Financial Supervisory Authority enhances monitoring of financial sector
The FIN-FSA participates in the decision-making of the European Central Bank (ECB) and the European Banking Authority (EBA). On 12 March 2020, the ECB and EBA decided on several measures to facilitate lending by banks. On 13 March 2020, the FIN-FSA made a notification to the Ministry of Social Affairs and Health on exceptional circumstances in the financial markets as there is a risk of deterioration in the average solvency of employee pension institutions.
The FIN-FSA confirms, in line with the decisions taken by the European Central Bank, that banks are temporarily exempt from fulfilling certain additional capital and liquidity requirements. This will facilitate credit institutions’ ability to provide funding to non-financial corporations and households and will alleviate the negative economic effects of the pandemic.
The Board of the FIN-FSA has started work on an immediate review of the level of capital requirements that are subject to national decision-making.
At the end of 2019, the Finnish financial sector was solid and is therefore well-equipped to face the changing situation. The FIN-FSA will report in greater detail on the current situation in the financial sector and the measures taken at its press conference on the financial position and risks of supervised entities, to be held on Tuesday, 17 March at 10.00.
The corresponding Finnish-language press release was published on 15 March 2020.
See also
- Bank of Finland’s press release 15 March 2020
- Press release from the ECB Banking Supervision 12 March 2020
- European Banking Authority’s press release 12 March 2020
- FIN-FSA’s press release 13 March 2020: FIN-FSA notification to the Ministry of Social Affairs and Health on exceptional circumstances in the financial markets
Contacts
For further information, please contact Anneli Tuominen, Director General of the FIN-FSA, and Marja Nykänen, Chairman of the FIN-FSA Board. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9:00-16:00).
About Finanssivalvonta
Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.
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