The European Commission has approved under EC Treaty state aid rules an amendment to prolong the plan to stabilize the Finnish financial markets by providing guarantees on the debt issued by certain eligible banks. The Finnish bank guarantee plan was originally approved in November, 2008.
This amendment extends the previous guarantee plan to allow instruments guaranteed under the scheme to be issued until December 31, 2009, and also provides for guarantees that cover instruments with a maturity of up to five years. The prior version of the plan only covered instruments with a maximum maturity of three years, with the exception of covered bonds. Otherwise, the amended plan is substantially similar to the prior version.