The Financial Stability Authority’s sustainability report for 2023

Management’s endorsement of the report

The Financial Stability Authority’s Management Group is committed to the sustainability work undertaken by the Authority. It has been involved in the selection and fine-tuning of sustainability goals as the work has evolved, and in judging the progress that has been made in achieving those goals since 2021.

The Management Group has contributed to the drafting of the sustainability report for 2023, especially as regards the choice of example cases that give a comprehensive picture of the diverse nature of the development work that was done in 2023. The Authority’s Director General adopted the third sustainability report on 22 March 2024.

Read the Financial Stability Authority's Sustainability Report 2023 in PDF format.

Explore the Authority's previous sustainability reports:

Sustainability in the work of the Authority

The Financial Stability Authority is an independent body set up in 2015 to act as Finland’s national resolution and deposit guarantee authority. In summer 2022 the Authority acquired a new statutory function as administrator of the national backup account system.

Read more about the work of the Authority.

Sustainability is linked in many ways to the Authority’s core functions. The Authority is a responsible operator that promotes the stability of the financial market and confidence in the banking sector and financial market by improving the crisis management preparedness of institutions and authorities and by evaluating and developing the viability of the deposit guarantee system, the resolution framework and the backup arrangements for daily payments. Crisis management preparedness as well as effective and relevant regulation are necessary to ensure that the impact and costs of banking crises on society remain as small as possible. Moreover, the Authority ensures that the administrative fees charged to institutions are used by the Authority appropriately and in accordance with the law. The Authority also suggests areas in which public administration may be made more efficient through its association with the administrative branch of the Ministry of Finance.

Sustainability is part of the Authority’s values. Everyone within the Authority can promote sustainability in the work they do in partnership with other authorities and the institutions that fall within the Authority’s remit. Staff commitment to the values is measured each year with the job satisfaction barometer.

The Authority’s employees adhere to the organisation’s ethical guidelines in everything they do. The purpose of the guidelines is to ensure the independence and impartiality of the staff and the high ethical standards that must apply. The Director General and the deputy Director General are also bound by the Code of Ethics that applies to the Members of the Plenary Session of the Single Resolution Board (SRB).

Sustainability management

The work on sustainability started at the Authority in 2021 by identifying the United Nations (UN) Sustainable Development Goals that are relevant from the perspective of a resolution and deposit guarantee authority. Two experts and the Authority’s Management Group were involved in this process. The subgoals and the indicators to be monitored were selected at the beginning of 2022 as the Authority’s first sustainability report was outlined.

Read more about Agenda 2030 (in Finnish), the global plan of action for sustainable development. 

Since the start of 2022, the chief economist has been given the responsibility for monitoring issues connected with sustainability, in particular the green transition, and for exploring what aspects of the green transition are relevant from the viewpoint of a resolution and deposit guarantee authority. The chief economist is responsible for the monitoring of sustainability goals, thus supporting the drawing up of the sustainability report. The main responsibility for the fine-tuning and publishing of sustainability report was transferred to the communications specialist in the beginning of 2024. 

To enhance the process, the chief economist and the communications specialist organise discussions with the entire staff to hear ideas on how to develop the sustainability work and evaluate the achievements made. They report to the Management Group on the work connected with the sustainability goals as it progresses. In particular they report on identified risks that may restrict the achievement of the sustainability goals or excessively increase the Authority’s footprint, and on proposals for action to reduce risks. The Management Group decides on necessary policies to reduce the risks and the way in which sustainability work is to be accounted for in the Authority’s operational planning.

The approach employed in drafting the report

In February 2024, persons involved in the preparation of the sustainability report presented to the Management Group for discussion that a clarification be made to the selected UN Sustainable Development Goals. It has emerged in connection with the preparation of the report that there is some overlap between matters related to the 12th UN Sustainable Development Goal, i.e. responsible consumption, and the Authority’s footprint. Moreover, the Authority has a fairly limited possibility to affect the sustainability of consumption through its procurement. It is also appropriate that the Authority can promote the achievement of sustainability goals through its core functions. The Management Group approved the proposed amendment in March 2024. The structure of the sustainability report has been revised to correspond to the decision, i.e. the chapter concerning responsible consumption has been removed and information related to procurement has been included in the chapter concerning the Authority’s footprint.

At the proposal of representatives of the Resolution Unit and the Deposit Guarantee and Emergency Supply Unit, the Management Group selected in March 2024 the example cases that best describe the progress made during 2023 in achieving the selected sustainability goals. Representatives of the Administrative Services and Financial Stability Fund Unit have collected the updated data on matters related to the footprint. A draft of the sustainability report was presented to the Authority’s employees in mid-March 2024. Based on the comments received, the sustainability report was finalised.

In forthcoming years, too, the achievement of the goals will always be examined in the beginning of the year, and the Authority’s sustainability report will be drafted so that it will be completed in February–March. At the same time, it will also be examined whether it is necessary to further justify the selected goals or targets and the indicators used.

The sustainability goals

The Financial Stability Authority has identified three UN Agenda 2030 Sustainable Development Goals of relevance to its work, on which it can have a positive influence, i.e. leave its handprint:
•    To eradicate poverty in all its forms everywhere (goal 1)
•    Decent work and economic growth (goal 8)
•    Reduced inequality (goal 10)

The work of the Authority also creates a footprint that has adverse impacts from the perspective of sustainable development.

Footprint: the negative impact of the operations

The main identified negative impact of the operations of the Financial Stability Authority result from business travel, the use of office space, and IT equipment and services. The use of paper is low and has decreased further with the introduction of the electronic case management system.

The carbon footprint from travel by the Authority’s staff in 2023 totalled 31,090 CO2-eqv./kg calculated by the Trust Carbon method.  During 2023, the Authority’s staff flew to international conferences on 37 occasions. There were three domestic flights taken, 14 flights to Brussels, six to another Nordic country, 18 to other destinations in Europe, and two to destinations outside Europe. The total distance flown was about 160,430 kilometres, which is approximately 5,900 kilometres on average per employee. In 2022, the average distance flown by each employee totalled some 5,400 kilometres. Taking into consideration that in 2022 the flights were mainly taken in the second half of the year after the pandemic had eased, the rise during 2023 has been moderate.

In 2023, the Authority’s employees were given the opportunity to take advantage of the Smartum commute benefit for public transport services. This contributes to the reduction of the carbon footprint of commuting by the Authority’s employees. The employees can also use Smartum’s benefits for sport and physical activities, which increases wellbeing and working capacity.

The size of the Authority’s footprint is also affected by the equipment used by it, the maintenance of data centres for IT purposes, and other services. The equipment, as well as services related to information technology and administration used by the Authority are leased from the Government ICT Centre Valtori.

The Authority’s office space is rented from Keva. The LED lighting of the offices is energy efficient, and the ventilation, cooling, and electricity and cable networks have been completely upgraded to meet the current requirements. During 2023, Keva’s energy-saving measures included, e.g. optimising the ventilation and temperature controls. During 2023, the property switched to using 100 per cent renewable electricity. For its residential and office premises, Keva purchases 100 per cent renewable electricity only.  More than 70 per cent of the electricity is generated by a wind farm in Northern Ostrobothnia, completed in 2022. In 2023, the heat consumption in the property included 36.8 per cent of recycled heat in the form of Helen’s Eco Heat Bio product.

Where possible, the Authority uses central government corporate service providers in its procurement. They are specialised in procurement and are therefore better equipped than the Authority to take sustainability issues into account in procurement.  In 2023, 12 per cent of the Authority’s volume of purchase invoices related to other than travel came from corporate service providers. In its procurement, the Authority utilises the centralised government framework arrangements in joint procurement activities. In 2023, joint procurement accounted for 2.5 per cent of the Authority’s total procurement. In 2023, 71.3 per cent of joint procurement was implemented with agreements having a financial responsibility label, 12.8 per cent with agreements that had an ecolabel, and 0.9 per cent with an agreement with a social responsibility label. According to Hansel’s calculations, the carbon footprint of the Authority’s purchase invoices related to other than travel totalled 919,747 CO2-eqv./kg in 2023.


The Financial Stability Authority’s work in matters of sustainability continues. The Authority will continue to promote the credibility of the deposit guarantee scheme, resolution framework and the daily payments contingency arrangements and develop them further. For example, during 2024 the Authority will implement several simulations to test the Authority’s crisis management preparedness and will further develop the method of measuring the Authority’s preparedness to act in problem situations. Both of them will provide important information about how to focus the development work in the most appropriate way in the future.

The Authority will also continue to assess how matters related to climate change and the green transition should be taken into account in the core functions, such as in resolution planning and fund investment activities. These themes are also part of the implementation of SRM’s new strategy, and the Authority will co-operate with SRB on these themes.