Finland: Financial Sector Assessment Program

The introduction of the Single Supervisory Mechanism (SSM) in November 2014 significantly changed the FIN-FSA’s responsibility for prudential supervision of the banking sector. The supervisory function within the European Central Bank (ECB) took over responsibility for prudential supervision of the largest banks in Finland, now holding more than 90 percent of the banking sector’s assets. Three banks were designated as significant institutions (SIs) since the beginning and one more joined the group of Finnish SIs in 2016; the Finnish FSA (FIN-FSA) retained responsibility for supervising the nine remaining Finnish banks deemed to be less significant (LSIs).