Financial Stability Fund
The Financial Stability Fund (Fund) is administered by the Financial Stability Authority and is external to the State budget. The fund consists of two separate funds, both having their own statutory purposes:
- The task of the Deposit Guarantee Fund is to safeguard the assets of depositors when a bank becomes insolvent.
- The assets of the National Resolution Fund can be used to partly finance the resolution of Finnish investment firms and branches of certain foreign credit institutions located in Finland.
The Financial Stability Fund is founded in 2015, and it is governed by the Act on the Financial Stability Authority (1195/2014).
A Management Report and financial statements of the Financial Stability Fund are published annually.
Steering of the Fund
The Ministry of Finance appoints the Board of Directors (Board) for the Financial Stability Fund as well as the Auditors of the Fund. The Ministry of Finance oversees the Fund’s governance, approves the Fund’s financial statements, and issues their statement on the financial statements. (read more?)
Board of Directors of the Fund
The Financial Stability Fund’s is independent of the Financial Stability Authority and appointed by the Ministry of Finance. The Board consists of the Chairman, Vice Chairman and at least three but not more than five other members. A deputy member has been appointed for each ordinary member. At least two of the Board members shall be proposed by the credit institutions' interest groups and the amalgamations of deposit banks.
The Board is responsible for decisions concerning the fund’s risk management, investment plan and principles, and oversees the investment of the fund’s assets. The Board prepares the investment plans for the Fund’s assets. The Board is appointed for a term of three years.
Board Members:
- Chair Markku Puumalainen, Senior Financial Adviser, Ministry of Finance
- Vice-Chair Anu Ranta, Senior Ministerial Adviser, Legislative Affairs, Ministry of Finance
- Markku Pehkonen, Chief Risk Officer, OP Group
- Satu Vartiainen, Country CFO Finland, Nordea
- Marko Synkkänen, Senior Ministerial Adviser, Budget Department, Ministry of Finance
Investment Committee
The Board of the Financial Stability Fund has appointed an Investment Committee for the Deposit Guarantee Fund. The aim of the Committee is to provide expert support to the Board in questions related to investment activities and investment policy of the Deposit Guarantee Fund which is part of the Financial Stability Fund, as well as in issues related to execution of the investment plan. The mandate period of the Investment Committee is three years starting on 1 March 2024 and ending on 28 February 2027.
Members of the Investment Committee:
- Heikki Ala-Seppälä, Chair
- Mikko Räsänen
- Hanna Silvola and
- Ira van der Pals.