The Financial Stability Authority’s operations 

Strategy and operational priorities 

The Finnish Financial Stability Authority’s (FFSA, Authority) operations are based on tasks and powers defined in national and EU legislation. The FFSA is part of the Single Resolution Mechanism (SRM) within the EU Banking Union, and the European System of Financial Supervision.

The FFSA’s strategy outlines the key priorities for its operations and development. According to the strategy for 2025–2028, “Prepared for all crises”, the focus is on strengthening the operational capacity of the Authority, financial institutions, and society in various financial market crisis situations.

The Financial Stability Authority’s strategy for 2021–2023 is divided into three levels. The first level presents the Authority's mission: we protect taxpayers and society from the effects of banking crises. The second level presents the Authority’s basic duties: we maintain a credible deposit guarantee scheme and resolution system, we secure daily payments in all circumstances by maintaining and developing a National Emergency Account System, we influence regulatory development through our expertise. The third level states our vision and development focus 2025-2028: prepared for all crises!

Image: FFSA strategy 2025–2028. 

The Financial Stability Authority’s strategy map for 2025–2028 is divided into three levels. The first level presents the Authority's basic duties: maintaining a credible deposit guarantee scheme and resolution system, securing daily payments in all circumstances by maintaining and developing a National Emergency Account System and influencing regulatory development through our expertise. The second level includes the Authority's operational priorities for the strategic period 2025–2028: ensuring the implementation capacity of resolution tools, ensuring the functioning of the National Emergency Account System in a changing operating environment, building and maintaining testing and training activities to verify and develop the crisis preparedness of authorities and financial institutions, communicating reliably and efficiently about our duties and powers, foreseeing the future, influencing the activities and regulation of EU authorities in a timely and effective manner, participating in projects to reform credit institution legislation and preparing for the implementation of new regulation, participating in the implementation of the recovery and resolution legislation of insurance companies in Finland. The third level of operational priorities covers all operations: we build a skilled and healthy work community where efficient processes and tools enable focus on the essential.

Image: FFSA’s operational priorities 2025–2028

Legislation requires that the Authority’s operations shall be organised in a way that ensures its independence and impartiality in performing its tasks. The Authority’s internal organisation and management of its duties are defined in the Rules of Procedure issued by the Director General.

Financial Stability Authority's rules of procedure (in Finnish, pdf)

The management of the Financial Stability Authority 

The Financial Stability Authority is led by the Director General, appointed and dismissed by the Government. The Government appoints the Director General for a five-year-term and two consecutive terms at most.

On 14 December 2023, the Finnish Government appointed Jaakko Weuro, Master of Laws, as Director General of the Financial Stability Authority for the next five-year tenure starting on 1 January 2024 and ending on 31 December 2028.

The Director General decides on the matters within the Authority’s purview. If the Director General is prevented from attending to the required duties, these devolve to a deputy appointed by the Ministry of Finance. As deputy for the Director General is Head of the Deposit Guarantee and Emergency Supply Unit Saija Kuivalainen.

The responsibilities of the Director General include, for example: 

  • Setting the objectives of the Authority, achieving the objectives and monitoring their achievement. 
  • Developing FFSA as a workplace, developing its administration and FFSA’s human resource policy. 
  • International cooperation and FFSA’s representation in European cooperative bodies. 
  • FFSA’s communications. 

The Financial Stability Authority has a Management Group consisting of the Director General, together with the Heads of the Resolution Unit, the Deposit Guarantee and Emergency Supply Unit and the Administrative Services and Financial Stability Fund Unit, appointed by the Director General. The Management Group supports the Director General in the management and development of the Authority and monitors the drafting and implementation of the matters within the Authority’s purview.

The Head of the Resolution Unit is Anni-Mari Karvinen, M.Sc. (Econ.), the Head of the Deposit Guarantee and Emergency Supply Unit is Saija Kuivalainen, M.Soc.Sc., and the Head of the Administrative Services and Financial Stability Fund Unit is Jouni Flink, M.Soc.Sc. The duties of the Heads of the Units include managing the operations of their respective areas, being responsible for the achievement of the performance targets of their unit and carrying out supervisory tasks. The Heads of the Units operate under the Director General.

Other administrative bodies  

The Financial Stability Authority has an Advisory Board consisting of representatives appointed by the Authority, the Ministry of Finance, the Bank of Finland and the Financial Supervisory Authority. The task of the Advisory Board is to secure cooperation and communication between the above-mentioned authorities in matters falling within the competence of the Authority. The Ministry of Finance appoints the Advisory Board (in Finnish) for three years at a time. 

The Financial Stability Authority manages The Financial Stability Fund. The Fund has a Board that is independent of the Authority and appointed by the Ministry of Finance. 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 is appointed for a term of three years.

Funding and operating costs 

The operating costs of the Financial Stability Authority are covered by administrative fees collected from the institutions under its purview. These fees are regulated by the Act on the Administrative Fee of the Financial Stability Authority.

The Authority determines the institution-specific fees annually and informs each liable institution of its respective fee. The Authority also publishes the total amount of administrative fees to be collected each year on its website.

More detailed information on the Authority’s operational objectives and efficiency, resource management, and financial statements is provided in planning and monitoring documents, particularly in the performance agreement and the Ministry of Finance’s statement on the financial statements.

Planning and monitoring documents

Administrative fees are collected annually up to an amount that covers the costs specified in the Authority’s budget. Further information on the State Budget proposals can be found on the Ministry of Finance’s official website.

State Budget proposals (in Finnish)