Finland's Ministry of Finance has issued a decree under the Credit Institutions Act requiring banks to formalise and standardise their preparedness for severe disruptions and emergency conditions, with the stated aim of making banks’ readiness comparable. Compliance with the preparedness obligation will be supervised by the Finnish Financial Supervisory Authority using the decree’s criteria. Banks must produce a contingency plan covering a risk assessment of the most serious threats relevant to society’s functioning, including the use of military force, terrorist attacks, widespread power outages and telecommunications disruptions. The plan must also describe readiness planning and advance preparations such as the planning organisation, protection of information and communications technology, arrangements for cooperation with authorities and staff training, as well as how the bank will ensure continuity of operations for societally vital services during major disruptions. The decree enters into force on 17 March 2025, and banks must have the contingency plan prepared by end-2025.
Ministry of Finance (Finland) 2025-03-11
Finland's Ministry of Finance issues decree requiring banks to prepare contingency plans for severe disruptions
Finland's Ministry of Finance decrees banks formalize preparedness for severe disruptions under the Credit Institutions Act. The Finnish Financial Supervisory Authority will oversee compliance, requiring banks to produce a contingency plan addressing risks like military force, terrorist attacks, and power outages. The plan must include readiness planning, ICT protection, cooperation with authorities, and continuity of vital services.