The Financial Stability Authority (FFSA or the Authority) has published the sustainability report for its activity in 2023. The report is based on instructions from the State Treasury to the central government organisations.
The Authority’s task is to maintain financial stability and protect taxpayers from the the effects of possible banking crises. By performing its tasks, the Authority is also supporting progress towards achieving the UN Sustainable Development Goals.
The report reviews the steps of progress taken by the Authority in 2023.
- The goal to eradicate poverty in all its forms everywhere (UN goal 1) – The Authority developed its capabilities related to the bankruptcy of a bank and payout of claims from under the deposit guarantee fund situation, as well as to the implementation of the sale of business resolution tool. The work done reinforces the Authority’s capacity to manage crises especially in small and medium sized banks financed with deposits. This reduces the impact of crisis on all depositors.
- The goal of decent work and economic growth (UN goal 8) – Under the guidance of the Authority, the banks promoted several resolvability dimensions to a significant extent to ensure the smooth implementation of resolution measures. In addition, the Authority has increased the understanding among investors and market participants of how the bail-in tool, central to stabilise the situation of a financially troubled bank, would be implemented in practice. The crisis management capabilities have further improved thus reducing the impact of bank crisis on the society and economic growth.
- Reduced inequality (UN goal 10) – The Authority has been actively involved in the revision of the EU crisis management and deposit insurance legislation with the aim of further improving the effectiveness and appropriateness of the legislative framework.
The most significant identified adverse impact of the operations of the Authority from the perspective of sustainable development result from business travel, office premises as well as IT-equipment and acquisition of services.
The FFSA's sustainability report 2023 can be found in it's entirety on the Authority's website.
Explore the UN Sustainable Development Goals (Agenda 2030).
More information: Chief Economist Hanna Westman (etunimi.sukunimi(at)rvv.fi).
Read more about the FFSA's current topics on the Authority's website.
