Joint liability within OP Financial Group is based on the Amalgamations Act. OP Cooperative and its Member Credit Institutions are liable for each other's debts and commitments in accordance with the Amalgamations Act.
On the basis of this joint liability, OP Cooperative and the Member Credit Institutions are jointly liable for such debts of OP Cooperative or a Member Credit Institution in liquidation or in bankruptcy in the event that these debts cannot be covered by its funds.
The liability is apportioned among OP Cooperative and the Member Credit Institutions in proportion to the total assets in the most recently adopted balance sheets.
OP Financial Group's other entities, such as insurance companies, are not within the scope of joint liability.
Last modified 11.2.2015