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Financial statements of the Financial Stability Authority and the Financial Stability Fund published

Publication date 26.2.2021 14.04 | Published in English on 5.3.2021 at 15.46
Press release

For the Financial Stability Authority (FFSA), the reporting year was characterised by the outbreak of the COVID-19 pandemic in March 2020. The Authority’s operations focused especially on the more intensive monitoring of changes in banks’ operating environment and financial position and the related active cooperation between authorities and the coordination of activities both in Finland and at the EU level. The Authority succeeded well in achieving the performance targets set for its operations.

The support and adjustment activities of states, central banks and supervisory and resolution authorities have helped banks maintain their lending operations and contributed to the real economy during the COVID-19 pandemic. The banking sector has succeeded well in overcoming the immediate, rapidly emerging impacts of the COVID-19 pandemic, but the uncertainty caused by the pandemic continues and all the impacts of the continued crisis on the banking sector are not yet apparent. 

During the reporting year, the Authority’s work on the social impact objectives related to resolution and deposit guarantee proceeded in line with the targets set: the institution-specific crisis management capability projects advanced as planned and some arrangements associated with depositor protection in crises even exceeded the planned progress. 

Crisis management capability was developed across the field

The development phase of the Authority’s operations, pressures to change the legislative framework and significant changes in the operating environment gave cause to make minor changes to the sub-objectives of the Authority’s social impact objectives in the strategy work carried out in autumn 2020. At the same time, a new development path and vision were created for the Authority for the next five-year period extending to 2025. Going forward, ensuring the institutions’ own crisis preparedness will also be emphasised in the Authority’s work.

The impact of the COVID-19 pandemic on the Authority’s ability to function remained under control throughout the reporting year. Due to the seriousness of the COVID-19 pandemic, and especially the uncertainty it causes, the Authority decided to place a clearer emphasis on the comprehensive development of its own crisis management capability. In the spring, the Authority launched an extensive multi-year crisis management capability development project involving the entire personnel. In addition to comprehensively developing the FFSA’s crisis management capability, it aims to create efficient technical tools to support the work of experts, process management and monitoring and efficient cooperation in crisis management.

The amount of covered deposits increased

In the operating year 2020, assets were raised for the Resolution Fund and the Deposit Guarantee Fund according to pre-defined processes. Neither of the funds were needed for crisis management or depositor protection and there was no need to obtain additional financing for either of them.

In 2020, a total of approximately EUR 235 million was collected as the EU’s stability contributions from Finnish operators (2019: approximately EUR 216 million). The sum grew significantly year on year due to the substantial increase in covered deposits throughout the banking union. A total of approximately EUR 9.1 billion was collected as the EU’s stability contributions from all institutions in the banking union area that are under the obligation to pay these contributions, increasing the SRF’s assets to roughly EUR 42 billion during the financial period. 

The target level of the Deposit Guarantee Fund also rose during the reporting year. By July 2024, the fund must grow to a level that is equal to 0.8 per cent of the covered deposits within its scope. During 2020, the amount of covered deposits increased by approximately 8 per cent, which increased the earlier estimate of the fund’s target level from EUR 1.07 billion to EUR 1.16 billion. The assets in the Deposit Guarantee Fund increased to approximately EUR 651 million during the operating year 2020.

More information: Director General Tuija Taos (firstname.lastname(at)

The Financial Stability Authority’s financial statements and annual report for 2020 (in Finnish)

The Financial Stability Fund’s financial statements and annual report for 2020 (in Finnish)

Authority Press release