Finland: Financial Sector Assessment Program-Technical Note on Crisis Management and Resolution

International Monetary Fund

No 2023/062, IMF Staff Country Reports from International Monetary Fund

Abstract: This technical note focuses on Crisis Management and Resolution for the Finland Financial Sector Assessment Program. These recent developments reinforce the need for full operational readiness in the Finnish authorities’ crisis management arrangements. The authorities have made progress in developing crisis management capabilities and procedures, as well as gathering practical experience from recent events. Enhancing crisis management capacity within and between authorities is essential to ensure effective implementation in a coordinated manner of agreed crisis management plans, including for bank resolution. The authorities should increase the centralization of the coordination of the authorities’ respective preparation for, as well as management of, future crises in the Crisis Management Cooperation Group. On deposit guarantee arrangements, the Finnish Financial Stability Authority Deposit Guarantee Fund should ensure that it has sufficient funds under its direct control to ensure its financial autonomy, including through strengthened backstop funding arrangements.

Keywords: implementing Resolution tool; crisis simulation exercise; EU bank recovery; resolution planning; C. authority crisis management capability; Crisis management; Bank resolution framework; Bank resolution; Crisis resolution; Baltics; Global (search for similar items in EconPapers)
Pages: 43
Date: 2023-02-01
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