State Guarantee Fund
The purpose of the State Guarantee Fund is to ensure that Finnvera plc is able to provide the export guarantees, guarantees and other commitments referred to in the Act on the State Guarantee Fund.
If according to Finnvera’s annual accounts, the company’s separate result arising from its commitments shows a deficit, which cannot be covered by the assets in Finnvera’s export credit and special guarantee activities fund, the deficit will be covered out of the State Guarantee Fund’s assets.
If the State Guarantee Fund does not have sufficient assets to cover the deficit, the deficit will be covered from the state budget. The State Guarantee Fund monitors Finnvera’s stock of liabilities and its sensitivity to risks and the ratio between them and the Fund's assets.
The Fund has assets amounting to 656 million euros and when the assets in Finnvera’s fund (536 million euros) are taken into account, the total assets in the Fund (about 1.2 billion euros) are sufficient to cover Finnvera’s liabilities (estimate on 30 September 2015).
The assets of the State Guarantee Fund also cover the guarantees, state guarantees and other contingent liabilities of the Finnish Guarantee Board and its predecessors, the Export Guarantee Board and the State Guarantee Board. Recovery claims account for most of the revenue of the State Guarantee Fund.
Board of Directors
Composition during the term 2014 - 2016:
Chair: Taina Vähimaa, Financial Manager, Ministry of Economic Affairs and Employment
Vice Chair: Joanna Tikkanen, Ministerial Adviser, Ministry of Finance
Members: Juha Savolainen, Deputy Director, State Treasury, and Esa Tikkanen, Development Director, Ministry of Economic Affairs and Employment
Secretary-General: Anne Rothovius, Ministerial Adviser, Ministry of Economic Affairs and Employment
Other members: Tarmo Narikka, Accounting Manager, Finnvera plc, and Raija Rissanen, Vice President, Research, Finnvera plc
Further information: Anne Rothovius