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Home BUSINESSNordea eases municipal borrowing costs
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Sat, 03 Sep, 2016 12:02:51 AM
FTimes – STT Report, Sep 3
 
File Photo – Lehtikuva.
Nordea bank and a number of municipalities and subsidiary entities have reached an agreement regarding a case on raising borrowing costs. 
 
The case was awaiting appeal before the Supreme Court.
 
The dispute in question was whether the bank in 2009 had the right to unilaterally raise interest payments on loans to municipalities and municipal sector communities. The District Court and the Court of Appeal ruled that the raises had been justified.
 
In the settlement agreement, Nordea will cancel the increase and return the extra amount they have invoiced. In return, the municipalities and communities will withdraw their appeal from the Supreme Court.
 
There were 25 parties in total in the appeal case.
 
The Supreme Court has previously ruled a similar case in favour of borrowers.
 
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