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Financial Services Report Finland

  • ID: 2139138
  • Report
  • August 2016
  • Region: Finland
  • 19 Pages
  • The Economist Intelligence Unit
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Finland's financial system is advanced, complex and generally sound. It is well capitalised and complies with international codes and standards, as well of those of the EU and the euro area. It has undergone significant changes over the past decade, such as consolidation among domestic banks and insurance companies as well as crossborder mergers, mainly with financial institutions from other Nordic countries. This process may continue, but at a slower pace, over the 2016-20 forecast period.

The country's financial and insurance sector is rather small and accounted for 2.5% of GDP in 2015, according to Eurostat. By comparison, across the EU as a whole it generated 4.8% of GDP. The sector employs 1.8% of the Finnish labour force, compared with 2.6% in the wider EU.

In November 2014 Finland's three largest banks-Nordea Bank (part of the Nordea Group, with headquarters in Sweden) the domestic OP Group (formerly OP-Pohjola) and Danske Bank (headquartered in Denmark)-were placed under the direct supervision of the European Central Bank (ECB) as part of the new European banking union. Smaller banks remain under the supervision of the Bank of Finland (the central bank) and FIN-FSA, the financial supervisory body.

Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60
Note: Product cover images may vary from those shown
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Financial Services Report Finland

Financial services report
Overview

Banks

Insurers

Asset managers

Financial markets and instruments

Financial regulation
Overview
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

Finland at a glance

Fundamental indicators

Key contacts
Note: Product cover images may vary from those shown
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