RESOLUTION IMPLEMENTATION

The board of an institution is required to notify the Financial Supervisory Authority (FIN-FSA) without delay if it considers that the institution fulfils the criteria for placing it under resolution, as provided for in chapter 4, section 1 of the Resolution Act. The FIN-FSA, in turn, must inform the Financial Stability Authority immediately upon receipt of such notification from the institution or the institution's notification of early intervention, according to the Credit Institutions Act. Upon receipt of such notification or after consulting with the FIN-FSA, the Financial Stability Authority, on its own initiative, must assess whether the criteria for placing the institution under resolution are fulfilled. If the Financial Stability Authority determines that the above criteria are not fulfilled, it is required to make a decision against placing the institution under resolution. If the criteria are fulfilled, the Financial Stability Authority must make a decision on placing the institution under resolution. After the institution has been placed under resolution by decision of the Financial Stability Authority, the Authority may decide on measures regarding the institution's activities, assets and liabilities in a manner as provided for in the Resolution Act.

The Financial Stability Authority is required to make a decision on the activation of one or more resolution tools as referred to in the Resolution Act (for details, see 'Resolution tools') in respect of the institution, after the institution has been placed under resolution. Even if the institution had not been placed under resolution, the Financial Stability Authority would be obliged to decide on the institution's loss coverage and annulment of its shares and participations if it deems that the initiation of such measures is necessary for safeguarding the continuity of the institution's activities or that the institution is in need of extraordinary public financial support.

Decisions by the Financial Stability Authority may be appealed, with certain exceptions, to the Helsinki Administrative Court.

In the case of an institution falling within the mandate of the Single Resolution Board, the above decisions will be taken by the Board after consultations, as necessary, with the European Central Bank. The institution may appeal decisions of the Single Resolution Board to the Court of Justice of the European Union. Before this, the institution may submit an appeal to the Appeal Panel, which operates in connection with the Single Resolution Board.