Financial Stability Authority to collect EUR 128 million to the Deposit Guarantee Fund in 2021
The Financial Stability Authority collects a total of EUR 128 million as deposit guarantee contributions and entry contributions for a new bank in 2021. The Financial Stability Authority has made the decisions on the deposit guarantee contributions for 2021 on April 28.
The deposit guarantee contributions accumulate the Deposit Guarantee Fund, the purpose of which is to secure the claims of deposit banks’ depositors. The target level of the Deposit Guarantee Fund is 0.8% of the total amount of covered deposits held by deposit banks operating in Finland and it must be reached by July 3, 2024. As calculated based on the amount of covered deposits at the end of 2020, this corresponds to approximately EUR 1.16 billion (the target level based on the amount of covered deposits at the end of 2019 was EUR 1.07 billion). At the end of 2020, covered deposits totalled approximately EUR 145 billion (approximately EUR 134 billion at the end of 2019). The growth in the amount of covered deposits accelerated in 2020. As a result, also the fund’s target level has risen and the amount of deposit guarantee contributions to be collected to the fund has increased.
At present, the Deposit Guarantee Fund amounts to approximately EUR 651 million. After the contributions for 2021 have been collected, the fund will amount to approximately EUR 778 million.
For further information, please contact Resolution Expert Kristiina Tuomikoski (talletussuojamaksut(at)rvv.fi)