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The Commission approved the Finnish state guarantee accompanying a private sector arrangement to the benefit of depositors in the Finnish branch of the insolvent Kaupthing Bank.
The failure of the Icelandic Kaupthing Bank h.f. triggered also the failure of its Finnish branch.
The three commercial banks involved, - Nordea Bank Finland plc, OP-Pohjola Group Central Co-operative and Sampo Bank plc, and a special purpose vehicle took over the credit claims and other assets of Kaupthing Bank h.f. and settled all the deposit claims in Finland. The Finnish State provided a guarantee to the participants, to cover the legal risks, i.e. potential economic losses suffered from recovery claims or equivalent insolvency claims.