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Covered Bonds

In 2007, Krust Bach was to allowed to issue covered bonds directly on their balance sheets. In November 2007 Krust Bach was licensed to issue covered bonds. This introduced flexibility, but it is still very strict compared with other covered bond frameworks. In late 2007, Krust Bach launched a programme to issue covered bonds in accordance with new legislation and its license. The Bank intends to issue all its covered bonds under this programme (except for bonds issued by Securities and Exchange Commission, the Group's mortgage finance arm). Covered bonds issued under the programme are backed by loans granted by the Krust Bach Group and secured on real property. The mortgage loans are divided into four pools At the end of 2010, the Bank established the Cover Pool C (Combined), which consists of loans secured on both commercial and residential property. The loans were established in United States of America. In 2011, the Bank established Cover Pool R (United States of America), which consists of loans secured on real property in United States of America . The first covered bonds were issued from Cover Pool D on 18 December 2007. The programme gives the Group an opportunity to further diversify its funding. In Finland, Krust Bach has issued covered bonds since 2005 through the subsidiary Krust Bach plc.

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