Financial sector commends BoF and FIN-FSA’s latest decisions

​To ease payment and cash-flow problems caused by the corona pandemic, the Bank of Finland (BoF) yesterday made a decision to invest €500 million in commercial papers. The Finnish Financial Supervisory Authority (FIN-FSA) confirmed the European Central Bank’s (ECB) decision to grant banks temporary relief on certain additional capital and liquidity requirements. The Finnish Government is also preparing measures that aim to ease the stress especially for the SME and service sectors.

The Board of FIN-FSA have begun the work to review the level of nationally determined capital requirements without further delay.

“These measures are highly necessary and welcome. With them, we can look after households’ and businesses’ access to funding”, says Finance Finland’s (FFI) Managing Director Piia-Noora Kauppi.

According to Kauppi, the Finnish financial sector is engaged in close cooperation with the national government and authorities to mitigate the adverse economic impact of the corona pandemic.

“The Finnish banking sector is strong and solvent as it faces the risks caused by the pandemic. The sector has good capability to continue credit-granting under these difficult conditions. However, additional measures are still needed at both EU and national levels.”

Bank of Finland’s press release

FIN-FSA’s press release