OP Mortgage Bank's (OPMB) covered bond programmes qualify for the European Covered Bond Council's (ECBC) Covered Bond Label.
OPMB's covered bonds after 8 July 2022 are issued under Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The cover pool under the programme is fully based on intermediary loan process. The collateral is added to the EMTCB cover pool from the member cooperative banks' balance sheets via intermediary loan process on the issue date of a new covered bond.
The Euro Medium Term Covered Note Programme (EMTCN) is pursuant to the Finnish Act on Mortgage Credit Banks (688/2010, as amended). This cover pool is for bonds issued before 8 July 2022, and no future issuances will be done from this pool.