This year, the Finnish Financial Stability Authority (FFSA) celebrates its 10th anniversary. To mark this occasion, the FFSA spent 2024 developing a new strategy for 2030 and beyond. The FFSA will begin its anniversary year with a clear emphasis on developing its operations, with a vision “Prepared for all crises”.
In accordance with the new strategy, in the coming years the FFSA will continue its determined efforts to enhance the crisis preparedness of financial institutions and society, in close cooperation with the authorities and banks. The FFSA will continue its effective testing and training activities according to its pre-planned operating models. The FFSA’s specialists are experienced and capable operators who can act in crises and secure the prerequisites for the FFSA’s success and the effectiveness and impact of its operations. The FFSA’s development work, operational management, and decisions are based on solid information and up-to-date situational pictures.
“As our operating environment continues to change, our aim is to ensure the FFSA’s credible capacity in all types of crises. The recent incidents both globally, as well as in the Baltic area, have reminded us of the challenging operating environment we are facing. In many respects, Finnish authorities have displayed an excellent level of preparedness and mutual cooperation. However, we don’t want to get complacent, as we are developing and rehearsing even more efficient operating methods whose processes and tools will allow us to concentrate on what truly matters,” notes Director General Jaakko Weuro.
Established in 2015, the FFSA is an independent authority whose mission is to shield taxpayers and society from the costs of banking crises. The FFSA is responsible for planning the resolution of credit institutions and investment firms, and for deciding on how institutions should restructure their operations when they are in financial difficulties. In addition, the FFSA serves as the national deposit guarantee authority and the manager of the Financial Stability Fund, which consists of funds amassed from deposit guarantee contributions and stability contributions. The FFSA also safeguards the continuity of daily payments during serious disruptions and emergency conditions by maintaining the National Emergency Account System. The FFSA is part of the EU Single Resolution Mechanism and works closely with the Financial Supervisory Authority, the Bank of Finland, and the Ministry of Finance.
Further information: Director General Jaakko Weuro ([email protected])
Read more about FSA’s strategy and operations.
For more information on current FFSA events, visit the FFSA’s website.
