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Marko Myller appointed Head of Banking Supervision at Financial Supervisory Authority
Cash use has declined fastest in the Helsinki Metropolitan Area and slowest in Western Finland
Bond funds have become increasingly popular
In January–September 2023, the fund capital has grown again. At the end of September 2023, it stood at EUR 146.3 billion. In January–September 2023, the largest subscriptions were made from bond funds.
OP Financial Group pays 227 million euros in corporate tax
Financial Supervisory Authority's supervision fees for 2023 and changes to supervision fees
Oma Savings Bank Plc renews its operating model and initiates change negotiations
Consumer credit providers required to sign up for Positive credit register by 30 November 2023
Young people are afflicted by the tightening economic situation – OP Financial Group will gather a group of young people to promote financial literacy
OP Financial Group’s Interim Report 1 January–30 September 2023
Finland works on instant payments system, embraces digital euro
The Bank of Finland actively promotes the development of new forms of payment.
A digital euro and a mobile instant payment solution could facilitate a secure digitalised economy in the future
Account of the ECB Governing Council's monetary policy meeting, 13-14 September 2023
Finnish companies plan to invest significantly in the opportunities provided by the green transition in the coming years – accelerating the transition will require international cooperation
Finnish companies will invest significantly in the opportunities provided by the green transition in the coming years. Companies in Finland hope that the government will provide more support for a proactive industrial policy such as in the form of business support. To accelerate the green transition, OP Financial Group is participating with other companies and public bodies in the Finland Pavilion of the United Nations Climate Change Conference.
Local agreements boost employment and productivity: Chamber of commerce survey
Monetary policy tightening by the European Central Bank will bring inflation down to the target level
Next Stop, Finland!
Westpac NZ supports savings customers with 6% term deposit
“We're here to support our customers with money conversations and encourage them to contact us if they need help with any aspect of their finances.”
OP Financial Group's housing market review: a turn for the better in home prices will be delayed until the end of next year – sales numbers remain exceptionally low
According to OP Financial Group’s economists, home sales will not start recovering until the end of next year.
Sampo has applied for Mandatum to be listed on Nasdaq Helsinki
Bank of Finland's interim forecast: economic recovery will be delayed
Mandatum's Investor event 2023: Strategy focused on growth and stable capital distribution
Mandatum will host an Investor event today, on 14 September 2023, in Helsinki.
Thematic review of availability of banking services to foreigners moving to Finland
Average interest rate on corporate loans granted by other financial institutions over 9%
In the second quarter of 2023, Finnish non-financial corporations drew down new corporate loans from other financial institutions (OFIs) to a total of EUR 990 million.
Sampo has published a supplement to the demerger prospectus for Mandatum
The Annual General Meeting of Sampo plc, held on 17 May 2023
Reference rate and penalty interest rates for 1 July – 31 December 2023
The reference rate used in defining the penalty rate is determined in accordance with section 12 of the Interest Rates Act.
Thematic review of reports by life insurance undertakings' actuarial functions in 2021 – better reports to support the board of directors' work
A key statutory task of the actuarial function is to ensure the correctness of technical provisions.
Central Bank of Savings Banks Finland Plc's and Savings Banks Group's Half year financial report
For January - June 2023 has been published
Sampo Group's results for January–June 2023 will be published on 9 August 2023
NASDAQ Trading Statistics July 2023
Cleared derivatives volume decreased by 4.3% to a daily average of 283,517 contracts, compared with 296,257 contracts in July 2022.
Results of Finnish banks’ stress tests – banks’ resilience good, but a significant weakening of the operating environment would erode buffers
The European Banking Authority (EBA) has published the results of its EU-wide stress test exercise, and the Financial Supervisory Authority has tested the resilience of banks that are subject to its direct supervision.
Pohjola Insurance: The amount of claims paid under personal insurance increased throughout Finland in the first half of 2023 – health insurance services were in particularly active use
In the first half of 2023, Pohjola Insurance paid a total of 527 million euros in claims under its various insurance lines. Finns were particularly active with their health insurance, as the number of purchased health insurance policies reached a record high.
OP Financial Group's Half-year Financial Report for 1 January–30 June 2023: Operating profit EUR 986 million – Income increased markedly
OP Financial Group Half-year Financial Report 1 January–30 June 2023 Stock Exchange Release 25 July 2023 at 9.00 EEST
Lack of experts slows down investments in every third large company, with every fourth having to lower recruitment criteria to hire employees
A third of large companies state that the shortage of experts will slow down corporate investments in 2023.
Amendments to FIN-FSA regulations and guidelines 2/2023: Preventing Money Laundering and Terrorist Financing – as of 1 September 2023, the scope of application also covers certain credit providers and credit intermediaries
The amendments to the regulations and guidelines enter into force on 1 September 2023.
European Surveillance Half Year Report 2023
This report describes the main day-to-day activities and achievements within European Surveillance for first half 2023.
Workshop on Banking and Society
OP survey: Young people very optimistic about this year's upcoming returns in the Nasdaq Helsinki stock exchange – women more cautious about expected returns
According to a survey by OP, as many as 49% of Finnish investors aged 18–34 believe that Nasdaq Helsinki will offer better returns this year than last year.
Bank of Finland rules for counterparties and customers – rules update 29 June 2023
The changes will enter into force on 29 June 2023.
Macroprudential decision: Housing loan cap and countercyclical capital buffer (CCyB) requirement for banks remain unchanged
Loan cap, countercyclical capital buffer (CCyB) requirement for banks and O-SII requirements unchanged
Unemployment funds 2022: earnings-related daily allowance expenditure, total number of allowance days and number of daily allowance beneficiaries continued to decrease
In 2022, a total of EUR 1.8 billion in earnings-related daily allowances was paid.
Finnish households’ purchasing power is improving – The economy’s long-term challenges are acute
Tighter financing conditions will dampen growth in the euro area economy this year and in 2024.
Shallow recession in Finnish economy to be followed by moderate growth
Growth in Finland's economy this year and in 2024 will be close to zero.
Companies granting consumer credit to be supervised by the Financial Supervisory Authority from 1 July 2023
Supervision of companies granting consumer credit will be transferred to the Financial Supervisory Authority (FIN-FSA) from 1 July 2023.
VINX30 INDEX SEMI-ANNUAL EVALUATION RESULTS
See the attached notice for change in constituents.
Conference on Financial Literacy focuses on Cost of Living Crisis
The Bank of Finland has organised this conference to celebrate the 20th anniversary of the Bank of Finland Museum.
OP: Two thirds of people in Finland are worried about the national debt – the impact on the welfare state is the biggest concern
OP Financial Group’s President and Group CEO, states that these debt concerns are justified at a time of rapid rises in interest expenses and care costs.
Governor Olli Rehn: Eternal Challenges in Monetary Policy
At the Bank of Japan Institute for Monetary and Economic Studies Conference “Old and New Challenges for Monetary Policy”, Tokyo, 31 May – 1 June 2023
Amendments to Regulations and guidelines 3/2015 Calculation of maximum loan-to-value ratio
– Scope of application to also include certain credit providers and credit intermediaries from 1 July 2023
Revision to FIN-FSA regulations and guidelines 7/2018 concerning certain aspects of the MiFID II suitability and remuneration requirements
The revision will enter into force on 3 October 2023.
The sharp rise in interest rates has changed the home loan market – one in every four new home loans issued by OP Financial Group are now tied to 3 or 6 month Euribor rates
By the end of summer, all remaining home loans tied to a long-term interest rate will face an adjustment from the lower rates enjoyed last year.
Thematic assessment on abuses of payment services and the compensation process
Banks must keep up the active monitoring of current security threats and fraud phenomena pertaining to payment instruments.
Popularity of fixed income investments increased
Finnish Startup Community's message to the next government: Improving the availability of labor has to be at the center of policy reforms
Statistics report - Derivatives volumes per month January - April 2023
Amendments to regulations and guidelines 5/2015 on the management of interest rate risk arising from non-trading activities and of credit spread risk enter into force on 30 June 2023
Financial system already feeling effects of higher interest rates
BOFIT China forecast 2023–2025
FIN-FSA's Annual Report 2022: State of the financial sector remained solid, but global events caused turmoil in the operating environment
FIN-FSA's AML supervision strategy has been published
CHANGE IN THE AMOUNT OF INSTRUMENT ISSUED BY REPUBLIC OF FINLAND
Regulations and guidelines 1/2014: Amendment of FIN-FSA regulations and guidelines on risk reporting by credit institutions
News from Bank of Finland
Entry into force of changes to regulations and guidelines on reporting of mortgage bank operations postponed from end of June to end of September
Assessing the dependency of Finland and the EU on Chinese imports
Macroprudential decision: Systemic risk buffer set for banks, loan cap remains unchanged
Nasdaq introduces an auction model to support less liquid shares on Nasdaq First North Growth Market
Rising interest rates reduced Bank of Finland’s profit
FIN-FSA's Annual Report 2022: State of the financial sector remained solid, but global events caused turmoil in the operating environment
Nasdaq Stockholm Celebrates its 160th Anniversary
Bank of Finland rules for counterparties and customers
Lone (Loan) Wolf Pack Risk
Need for correction in the adoption of the new definition of default by FIN-FSA-supervised banks applying the Standardised Approach
Trading Statistics February 2023
Account of the ECB Governing Council’s monetary policy meeting, 1-2 February 2023
Survey: Social responsibility has rapidly caught up with environmental responsibility as a priority of large corporations
Who funds zombie firms : banks or non-banks?
FIN-FSA withdraws Nada express osk's registration under the Act on Payment Institutions to provide payment service without authorisation
Governor Olli Rehn: Interview in Börsen-Zeitung
A thematic review: Room for development in reporting the costs of investment services and products to clients
Tuuli McCully (Aalto University) - China Trade Exposure Index
A summary of the FIN-FSA’s risk assessment of money laundering and terrorist financing for capital market participants has been published
Decision by the Disciplinary Committee regarding Bilia AB
Interest rates on corporate loans rose sharply in 2022
Supervision focuses on economic uncertainty, cyber security and longterm changes in the operating environment
Account of the ECB Governing Council's monetary policy meeting
Annual Trading Statistics 2022
Nasdaq continued to lead the way in European SME listings and trading in 2022
FIN-FSA regulations and guidelines 1/2021: Amendment to G-SII guidelines
Funds held in transaction accounts decreasing – popularity of deposits with agreed maturity increasing
Statistics report - Derivatives volumes per month January
Changes to regulations and guidelines on reporting of mortgage bank operations enter into force on 30 June 2023
Reference rate and penalty interest rates for 1 January – 30 June 2023
FIN-FSA’s new customer service phone number to be introduced on 2 January 2023
Central bank chief Rehn: ECB to raise rates further; too early to discuss presidential bid
Andrea Ferrero- Dollar Shortages and Central Bank Swap Lines
TF Bank: Monthly statistics November 2022
The total loan portfolio amounted to SEK 14,429 million at the end of November. Compared to November 2021, the loan portfolio has increased by 28 % in local currencies.
October 2022 sees exceptionally low level of housing loan drawdowns
In October 2022, drawdowns of new housing loans totalled EUR 1.3 billion, a decline of one-third year-on-year.
FIN-FSA imposes administrative fine on Eisler Capital (UK) Ltd for delay in short position notifications intended for public disclosure
The Financial Supervisory Authority (FIN-FSA) has imposed an administrative fine of EUR 30,000 on Eisler Capital (UK) Ltd. The company failed to notify the FIN-FSA within the time limit changes in a net short position on two occasions, one where the position exceeded and the other where it fell below the publication threshold.
Adjustment of VINX Benchmark Index due to special dividend in Yara International ASA
The following information is based on the press release from Yara International ASA (YAR, NO0010208051) published on November 4, 2022 and may be subject to change.
Measures aimed at preventing money laundering and terrorist financing should be targeted according to the actual risk
Risk management methods are emphasised in supervision
Revealed in transition : The political effect of planning’s legacy
Decades of investment decisions by central planners left communist societies with structures of production ill-prepared for competitive markets.
Trading Statistics October 2022-OMX Helsinki
Nasdaq (Nasdaq:NDAQ) today publishes monthly trade statistics for the Nordic1 and Baltic2 markets. Below follows a summary of the statistics for October 2022.
Economic experts meet in Helsinki to discuss solutions to rising debt in developing countries
Statistics report - Derivatives volumes per month January - September 2022
Cleared and Traded volumes for Swedish, Finnish, Danish, Nasdaq Nordic Norwegian stockrelated derivatives and Swedish interest-rate related derivatives.
Macroprudential decision: Loan cap remains unchanged
The Board of the Financial Supervisory Authority (FIN-FSA) has decided to keep the loan cap, i.e. the maximum loan-to-collateral (LTC) ratio, unchanged. The loan cap was adjusted last year by lowering the maximum LTC ratio for new residential mortgage loans other than first-home loans by 5 percentage points, to 85%. The Board has also decided to keep the countercyclical capital buffer (CCyB) requirement for banks at its standard level.
Governor Olli Rehn: Interview with Reuters, 28 September 2022
Governor Olli Rehn Bank of Finland Interview with Reuters, by Balazs Koranyi and Anne Kauranen Published 28 September 2022
Governor Olli Rehn: Monetary policy and the contemporary dynamics of inflation
According to Eurostat's flash estimates, the annual inflation rate in August was 9.1% in the euro area and 7.6% in Finland. The ECB staff’s new September forecast also reflects a substantial upward revision from the June forecast, with euro area inflation now expected to average 8.1% in 2022, 5.5% in 2023 and 2.3% in 2024.
Finnish financial sector's capital position is strong, despite the weaker operating environment - the FIN-FSA is paying particular attention to risk management
The capital position of the Finnish financial sector has remained sound, despite the deterioration of the operating environment. Solvency weakened slightly in the employee pension and banking sectors, but remained strong. In the non-life and life insurance sectors, solvency improved. Due to the changes in the operating environment, the Financial Supervisory Authority (FIN-FSA) is paying particular attention to the management of credit, market, liquidity and cyber risks, the functioning of risk management and corporate governance, as well as the fulfilment of the disclosure obligation.
MuniFin’s renewed Green Bond Framework has been published
The renewed Green Bond Framework introduces more detailed and transparent eligibility criteria and a leaner evaluation and selection process for green projects.
Bank of Finland governor stresses digital euro’s importance in transforming monetary landscape
Bank of Finland Governor Olli Rehn has come out as a supporter of the European Central Bank’s (ECB) planned regional digital currency—the digital euro.
Governor Olli Rehn: Beyond Crypto-Mania: Digital Euro as Monetary Anchor
Beyond Crypto-Mania: Digital Euro as Monetary Anchor
Municipality Finance issues a USD 1 billion benchmark under its MTN programme
Municipality Finance issues a USD 1 billion benchmark under its MTN programme
Account of the ECB Governing Council’s monetary policy meeting, 20-21 July 2022
Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 20-21 July 2022.
Municipality Finance issues a USD 1 billion benchmark under its MTN programme
Municipality Finance Plc issues a USD 1 billion benchmark on 24 August 2022. The maturity date of the notes is 24 August 2027. The notes bear interest at a fixed rate of 3.25% per annum.
Mervi Toivanen appointed as FIN-FSA's Chief Analyst
Mervi Toivanen, D.Sc. (Econ. & Bus. Adm.), has been appointed Chief Analyst at the Financial Supervi
The first demonstration project of China-Finland energy cooperation was put into operation in Nansha
On the 17th, the China-Finland energy cooperation demonstration project - Guangzhou Nansha "multi-integration" micro-energy grid demonstration project was completed and put into operation.
ECB launches equality, diversity and inclusion charter
ECB signs system-wide charter upholding equality, diversity, and inclusion;27 signatories to date.
Reference rate and penalty interest rates for 1 July – 31 December 2022
In accordance with the Interest Rates Act, the reference rate for the period 1 July – 31 December 2022 is 0.06%. The penalty interest rate for the same period is thus 7.0% pa.
FIN-FSA issues decision to S-Bank Plc on establishment of certain groups of connected clients
The Financial Supervisory Authority (FIN-FSA) obliges S-Bank Plc to establish certain groups of connnected clients.
Finland Financial Services
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