OKO Pankki Oyj - Company Announcement

OP Mortgage Bank to establish Covered Note Programme

OKO Bank plc	                                               

OP Mortgage Bank to establish Covered Note Programme                            

The Board of Directors of OP Mortgage Bank, a subsidiary of the OP Bank Group   
Central Cooperative, decided on 10 May 2007 to establish an EUR 5,000,000,000   
Euro Medium Term Covered Note Programme, under which OP Mortgage Bank will issue
mortgage-backed notes for the international debt markets.                       

OKO Bank plc                                                                    

Markku Koponen                                                                  
Senior Vice President                                                           

DISTRIBITION                                                                    
Helsinki Stock Exchange                                                         
London Stock Exchange                                                           
SWX Swiss Exchange                                                              
Principal media                                                                 

FOR MORE INFORMATION, PLEASE CONTACT                                            
Mr Lauri Iloniemi, Managing Director of OP Mortgage Bank, Tel. +358 10 252 3541