There is a need to reform legislation on managing bank crises also from a national perspective, estimates the Financial Stability Authority (FFSA). The authority has summarised the change needs in a memorandum.
Last spring, the EU updated its legislation on bank resolution and deposit guarantee. This expanded the possibilities of using deposit guarantee funds for resolution and extensively changed how the deposit guarantee is regulated.
Drafting of national legislation begins
Member States must implement the EU legislation at the national level by May 2028.
“The legislation on bank resolution and deposit guarantee is now undergoing a more extensive reform for the first time since 2015. It is important to ensure that our national legislation is effective, functional and up to date,” says Director General Jaakko Weuro.
The memorandum supports the drafting of legislation
The memorandum that FFSA delivered to the Ministry of Finance summarises development needs related to the legislation and supports the drafting of national legislation. FFSA will assist the Ministry in the legislative reform.
Additional information:
Director General Jaakko Weuro, tel. +358 295 253 510, jaakko.weuro(at)rvv.fi
