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 673 million euros and when the assets in Finnvera’s fund (approximately 756 million euros) are taken into account, the total assets in the Fund (about 1.4 billion euros) are sufficient to cover Finnvera’s liabilities (estimate on 31 December 2017).
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 2017 - 2019:
Chair: Taina Vähimaa, Financial Manager, Ministry of Economic Affairs and Employment
Vice Chair: Miki Kuusinen, Financial Counsellor, Ministerial Adviser, Ministry of Finance from 7 December 2017
Members: Juha Savolainen, Deputy Director, State Treasury, and Kari Virtanen, Commercial Councellor, 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 Outi Homanen, Senior Adviser, Finnvera plc