Okobank Osuuspank.

Merger

Okobank Osuuspankkien Keskuspankki
21 June 2000


   OKO MORTGAGE BANK PLC MERGES WITH OKOBANK OSUUSPANKKIEN KESKUSPANKKI

The Executive Board of OKOBANK Osuuspankkien Keskuspankki Oyj (OK0BANK) and the
board of Directors of OKO Mortgage Bank plc (OIP) have agreed on a merger plan
according to which OIP will merge with 0K0BANK without recourse to liquidation
proceedings on 31 December 2000.

OIP is a mortgage bank specialising in long-term financing for housing, public
corporations and real estate. The bank acquires funds for lending by issuing
bonds and notes that are quoted on HEX Helsinki Exchanges. At the end of 1999,
OIP's balance sheet total was EUR 891 million and it had a capital adequacy
ratio of 16.1 per cent. In 1999, the bank's operating profit was EUR 5 million.

The merger shall be accepted by the Board of Directors of OIP and the Executive
Board of OKOBANK. According to the Companies Act, the OKOBANK merger must be
decided on at a meeting of shareholders if this is demanded by shareholders who
hold at least five (5) per cent of OKOBANK's shares.

The merger aims to simplify the structure of OKOBANK Consolidated, improve
business efficiency and achieve savings on operational costs. The merger will
not have an essential impact on OKOBANK's result.

No merger compensation will be paid in connection with the merger, as OKOBANK
owns all of OIP's shares. OIP and its subsidiaries do not own 0K0BANK shares.

The merger does not affect the status of the holders of bonds and notes issued
by OIP, as OKOBANK will be responsible for OIP's debts once the merger has come
into effect.

OKOBANK Osuuspankkien Keskuspankki Oyj 
OKO Mortgage Bank plc

Markku Koponen
Executive Director


FOR ADDITIONAL INFORMATION, CONTACT:
Chairman of the board directors of OKO Mortgage Bank plc 
Timo Ritakallio, tel. (09) 404 4322
Executive Director Olli-Pekka Saario, tel. (09) 404 2874


MERGER PLAN                         ANNEX

1. Parties

The merging limited liability company

OKO Mortgage Bank plc, Helsinki a credit institution as defined in the Credit
Institutions Act trade register no. 35.339 
visiting address: Teollisuuskatu lb, 00510 HELSINKI

The receiving limited liability company

OKOBANK Osuuspankkien Keskuspankki Oyj, Helsinki 
a credit institution as defined in the Credit Institutions Act trade register
no. 15.122 
visiting address: Teollisuuskatu lb, 00510 HELSINKI

2. Terms and conditions of the plan

1. The merger will take place as a subsidiary merger as defined in subsection 3,
S1, Chapter 14 of the Companies Act. The merger will be carried out to simplify
the corporate structure, increase business efficiency and achieve operational
cost savings.

The merger will enter into force when the authorisation related to its
implementation has been recorded in the trade register. The planned - for
registration date of the implementation is 31 December 2000.

2. The merger shall be approved by the Board of Directors of OKO Mortgage Bank
plc and the Executive Board of OKOBANK Osuuspankkien Keskuspankki Oyj. Within
OKOBANK Osuuspankkien, Keskuspankki Oyj, the merger must be agreed upon at a
general meeting of shareholders if shareholders holding more than five per
cent of the shares in OKOBANK Osuuspankkien Keskuspankki Oyj so demand.

3. OKOBANK Osuuspankkien Keskuspankki Oyj owns all the shares outstanding in OKO
Mortgage Bank plc (80,000). No compensation will be paid for these shares.
OKO Mortgage Bank plc and its subsidiary corporations do not own shares in
OKOBANK Osuuspankkien Keskuspankki Oyj.

4. The Articles of Association of OKOBANK Osuuspankkien Keskuspankki Oyj will
not be amended in connection with the merger.

5. 0K0 Mortgage Bank plc and OKOBANK Osuuspankkien Keskuspankki Oyj do not have
capital loans as defined in point 4, subsection 2, S4, Chapter 14 of the
Companies Act.

3. Date and signatures

Helsinki, June 21, 2000


OKO MORTGAGE BANK PLC

OKOBANK Osuuspankkien Keskuspankki Oyj