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Law On State Guarantees To Safeguard The Basic Raw-Material Supply

Original Language Title: Laki valtion takuista perusraaka-ainehuollon turvaamiseksi

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Law on State guarantees to protect basic raw materials

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ARTICLE 1 (18.06.1998/451)

In order to secure access to raw materials for Finnish companies under the Law on Special Financial Company (443/1998) Intended company (special financing company) May grant State guarantees as provided for in this Act.

ARTICLE 2

The State guarantee may be granted as collateral for a credit granted to a foreign debtor in the context of a long-term supply contract.

The guarantee can compensate the creditor for all losses.

§ 2a. (211.2001/938)

In order to safeguard the interests of the State in relation to the risk of loss arising from the guarantee activities referred to in this Act, insurance, security, swaps and other arrangements may be hedged ( Hedging arrangements ).

ARTICLE 3 (211.2001/938)

State guarantees granted under this law ( Raw material guarantee ) And the combined guarantee liability of the hedging arrangements shall not exceed EUR 800 million.

For the purposes of calculating the guarantee liability referred to in paragraph 1, the guaranteed capital of the credits covered by the guarantees entered into and the binding guarantee bids shall be taken into account for half of the guaranteed capital of the credit. The liability arising from the hedging arrangements shall be taken into account in net terms as laid down by the Ministerial Regulation of the Ministry of Trade and Industry.

For the purposes of the calculation of the guarantee liability referred to in paragraph 1, the currency shall be converted into euro using the rate indicated by the European Central Bank on the date of issue of the European Central Bank's guarantee.

§ 4

In the case of guarantees, particular attention shall be paid to the need to ensure that the credit is a prerequisite for an import contract for long-term raw materials for the economy of the economy.

When establishing the raw material guarantee and establishing the conditions of the raw material guarantee, account shall be taken of the international competition factors and the environmental impact of the project as part of the overall project risk assessment. (211.2001/938)

§ 5 (18.06.1998/451)

The guarantees granted under this Act are in line with the State Guarantee Fund (444/1998) In accordance with

§ 5a (211.2001/938)

Decisions on the raw materials shall be subject to a processing fee which shall take account of the workload and the costs incurred as a result of processing.

The raw material guarantee shall be subject to a guarantee fee, taking into account the length of the risk period, the creditworthiness of the risk subject, the creditworthiness of the country of risk and other factors affecting the risk-related risk as well as the factors of competition.

ARTICLE 6 (211.2001/938)

The raw material guarantees are managed by the special financial company referred to in Article 1. The company shall lay down the general terms and conditions applicable to the raw material guarantees and shall conclude, under the responsibility of the State, the agreements and hedging arrangements referred to in Articles 2 and 2a and other commitments.

§ 6a (211.2001/938)

The special-purpose financial company shall be subject to the processing and management of raw material guarantees, in accordance with the administrative procedure (998/1982) And languages (148/1922) Provides.

§ 6b (211.2001/938)

The publicity of the activities of the specialised financial company under this law is in force, which is governed by the law of the authorities (18/09/1999) And Articles 5 and 6 of the State Special Financial Company Act.

§ 7 (211.2001/938)

The decree of the Council of State lays down more detailed rules on the principles governing the functioning of the raw material guarantee:

(1) general conditions and other guidelines for the granting of raw material guarantees;

2) the environmental impact assessment of the raw material guarantee projects;

3) levies on raw material guarantees.

More detailed provisions on the implementation of this law may be adopted by a Council regulation.

§ 8

This Act shall enter into force on 1 August 1985.

HE 34/85, VaVM 15/85, SuVM 45/85

Entry into force and application of amending acts:

18.6.1998/451:

This Act shall enter into force at the time laid down by the Regulation. (1 January 1999 L 451/1998 came into force on 1 January 1999.)

Before the entry into force of this Act, measures may be taken to implement the law.

THEY 35/1998 , TaVM 12/1998, Pevie-11/1998, EV 53/1998

2.11.2001/938:

This Act shall enter into force on 1 December 2001.

THEY 112/2001 , TaVM 15/2001 EV 106/2001