Deposit Guarantee Fund: 25,000 Euro Max

"Deposit banks authorised to operate in Finland must be members of the Deposit Guarantee Fund, which is responsible for safeguarding depositor assets in the event of a single bank's insolvency."

"In such a case, the Deposit Guarantee Fund will pay a maximum compensation of EUR 25,000. When calculating the compensation payable to a depositor, the depositor's assets on various deposit accounts with the same bank will be added up and protected up to a sum of EUR 25,000."

"If the same depositor has deposits with different banks, the protection will be provided in respect of each bank."

"An exception to this bank-specific protection is the amalgamation of cooperative banks OP-yhteenliittymä. Its member deposit banks are deemed as constituting a single bank upon payment of compensation, ie if a saver has accounts with two different member deposit banks, the deposit guarantee will be a total maximum amount of EUR 25,000. (members are Aktia Savings Bank plc, the savings banks Helmi Säästöpankki and Nooa Säästöpankki and Skärgårdsbanken Ab)"

"Banks also falling within the scope of the Finnish deposit guarantee scheme are:

eQ Bank Ltd
Evli Bank plc
Glitnir Bank Ltd
Kaupthing Bank plc
Nordea Bank Finland plc
S-Pankki / S-Banken
Sampo Bank plc
SEB Gyllenberg Private Bank Ltd
The Mortgage Society of Finland Ltd
Tapiola Bank Ltd
Bank of Åland plc"

No panic for the moment but the 3 month Euribor is highlighting some stress in the banking sector.

If you believe that some banks are running the risk of insolvency (how would you know it ;->) then do no put more than 25,000 euro in a single bank especially in the cooperative banks.

Sampo is a good example of a Bank to be worried about as in March 2008, it will not be any more a Finnish bank but instead a Danish branch of Danske Bank.

I believe the debt (credit, house loan) on the contrary will stay whatever happen... They never fully lose...

Source: FSA
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