Cover IMF Staff Country Reports
Finland: Financial Sector Assessment Program-Technical Note on Crisis Management and Resolution
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2023: Issue 062
Language:
English
Publication Date:
01 Feb 2023
DOI:
https://doi.org/10.5089/9798400230905.002
ISBN:
9798400230905
ISSN:
1934-7685
Pages:
43
Keywords:
implementing Resolution tool; crisis simulation exercise; EU bank recovery; resolution planning; C. authority crisis management capability; Crisis management; Bank resolution framework; Bank resolution; Crisis resolution; Baltics; Global
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2023: Issue 062