor’s granted the Unemployment Insurance Fund (now known as the Employment Fund) short- and long-term credit ratings of AA+/A-1+ with a stable outlook on 20 September 2017.

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)

 

Listing prospectuses

Page updated: 13/12/2018