Okobank Osuuspank.

Redemption of Debent.Issues

OKOBANK OSUUSPANKKIEN KESKUSPANKKI OYJ
21 September 1999

OKOBANK WINDS DOWN ITS EXCESS CAPITAL ADEQUACY

OKOBANK Osuuspankkien Keskuspankki Oyj will repay in advance certain debt
certificates that are included in Tier II own funds.  The Executive Board
decided, on September 21, 1999, to redeem in advance five debenture issues in an
aggregate principal amount of EUR 275 million on the basis of the call options
on these loans that were issued on the international market.

The redemption will be made in the late months of the year.  As a consequence of
them, OKOBANK's capital adequacy ratio will decline by more that 4
percentage points compared with the situation at June 30, 1999, OKOBANK
Consolidated's by about 3.5 percentage point and the Okobank Group's by about
1.5 percentage point.  OKOBANK's capital adequacy ratio at June 30, 1999, was
19.4 per cent, OKOBANK Consolidated's 16.0 per cent and the OKOBANK Group's 12.5
per cent.

The redemptions will have only a minor effect on this year's result.

Further information:
Mr Mikael Silvennoinen, Managing Director, Tel. +358-9-404 2549
Mr Timo Ritakallio, Executive Director, Tel. +358-9-404 4322