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The International Monetary Fund (IMF) recently published a report assessing Finland's ability to respond to the financial and banking crisis. In particular, in the overall report released on January 23, 2023 as well as the skill recommendation document issued on February 1, 2023, the IMF assessed the situation as positive, but Finland still needs to continue. continue to strengthen and implement measures to ensure the coordination of relevant agencies in the crisis management process.
The IMF's assessment of Finland's financial crisis readiness based on discussions with authorities, banks, insurance companies insurance and other financial institutions.
According to IMF, a combination of National financial market regulators need to be tightened further and need to prepare for contingencies through simulation exercises. It is important that each agency has sufficient resources and ensures the independence of each organization. In which, the Deposit Insurance Fund should be fully prepared financially for the situations.
The IMF thinks that the Stabilization Authority The Financial Stability Authority (FFSA) should clarify information on the different stages of crisis management and the measures to be taken when treatment tools are applied in a particular response situation. body. The IMF also emphasizes the importance of transparency of the methods applied in assessing barriers and obstacles when implementing failure resolution.
Our recommendations IMF recognized in FFSA preparation
Financial Stability Authority Section Lan (FFSA) believes that many of the recommendations of the IMF have been implemented in practice. Through the crises of last year, coordination between the authorities continued to be tightened. The need to strengthen and test crisis response capacity is identified by the authorities. Regarding the transparency of the stages and measures of implementing the processing tools, the European Banking Authority (EBA) is in the process of finalizing its guidelines, according to which The EBA will be required to publish a description of this guarantee mechanism by the end of 2023. As with many other issues, the FFSA also uses the methodology set forth by the Single Resolution Board (SRB) in its assessment. barriers to resolution. This method is known to banks as part of the settlement planning work. With regard to the application of this method, the FFSA will inherit the principles applied by the SRB.
Based on ability test The FFSA has confirmed that the country's Deposit Insurance Fund has the financial capacity to respond to the crisis. In particular, the use of fees collected from banks to make deposit insurance payments should be ensured in accordance with SRB's methods, on the basis of public interest assessment, thereby deciding the necessary level of deposit insurance. solutions to deal with broken red and expected goals. The method of assessing the public benefits and the potential for mobilizing financial resources of the Deposit Insurance Fund and the set objectives has been implemented under the Crisis Management and Deposit Insurance (CMDI) mechanism. of the EU. As a result, some of the IMF's recommendations will have to be reconsidered when the European Commission publishes its CMDI proposal in the spring of 2023.
FFSA is the financial stabilizer responsible for the Finnish deposit insurance system, which protects depositors and taxpayers from the impact and damage of financial crises. The FFSA averts financial crises and promotes guarantees as part of the Single Resolution Mechanism (SRM), responsible for administering and developing the National System of Emergency Accounts (National Emergency Accounts). Emergency Account System), which is one of the tools used to ensure continuity of daily liquidity.
