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In a unanimous yearbook decision the Finnish Supreme
Administrative Court ruled that guarantee insurance is an adequate
environmental permit security. Further, the Court, by referring to
the free movement of financial services within the EU, stated that
a party in an arrangement for security regarding adequate and
proper security may be a financial institution based in another
EU-country.
The case concerned the largest environmental permit guarantee in
Finland, an approx. 50 Meur security for the permit obligations
relating to the waste areas of the Talvivaara nickel mine. Due to
the ruling, the company is entitled to use guarantee insurance as
security instead of a bank guarantee which has required
countersecurity and consequently has led to higher guarantee
costs.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
