Finland: Financial Sector Assessment Program-Technical Note on Crisis Management and Resolution
February 1, 2023
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Finland: Financial Sector Assessment Program-Technical Note on Crisis Management and Resolution, (USA: International Monetary Fund, 2023) accessed September 26, 2024
Summary
The Finnish financial safety net and crisis management arrangements rest on sound statutory foundations. As Finland is part of the Euro Area framework, the resolvability of Significant (SIs) and Less Significant (LSIs) Finnish institutions have improved their compliance with the European Union’s variant of the Financial Stability Board’s loss-absorbing capacity requirements, known as Minimum Requirement for Own Funds and Eligible Liabilities (“MREL”). At a national level, the Finnish authorities have also improved internal and inter-authority crisis preparedness. Reflecting the interconnectedness in the Nordic-Baltic region, in 2018, the Finnish authorities also signed an updated MoU with Nordic-Baltic authorities focused on improving coordination with respect to managing crises in the regional financial system. However, there is still room for improvement in key areas, including LSI resolvability, operational readiness to implement resolution actions, central bank crisis liquidity support arrangements and interagency crisis preparedness.
Publication Details
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Pages:
43
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Volume:
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DOI:
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Issue:
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Series:
Country Report No. 2023/062
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Stock No:
1FINEA2023004
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ISBN:
9798400230905
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ISSN:
1934-7685
