Corona virus contingency planning at the Financial Supervisory Authority

The corona virus situation at the FIN-FSA is being monitored and procedures coordinated in a joint group together with the Bank of Finland. As part of the contingency arrangements, staff have been instructed to work from home for a period of 14 days in the event they or their family members exhibit symptoms suggestive of infection by the virus, or on their return to Finland from an area affected by the epidemic. Work-related travel has been restricted. The FIN-FSA will not be arranging any events for the public before the end of May.

The FIN-FSA has contingency arrangements in place for carrying out its official tasks in the event of corona-related sick leave and quarantine of staff members, and readiness for distance working, for example, is at a good level.

In contingency planning, the FIN-FSA cooperates closely with the Bank of Finland and other authorities as well as with the European Central Bank’s banking supervisors and European banking, insurance and securities authorities (EBA, EIOPA and ESMA). Fundamental to contingency planning is being able to carry out official tasks even during disruptions and other exceptional circumstances as well as coordination of guidance to be issued to supervised entities.

The FIN-FSA is monitoring and analysing the situation on the financial markets and the effects of the corona virus on the financial markets and in supervised entities. The FIN-FSA will publish the report ‘Financial position and risks of supervised entities, 31 December 2019’ in a press conference on 17 March 2020, and in the same connection will provide information on the current impact of the corona virus. It will also be possible to follow the event on the FIN-FSA’s YouTube channel.

For further information, please contact Sonja Lohse, Head of Director General’s Staff, Chief Advisor and Jyri Helenius, Deputy Director General.

Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9:00–16:00).

The corresponding Finnish-language press release was published on 12 March 2020.