MISSION AND OBJECTIVES
The Financial Stability Authority is a new independent agency that operates as Finland’s national resolution authority. It is responsible for resolution planning concerning credit institutions and investment firms and for decision-making relating to the reorganisation of institutions experiencing financial difficulties. The Authority operates as part of the EU’s Single Resolution Mechanism. It contributes to the work of the EU’s Single Resolution Board (SRB) and works in close cooperation with the SRB in resolution-related matters. The Financial Stability Authority is also responsible for the official tasks related to resolution planning for the central securities depository.
The Financial Stability Authority is also the authority responsible for the deposit guarantee scheme in Finland. It manages the tasks of the deposit guarantee scheme, collects deposit guarantee contributions and decides on the Deposit Guarantee Fund’s payment liability.
The Financial Stability Authority manages the Financial Stability Fund, which is external to the State budget. The Fund consists of the Resolution Fund and the Deposit Guarantee Fund which are both financed by separate contributions.
The key regulations guiding the operations of the Authority are the Act on the Financial Stability Authority (1195/2014), Act on the Resolution of Credit Institutions and Investment Firms (1194/2014), Act on the Financial Stability Authority’s Administrative Fee (1197/2014) and EU Regulation on the Single Resolution Mechanism (Regulation (EU) No 806/2014 of the European Parliament and of the Council establishing uniform rules and uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010).