Financial Supervisory Authority’s budget for 2018 confirmed: personnel resources to be strengthened
The Board of the Bank of Finland has confirmed the Financial Supervisory Authority’s budget for 2018, which was approved earlier by the Board of the Financial Supervisory Authority (FIN-FSA). The total expense budget for 2018 is EUR 32.5 million, most of which consists of personnel expenses. The FIN-FSA’s personnel resources will be strengthened in 2018 by approximately 30 person-years. – The resource additions will ensure the high quality and efficient supervision of Nordea in cooperation with the European Central Bank, as Nordea is preparing to move its headquarters to Finland, says Olli Rehn, Chairman of the Board of the FIN-FSA.
In addition to supervision of Nordea, in the coming year the FIN-FSA will invest in increasing the effectiveness and efficiency of supervision of other significant actors and supervisory areas. The goal is also to intervene at the earliest possible stage in behaviour that jeopardises customer protection. Operations will also be developed to respond better to the transformation in the financial sector caused by digitalisation.
– It is important that our resources are strengthened to respond to changes in the operating environment, supervisory field and regulation, so that we maintain the high quality and credibility of supervision also in the future, emphasises Anneli Tuominen, Director General of the FIN-FSA. – Adequacy of resources will also be ensured through operational efficiencies and by reallocating resources, if necessary, adds Rehn.
The FIN-FSA finances its activities mainly (95%) by levying supervision and processing fees. In addition, a contribution of 5% is made by the Bank of Finland to the FIN-FSA’s funding. Supervision fees are sufficient to cover the cost of the resource additions. The supervision fees of the FIN-FSA’s current supervised entities are not expected to increase significantly. The additional resourcing related to Nordea can naturally only be implemented when the transfer of Nordea’s headquarters to Finland has been confirmed.
For further information, please contact
Olli Rehn, Chairman of the Board of the Financial Supervisory Authority, and Anneli Tuominen, Director General. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00