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Suomen Työväen Säästöpankki
National Workers' Savings Bank (1971-1989) (In Finnish; ''Suomen Työväen Säästöpankki'', in Swedish; ''Arbetarsparbanken'') or STS-Bank (1989-1992) was a Finnish savings bank and commercial bank. Workers' savings banks were syndicalist, social democratic corporations intended to compete with privately owned banks, which could deny credit to workers on political grounds. Created in 1971 through a merger of five local workers' savings banks, the oldest component of STS was the Helsinki branch, founded in 1909. The Turku workers' savings bank was the only one to choose to stay independent. With the merger, STS became the largest savings bank in Finland. The bank went almost bankrupt in 1992 and was sold at a loss to KOP (later Nordea), with the government taking care of much of the bad debt. In 1899, the Finnish Worker's Party (later SDP) decided in its general meeting to establish a bank. The Helsinki TS, was founded in 1908 by Albin Karjalainen, the financial officer of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finnish Banking Crisis Of 1990s
The Finnish Banking Crisis of 1990s was a deep systemic crisis of the entire Finnish financial sector that took place mainly in the years 1991–1993, after several years of debt-based economic boom in the late 1980s. Its total taxpayer cost was roughly 8% of the Finnish GNP, making it the most severe of the contemporary Nordic banking crises. The crisis has been attributed to a combination of macro-economic turbulence, weak regulation, and bank-specific problems.Liisa HalmeThe 1990s banking crisis in Finland: main causes and consequences, lessons for the future. 2002. Governmental intervention included bank takeovers, direct monetary assistance and temporary blanket guarantees to the banks.Managing the banking cri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Finland
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jonas Laherma
Jonas may refer to: Geography * Jonas, Netherlands, Netherlands * Jonas, Pennsylvania, United States * Jonas Ridge, North Carolina, United States People with the name * Jonas (name), people with the given name or surname Jonas * Jonas, one of two Jeneum (figures in the Book of Mormon) * Jonah or Jonas, a prophet in the Hebrew Bible * Jonas (footballer, born 1943), full name Jonas Bento de Carvalho, Brazilian football midfielder * Jonas (footballer, born 1972), full name Carlos Emanuel Romeu Lima, Angolan football midfielder * Jonas (footballer, born 1983), full name Jonas Brignoni dos Santos, Brazilian football defender * Jonas (footballer, born 1984), full name Jonas Gonçalves Oliveira, Brazilian football forward * Jonas (footballer, born 1987), full name Jonas Jessue da Silva Júnior, Brazilian football defender * Jonas (footballer, born 1991), full name Jonas Gomes de Sousa, Brazilian football midfielder Arts, entertainment, and media * ''Jonas'' (novel), a 1955 novel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arja Alho
Arja Inkeri Alho (born 21 March 1954) is a Finnish politician. She was member of the Parliament of Finland from 1983 to 1999 and again from 2003 to 2007, representing the constituency of Helsinki until 1999 and then the constituency of Uusimaa since 2003. She also served as the Deputy Minister of Finance of Finland under Prime Minister Paavo Lipponen from 1995 to 1997.Arja Alho Parliament of Finland She resigned the government in October 1997 when it was revealed that she had agreed to reduce the compensation that had been sentenced to pay. Alho is member of the |
Debtor's Dishonesty
Dishonesty is to act without honesty. It is used to describe a lack of probity, cheating, lying, or deliberately withholding information, or being deliberately deceptive or a lack in integrity, knavishness, perfidiosity, corruption or treacherousness. Dishonesty is the fundamental component of a majority of offences relating to the acquisition, conversion and disposal of property (tangible or intangible) defined in criminal law such as fraud. English law Dishonesty has had a number of definitions. For many years, there were two views of what constituted dishonesty in English law. The first contention was that the definitions of dishonesty (such as those within the Theft Act 1968) described a course of action, whereas the second contention was that the definition described a state of mind. A clear test within the criminal law emerged from ''R v Ghosh'' (1982) 75 CR App. R. 154. The Court of Appeal held that dishonesty is an element of '' mens rea'', clearly referring to a state ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ulf Sundqvist
Ulf Ludvig Sundqvist (22 February 1945 – 22 April 2023) was a Finnish politician who served as chairman of the Social Democratic Party of Finland, a minister in four cabinets in the 1970s and a banker in the 1980s. Political career Sundqvist was elected into the Parliament in 1970 and served as the Minister of Education in three cabinets between 1972 and 1975. He was the Minister of Trade and Industry from 1979 to 1981. Sundqvist left the parliament in 1983 and worked as the manager of STS Bank from 1982 to 1991. However, STS was drawn into reckless lending in the late 1980s, and with the early 1990s recession in Finland, STS was bailed out by the government and sold at a loss to KOP. Although Sundqvist was personally involved in some minor financial irregularities, the main thrust of the accusations against him was rooted in his incompetent management and reckless lending practices. Sundqvist was elected chairman of the SDP in November 1991, and he was replaced by Paavo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Omaisuudenhoitoyhtiö Arsenal
Omaisuudenhoitoyhtiö Arsenal Oy ("Asset Management Corporation Arsenal") is a bad bank-type corporation founded by the Government of Finland for management of assets received as collateral from bad debt. Arsenal was founded after the early 1990s recession in 1993 as a response to the nationalization of failed banks, mainly Säästöpankki and STS Bank. (The contribution of the Säästöpankki group to the total damages to the government was 96%.) The defaulted debts led to a large amount of property being passed to the government as collateral, with concomitant bankruptcy court cases where the state had an interest. In 1994, Arsenal held 4.822 million euros of assets and had 12,684 customers. In 1999, the business managing the real estate collateral was spun off as Kapiteeli Oyj, which was bought by Sponda in 2006. (Sponda was also founded as a result of the same crisis around real estate and stocks from the collapsed SKOP Bank, but since 2012 has had no government ownership.) M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bad Bank
A bad bank is a corporate structure which isolates illiquid and high risk assets (typically non-performing loans) held by a bank or a financial organisation, or perhaps a group of banks or financial organisations. A bank may accumulate a large portfolio of debts or other financial instruments which unexpectedly become at risk of partial or full default. A large volume of non-performing assets usually make it difficult for the bank to raise capital, for example through sales of bonds. In these circumstances, the bank may wish to segregate its good assets from its bad assets through the creation of a bad bank. The goal of the segregation is to allow investors to assess the bank's financial health with greater certainty. A bad bank might be established by one bank or financial institution as part of a strategy to deal with a difficult financial situation, or by a government or some other official institution as part of an official response to financial problems across a number of inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kansallis-Osake-Pankki
Kansallis-Osake-Pankki (KOP) was a Finnish commercial bank operating from 1889 to 1995. It was created by the fennoman movement as a Finnish language alternative to the largely Swedish language bank, Suomen Yhdyspankki (''Swedish: Föreningsbanken i Finland''). The two banks were merged in 1995 to form the Merita Bank. Merita Bank was later merged with Swedish Nordbanken to form Nordea Nordea Bank Abp, commonly referred to as Nordea, is a European financial services group operating in northern Europe and based in Helsinki, Finland. The name is a blend of the words "Nordic" and "idea". The bank is the result of the successive m .... Directors * Otto Hjelt (1889–1892) * Fredrik Nybom (1892–1914) * J.K. Paasikivi (1914–1934) * Mauri Honkajuuri (1934–1948) * Matti Virkkunen (1948–1975) * Veikko Makkonen (1975–1983) * Jaakko Lassila (1983–1991) * Pertti Voutilainen (1991–1995) See also External links Panu Moilanen: Kämpin peilisalista Savoyn juhla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Markka
The markka ( fi, markka; sv, mark; sign: Mk; ISO code: FIM, typically known outside Finland as the Finnish mark) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The mark was divided into 100 pennies ( fi, penni; sv, penni), abbreviated as "p". At the point of conversion, the rate was fixed at €1 = Mk 5.94573. The mark was replaced by the euro (€), which had been introduced, in cash form, on 1 January 2002. This was after a transitional period of three years, when the euro was the official currency but only existed as "book money" outside of the monetary base. The dual circulation period, when both the Finnish mark and the euro had legal tender status, ended on 28 February 2002. Etymology The name "markka" was based on a medieval unit of weight. Both "markka" and "penni" are similar to words used in Germany for that country's former currency, based on the same etymological roots as the Deutsche Mark and pfennig. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
