Finland: Strike announced for 4-5 January 2018

03.01.2018

Further to our previous MarketFlash M17024, Clearstream Banking was informed by its depository Nordea Bank Finland that the collective negotiations between the employer and employee unions have continued since yesterday, 2 January 2018, but so far no results have been announced.

Unless agreement is reached, Finnish bank employees will strike from 06:00 EET on 4 January until 23:59 EET on 5 January 2018. This strike, if realised, will be larger in scope than the strike during 28 – 29 December 2017 as more unions will be taking part.

Impact on customers

The CSD, Euroclear Finland, confirmed that they will provide services as usual and straight-through processing (STP) settlement instructions will be expected to settle as usual.

Nordea Bank Finland’s settlement services will remain open for limited operational and client service.

In general, services will be provided on a “best efforts” basis but cannot be guaranteed. Due to the larger scope of the strike, Nordea Bank Finland’s settlement services may have only limited capability to handle customer inquiries.

Clearstream Banking will continue to monitor the situation and will provide further information as it becomes available.

This Marketflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Marketflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Marketflash does not constitute legal or tax advice.