News release 10 December 2009 – 28/2009
Deposit guarantee schemes of foreign banks based on home country regulations
There are several foreign banks with branches in Finland authorised to accept deposits. Deposits with Finnish branches of foreign banks are covered by the deposit guarantee scheme of the bank's home state.
None of the foreign banks currently operating in Finland is a member of the Finnish Deposit Guarantee Fund. The minimum deposit guarantee applicable to banks operating in EU countries has been set at EUR 50,000 in the Deposit Guarantee Directive (1). Thus, the deposit guarantee schemes of the home states of all the banks operating in Finland provide coverage of at least the same level as the Finnish scheme, ie EUR 50,000 minimum.
If the Finnish branch of a foreign bank fails to repay the depositors, customers do not have to deal directly with the foreign deposit guarantee scheme but may ask the Financial Supervisory Authority (FIN-FSA) to represent them.
The following Finnish branches accept deposits in Finland:
| Branch |
Home state of the relevant deposit guarantee scheme |
Home supervisory authority
|
|
ABM AMRO Bank N.V., Helsinki Branch
|
The Netherlands
|
De Nederlandsche Bank
|
|
Bank DnB NORD A/S, Helsinki Branch
|
Denmark
|
Finanstilsynet
|
|
BIGBANK AS Suomen sivuliike
|
Estonia
|
Finantsinspektsioon
|
|
Calyon Pankki Helsinki Branch
|
France
|
Banque de France/Commission Bancaire
|
|
Carnegie Investment Bank AB, Finland Branch
|
Sweden
|
Finansinspektionen
|
|
Citibank International plc, Finland Branch
|
United Kingdom
|
The Financial Services Authority
|
|
Danske Bank A/S, Helsinki Branch
|
Denmark
|
Finanstilsynet
|
|
Deutsche Bank Aktiengesellschaft, Helsinki Branch
|
Germany
|
Bundesanstalt für Finanzdienstleistungsaufsicht
|
|
DnB NOR Bank ASA, filial Finland
|
Norway
|
Kredittilsynet
|
|
EFG Bank AB filial i Finland
|
Sweden
|
Finansinspektionen
|
|
Forex Bank Aktiebolag filial i Finland
|
Sweden
|
Finansinspektionen
|
|
Skandinaviska Enskilda Banken AB (publ) Helsinki Branch
|
Sweden
|
Finansinspektionen
|
|
Swedbank AB (publ), Finnish Branch
|
Sweden
|
Finansinspektionen
|
|
Svenska Handelsbanken AB (publ), Branch Operation in Finland
|
Sweden
|
Finansinspektionen
|
|
The Royal Bank of Scotland public limited company, Finnish Branch
|
United Kingdom
|
The Financial Services Authority
|
Primary responsibility for branch supervision rests with home supervisor
The primary responsibility for supervision of the Finnish branches of foreign banks rests with the bank's home supervisory authorities. The branches are required to submit their financial and income statements, including notes, to the FIN-FSA, together with reports of key data on liquidity risks related to the operations of the Finnish branch. FIN-FSA also supervises the practices and procedures of foreign banks' Finnish branches and their compliance with the anti-money laundering and anti-terrorist financing regulations.
However, supervision of capital adequacy in foreign banks is undertaken by the home supervisory authority and not by FIN-FSA.
For further information, please contact Erika Penttilä, assigned supervisor, tel. +358 10 831 5270.
1) Directive 2009/14/EC.
Updated 12 February 2010