Government approves amendment to EFSF Framework Agreement

29.09.2011  |  Press release 103/2011

The Government has today approved the proposed amendment to the Framework Agreement between the euro area countries and the European Financial Stability Facility (EFSF). Parliament gave its seal of approval yesterday. It is expected that the President of the Republic will ratify the acts on 30 September.

Finland's share of the maximum EFSF guarantee commitments of EUR 780 billion is approximately EUR 14 billion.

The Government can, without requiring counter guarantees, issue absolute state guarantees as security for EFSF-issued bonds and other debt instruments, other loans taken out by the EFSF and for due compliance with the terms and conditions of related interest swap and currency swap agreements. The Government will always make a statement to Parliament before taking decisions on state guarantees to the EFSF.

 

Further information: Ministerial Adviser Markku Puumalainen, tel. 358 9 160 33088

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