Bank of Åland Covered Bonds

The Bank of Åland grants long term loans to Finnish households, housing companies and corporates. Loans are used as collateral in the two EUR cover asset pools of the Bank of Åland: MCBA Cover Asset Pool and CBA Cover Asset Pool. MCBA Cover Asset Pool was previously called Cover pool FIN. All loans in the Bank of Åland Cover Asset Pools are secured by Finnish mortgages and tenant-owner units.

The Bank of Åland is licensed by the Finnish Financial Supervisory Authority to issue covered bonds under the Finnish Act on Mortgage Credit Banks and Covered Bonds (laki kiinnitysluottopankeista ja katetuista joukkolainoista, 151/2022) (as amended or as replaced) (the CBA) (CBA Covered Bonds) and subject to fulfilment of the specific requirements set out in the CBA, issue further covered bonds (MCBA Covered Bonds) under the repealed Finnish Act on Mortgage Credit Bank Operations (laki kiinnitysluottopankkitoiminnasta, 688/2010) (as amended) (the MCBA); having the same terms and conditions (except for the first payment of interest on them, the issue price and/or the minimum subscription amount thereof) as the covered bonds issued prior to 8 July 2022 under the Issuer’s previous base prospectuses and the related general terms and conditions which are specified as “Category FIN Covered Bonds” in the applicable Final Terms and to which the provisions of the CBA do not apply (Tap Issue).

For both MCBA Cover Asset Pool and CBA Cover Asset Pool the Bank of Åland is committed to an overcollateralization clearly over the legislative minimum of 2 %. The excess collateral must also cover the estimated write-down costs related to the covered bonds. Overcollateralization is kept on a level that allows the maximum uplift of 4 notches of collateral-based uplift in S&P rating framework* or an AAA rating on the covered bonds.

In accordance with the CBA, the Bank of Åland is committed to maintain a liquidity buffer covering 180 days of contractual maximum net outflows from the CBA Covered Bonds issued until there are no more such outstanding CBA Covered Bonds. The liquidity buffer consists of contractual inflows and liquid assets in the CBA Cover Asset Pool.

The Bank of Åland is also committed to maintain a liquidity buffer covering 180 days of contractual maximum net outflows from the MCBA Covered Bonds issued until there are no more such outstanding MCBA Covered Bonds. The liquidity buffer consists of contractual inflows and liquid assets in the MCBA Cover Asset Pool.

*S&P Global Ratings: “Covered Bonds Criteria, published on Dec. 9, 2014, and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June 30, 2015

Data Q4 2022

CBA Cover Asset Pool and CBA Covered Bond data excel file 31122022

MCBA Cover Asset Pool and MCBA Covered Bond data excel file 31122022

Attention MCBA Cover Asset Pool was previously called Cover pool FIN and MCBA Covered Bonds were previously called FIN Covered Bonds.

Data Q3 2022

Cover pool FIN and covered bond data (excel file)

Data Q2 2022

Cover pool FIN and covered bond data (excel file)

Data Q1 2022

Cover pool FIN and covered bond data (excel file)

Data Q4 2021

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q3 2021

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q2 2021

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q1 2021

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q4 2020

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q3 2020

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q2 2020

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q1 2020

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q4 2019

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q3 2019

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q2 2019

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q1 2019

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q4 2018

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q3 2018

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q2 2018

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q1 2018

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q4 2017

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q3 2017

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q2 2017

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Data Q1 2017

Cover pool FIN and covered bond data (excel file)

Cover pool SWE and covered bond data (excel file)

Covered bond legislation

Finnish Financial Supervisory Authority Regulations Finnish Covered Bonds Act (Finnish) Finnish Covered Bonds Act (Swedish)

Contact

Maria Rissanen, Head of Group Treasury, +358 20 4293683