Memoranda of Understanding signed by the Bank of Finland
Memoranda of Understanding provide guidelines for collaboration between authorities. The Bank of Finland has signed with other financial stability authorities many Memoranda of Understanding (MoU) whose purpose is to support financial stability by improving the capabilities of authorities for cooperation.
Memoranda of Understanding (MoU) are used for agreeing in advance the principles of cooperation between the authorities. The Memoranda of Understanding are not legally binding. They express the common intention of the parties to the MoU on the principles of cooperation.
The Bank of Finland has signed with other financial stability authorities many Memoranda of Understanding (MoU) whose purpose is to support financial stability by improving the capabilities of authorities for cooperation.
The improvement of crisis management capabilities in financial system crises and crisis preparedness is important for the successful performance of the central bank's financial stability task.
The MoUs lay down the procedures for information sharing between the parties and for the coordination of measures. The objective of MoUs is also to intensify and clarify cooperation for the purpose of forecasting, managing and resolving financial market crises. They can be used also for agreeing on, for example, jointly-organised crisis management exercises.
The Bank of Finland has contributed to the issuance of the following Memoranda of Understanding, among others:
Memorandum of Understanding between the central banks of the Nordic and Baltic countries on promoting financial stability through mutual cooperation and the development of cross-border exchanges of information regarding banks with cross-border establishments (entered into force on 15 December 2016, updated on 15 May 2022)
Memorandum of Understanding between the Bank of Finland, the Financial Supervisory Authority, the Financial Stability Authority, the Ministry of Social Affairs and Health and the Ministry of Finance on crisis management of the financial system (entered into force on 1 December 2021)
Memorandum of Understanding between the Bank of Finland and the Financial Stability Authority on the enhancement of crisis management capabilities (entered into force on 20 October 2021)
Memorandum of Understanding on cooperation and coordination on cross-border financial stability between relevant Nordic and Baltic ministries, central banks, financial supervisory authorities and resolution authorities (entered into force on 31 January 2018)
Memorandum of Understanding on the co-operation framework for the oversight/supervision of Euroclear SA/NV (ESA) (entered into force on 5 October 2009, updated on 3 December 2021)