Financial Stability Authority to collect EUR 6 million in administrative fees in 2023
Every year the Financial Stability Authority (FFSA) collects administrative fees from institutions, based on the Act on the Financial Stability Authority’s Administrative Fees (1197/2014). The fees are payable by the Finnish credit institutions and investment companies under the FFSA’s purview, the main branches of foreign credit institutions operating in Finland, and central securities depositories. On 14 November, the FFSA took decisions on the administrative fees chargeable to individual institutions for 2023.
The administrative fees are used to cover the costs of the work of the FFSA. The costs in the confirmed budget for 2023 are EUR 6,173,000 and the costs in the II supplementary budget for 2023 are EUR 75,000 which are covered by administrative fees. When determining the total amount for administrative fees, the surplus generated from previous years is deducted from the costs in the confirmed budget. In 2023, a total of EUR 5,964,452 in administrative fees will therefore be collected.
The way in which the fees are payable by individual institutions is determined is provided in the law. The fees comprise a basic fee and a pro rata fee. The basic fee is a fixed charge provided in the law. The pro rata fee under the law is a percentage of the organisation’s balance sheet total or of its turnover. Furthermore, if the amount collected in administrative fees is greater than the Authority’s budgeted costs, the Authority must reduce the fees to ensure that no surplus is likely to arise. For this reason, the calculation employs a reducing coefficient. In 2023, the reducing coefficient is 0.85 and it will be used to reduce the administrative fee for each organisation accordingly.
Further information: Kristiina Tuomikoski, Resolution Expert (rahoitusvakausvirasto(at)rvv.fi)