Finland: Financial Sector Assessment Program: Technical Note-Contingency Planning and Crisis Management
IMF Staff Country Reports, January 11, 2017
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- Finland: Financial Sector Assessment Program: Technical Note-Contingency Planning and Crisis Management
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Bibliographic details
- Published: January 11, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475564907.002
Overview and Scope
- Technical Note discusses findings and recommendations from the Financial Sector Assessment Program (FSAP) for Finland in the area of contingency planning and crisis management (CPCM).
- Emphasis on assessment of Finland’s CPCM framework in light of the new European Union framework and domestic institutional arrangements.
Key Findings
- Finland’s CPCM framework rests on a strong foundation.
- Cooperative culture among financial oversight agencies can assist in times of crisis.
- Finnish financial oversight architecture ensures functional separation of potentially conflicting CPCM responsibilities: supervision, resolution, and emergency liquidity support.
- Clear separation of functions also supports crisis preparedness.
- Finland has a strong tradition of testing systemwide operational risks.
Institutional Strengths
- Functional separation maintained among:
- Supervision
- Resolution
- Emergency liquidity support
- Culture of cooperation among oversight agencies highlighted as a resilience factor.
Crisis Preparedness and Testing
- Systemwide operational risks are regularly tested, reflecting a tradition of preparedness.
- The combination of EU framework adoption and domestic practices provides a platform for CPCM effectiveness.
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- Country Report