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Where can I find the current penalty interest rate?
Where can I find the current penalty interest rate?
The Bank of Finland announces the reference interest rate used for determination of the penalty rates, and the penalty rates themselves, each June and December, with effect for the next half calendar year. The penalty interest rates in force at any given moment can be found on the front page of the Bank’s website and in the Reference rate and penalty interest rates table on the Statistics page.
There are two penalty interest rates, of which the second applies to commercial contracts.
The Bank of Finland does not give advice on the calculation of the amount of penalty interest due. To help in calculating penalty interest, you can use, for example, calculators available on the Internet.
What is the Eurosystem’s most important policy rate?
What is the Eurosystem’s most important policy rate?
The Eurosystem’s most important policy rate is currently the deposit rate. This rate determines the rate at which banks can deposit excess money with the central bank overnight. The deposit rate is an important policy instrument as it directly affects short-term market interest rates and interbank borrowing costs. It is central to the implementation of the Eurosystem’s monetary policy and controls inflation and economic activity in the euro area.
Where can I find information about the deposit guarantee?
Where can I find information about the deposit guarantee?
Deposits are protected by a statutory deposit guarantee scheme, which in Finland is the responsibility of the Financial Stability Authority. The deposit guarantee protects the funds in a depositor’s account in the even that a deposit bank becomes permanently insolvent. More information on the deposit guarantee scheme can be found on the website of the Financial Stability Authority.
