The Financial Stability Authority (FFSA) tested its communication capabilities in a communications exercise simulating the event of deposit guarantee compensation at the end of August.
In one week, the FFSA tested its communication capabilities in their entirety: press releases, a press conference, interviews, social media posts, web pages, individual compensation decisions for each depositor and newspaper advertisements. Pressure was created by a team that produced news articles, social media posts and interview requests.
Successful communication under pressure
The exercise showed that the FFSA can communicate as planned in the event of deposit guarantee compensation. The exercise also tested the management of communications under heavy public and media pressure. Additionally, it increased the communications partner’s understanding of deposit guarantee compensation and the related communications.
The keys to success:
- Preparing communications materials in advance
- Resourcing media and social media monitoring
- Learning from exercises and developing operations based on observations
The exercise was part of a stress test package
The FFSA is legally required to regularly test its capability to fulfil its statutory deposit guarantee functions, such as paying compensation to the depositors of bankrupt banks within seven working days. The European Banking Authority (EBA) has issued guidelines on stress testing deposit guarantee schemes. These guidelines harmonise exercises related to deposit guarantee tasks in EU and EEA countries.
The communications exercise conducted in August is part of a stress test package implemented according to the EBA guidelines. The FFSA will carry out this series of tests between 2025 and 2027.
Additional information:
Deposit Guarantee Expert Anna Kanninen, tel. +358 295 253 534, anna.kanninen(at)rvv.fi
