Annual general meeting release
March 17, 2009
Municipality Finance Plc's annual general meeting held on March 12, 2009
Markku Pohjola becomes Chairman of the Board of Municipality Finance
Municipality Finance's annual general meeting held on March 12, 2009 elected
the new Board and decided upon a share issue, in addition to the other matters
on the agenda.
The following people were elected to the Board of Directors of Municipality
Finance:
Pekka Alanen, Executive Director, Local Government Pensions Institution
Tapio Korhonen, Finance Director, City of Helsinki
Eva Liljeblom, Professor, Swedish School of Economics and Business
Administration
Liisa Linna-Angelvuo, Ministerial Counsellor, Ministry of the Environment
Hannes Manninen, Member of Parliament
Markku Pohjola, B. Sc. (Econ.) (Chairman of the Board)
Mikko Pukkinen, City Manager, City of Turku
Antti Rantakangas, Member of Parliament
Sisko Seppä, Secretary General, Social Democratic Parliamentary Group (Vice
Chairman of the Board)
Hanna Tainio, Medical Advisor, MD, PhD, Pirkanmaa Hospital District
Pekka Timonen, Director General, Head of Department, Ownership Steering
Department, Government Office
Share issue
The annual general meeting decided to authorise the company's Board of
Directors to implement the planned increase in share capital by means of a
share issue. The Finnish government has undertaken to participate in the issue
with an investment of EUR 20 million. This requires a contribution of at least
EUR 9 million from the other subscribers.
“This decision upon the share issue is of utmost importance for us. Thanks to
the strengthening of the capital structure, we will be better able to meet the
increasing financial needs of the municipal sector in the current exceptional
financial situation. It will also improve our prerequisites for supporting
government-subsidised rental housing production in the spirit of recovery. We
greatly appreciate the positive feedback we have received from all over the
municipal sector in response to the increase in share capital”, states Pekka
Averio, CEO of Municipality Finance.
Municipality Finance Plc
Further information:
CEO Pekka Averio, tel. +358 (0)9 6803 6211, +358 (0)500 406 856
Executive Vice President Esa Kallio, tel. +358 (0)9 6803 6231, +358 (0)50 337
7953
Municipality Finance Plc is a local government credit institution owned by
Finnish municipalities and the Local Government Pensions Institution and is the
parent company of the Municipal Finance Group. The company's mission is to
ensure top-value financial services for the municipal sector, to be efficient
and to grow profitably. The Group's balance sheet totalled EUR 12,512 million
on December 31, 2008. The company offers market-based funding to municipalities
and municipal federations, to municipality-controlled entities and non-profit
housing corporations. The company's funding, which is guaranteed by the
Municipal Guarantee Board, is obtained from international capital markets and
domestic investors. Funding provided by the company goes into social and
non-profit service projects, such as schools, housing and hospitals. The Group
includes Financial Advisory Services Inspira Ltd, which offers financial
advisory services for investments, financial and asset arrangements, asset
management and various analysis services.
