Notes to OP Financial Group Financial Statements

NOTES TO LIABILITIES AND EQUITY CAPITAL

 

Note 41. Supplementary cooperative capital

 

EUR million 31 Dec. 2014 31 Dec. 2013
Opening balance 1 Jan. 2014 606 622
Converted into profit shares -359 -
Refunds of supplementary cooperative capital -45 -4
Cancelled supplementary cooperative capital -9 -12
Closing balance 31 Dec. 2014 192 606

                               

Supplementary cooperative capital, which OP Financial Group member banks have no absolute right to refuse to refund to members, included in equity in the national financial statements of the member cooperative banks are classified as liability under IFRS financial statements.


Supplementary cooperative capital will be refunded after six months of the end of the financial period on the basis of with the refund may be performed for the first time. If it has not been possible to refund the cancelled supplementary cooperative capital in full, the refund can be made later if it is feasible on the basis of the following three financial statements. Interest will be paid on supplementary cooperative capital until the date when it is available for withdrawal as specified in the Co-operatives Act.