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Bank of Finland
Where is the Finnish and European
regulatory environment heading?
RegTech Day 27.2.2019
127.2.2019
Marja Nykänen
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Current overview of the financial sector
27.2.2019 Marja Nykänen 2
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Finnish financial sector
27.2.2019 Marja Nykänen 3
Banking sector
CET 1 Capital ratio 21 %
Non-life insurance
Solvency Capital Requirement ratio 225 %
Life insurance
Solvency Capital Requirement ratio 193 %
Pension insurance sector
Risk based capital position 170 %
0
50
100
150
200
250
300
350
Finnish banking sector
excluding Nordea, total
assets
Nordea under
SSM/FIN-FSA
supervision, total
asssets
Finnish Banking sector
including Nordea
domiliced to Helsinki,
total assets
Management
companies, AUM
Life- and nonlife
insurance sector,
investment assets
Pension insurance
sector, investment
assets
%
Source: the FIN-FSA
Financial sector indicators for Finland, percent of GDP
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
The profitability of large euro area banks is gradually
improving
27.2.2019 Marja Nykänen 4
6,2
5,7
4,4
5,1
5,4 5,4
3,2
7,1 7,1 7,0
6,0
0
1
2
3
4
5
6
7
8
2015Q1 2016Q1 2017Q1
%
Source: SSM.
Return on equity (RoE) of significant euro area banking institutions
Return on equity (RoE)
34308@ROE (eng)
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Euro area banks’ core banking revenues still under
pressure as the low-interest rate environment prevails
40
50
60
70
80
90
100
110
120
130
2015 2016 2017 2018
2015=100
Source: EBA.
Net interest income Fee- and commission income Trading income
34344@Tuottokehitys EBA
27.2.2019 Marja Nykänen 5
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Despite improving economy and decreasing credit risks,
loan growth remains modest in the euro area
27.2.2019 Marja Nykänen 6
-10
-5
0
5
10
15
20
25
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Countries less affected by the sovereign debt crisis
Countries worst hit by the sovereign debt crisis
Euroarea
Annual growth %, Loans adjusted for sales and securitisation
* DE, FR, NL, BE, AT and FI
** GR, IT, IE, ES and PT
Source: ECB.
25840@Private sector (UUSISARJA)
*
**
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Euro area banks have continued to strengthen their
capital ratios
27.2.2019 Marja Nykänen 7
SSM 
Tier 1 capital increased 160 bn €
since SSM became operational
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Development of regulation and banking supervision
27.2.2019 Marja Nykänen 8
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Financial regulation is largely EU based
 Most of financial regulation is EU based
– The Union aims for regulatory harmonisation
– Most of the guidance is given by European
Supervisory Authorities (ESAs)
– Basel III framework provides basis
 EU passporting for licenced financial
institutions
 Some national rules still exist
– For example crowdfunding
27.2.2019 Marja Nykänen 9
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
The SSM has strived for supervisory level playing field
in Europe since November 2014
27.2.2019 10Marja Nykänen
Benefits  Similar treatment for all credit institutions
 More harmonised, intrusive supervision
 Higher standards for the quality and amount of capital
Challenges  Ongoing improvement of supervisory processes
 Harmonising National Options & Discretions
 Increasing delegation in decision-making
The Single Supervisory Mechanism (SSM) is based on the cooperation
between national supervisors and the European Central Bank
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Towards the Banking Union
27.2.2019 Marja Nykänen 11
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Banking Union
European Deposit
Insurance Scheme
Prudential treatment
of sovereign debt
Single Resolution
Fund
Capital Markets
Union
Integrated
capital markets
”Risk-free” assets -
”Safe assets”
Fiscal Union
European
Monetary Fund
European
Governance
27.2.2019 Marja Nykänen 12
Developing the Economic and Monetary Union -
the main building blocks
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Pillars of the European Banking Union
27.2.2019 Marja Nykänen 13
Single Supervisory
Mechanism (SSM)
• Efficient, effective supra-
national supervision with
the ECB at the centre
• Clear separation of
monetary policy and
supervision
Single Resolution
Mechanism (SRM)
• Centralised resolution
decisions for systemic
banks
• Bail-in principle
• Industry responsibility
(resolution fund)
European Deposit
Insurance Scheme
(EDIS)
• Proposal by European
Commission
• Gradual transition to
Single Deposit
Insurance
Single Rulebook (all EU)
Banking Union
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Macroprudential policies
27.2.2019 Marja Nykänen 14
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
What do we mean by macroprudential policy?
 “Taking away the punch bowl when the
party is at its best”
 Preventing and mitigating the crisis in a
forward looking manner – ex ante policy
– Different from crisis management and
resolution
 The scope of macroprudential policy
covers the whole financial system
– But starts from the banking sector
27.2.2019 Marja Nykänen 15
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Macroprudential policy objectives
 The ultimate objective of macro-prudential policy is to contribute to
the safeguard of the stability of the financial system as a whole,
– including by strengthening the resilience of the financial system and
– decreasing the build up of systemic risks,
thereby ensuring a sustainable contribution of the financial sector
to economic growth (European Systemic Risk Board, Recommendation 3/2011)
 The ultimate objective needs to be operationalized through
intermediate objectives
27.2.2019 Marja Nykänen 16
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Macroprudential policy and the future
 Much has already been done and achieved
– New framework which did not exist before the crisis
– Increasing awareness of system-wide risks
 But the financial system is evolving rapidly
– Digitalization
– Fintech / new competitors (for instance, Alibaba, Google, Amazon, Apple)
 In the future, there is an increasing need to
– Extend the scope of macroprudential policy beyond banking
– Address cross-border transmission of systemic risks
– Further develop the analytical framework for the policy impact assessment
27.2.2019 Marja Nykänen 17
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Digitalization and the future of the financial industry
27.2.2019 Marja Nykänen 18
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
The level of overall state of digitalization in European
countries varies significantly
27.2.2019 Marja Nykänen 19
USE OF INTERNET BANKING IN SELECTED COUNTRIES
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Innovations: balancing between opportunities and risks
 Authorities aim at ensuring balance between:
– Technology and innovations
– Customer protection, operational risks and financial
stability
 Regulation and supervision of innovations
raises discussion
– Is current regulation suitable for innovations?
– Do we need more or are there hurdles?
– How to supervise new actors?
 Level playing field
– Same activities regulated the same way
– Function-based, not entity-based
27.2.2019 Marja Nykänen 20
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Conclusions
 Financial industry will remain heavily regulated
 Regulation should provide a level playing field
 Knowledge of regulation and compliance skills are needed when planning to
enter the financial industry
 Regtech can provide tools to help with regulation and compliance
– but Regtech cannot fully replace people
 The future is for Regtech and people hand in hand
27.2.2019 Marja Nykänen 21
Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted
Thank you!
27.2.2019 Marja Nykänen 22

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Deputy Governor Marja Nykänen: Where is the Finnish and European regulatory environment heading?

  • 1. Unrestricted Bank of Finland Where is the Finnish and European regulatory environment heading? RegTech Day 27.2.2019 127.2.2019 Marja Nykänen
  • 2. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Current overview of the financial sector 27.2.2019 Marja Nykänen 2
  • 3. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Finnish financial sector 27.2.2019 Marja Nykänen 3 Banking sector CET 1 Capital ratio 21 % Non-life insurance Solvency Capital Requirement ratio 225 % Life insurance Solvency Capital Requirement ratio 193 % Pension insurance sector Risk based capital position 170 % 0 50 100 150 200 250 300 350 Finnish banking sector excluding Nordea, total assets Nordea under SSM/FIN-FSA supervision, total asssets Finnish Banking sector including Nordea domiliced to Helsinki, total assets Management companies, AUM Life- and nonlife insurance sector, investment assets Pension insurance sector, investment assets % Source: the FIN-FSA Financial sector indicators for Finland, percent of GDP
  • 4. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted The profitability of large euro area banks is gradually improving 27.2.2019 Marja Nykänen 4 6,2 5,7 4,4 5,1 5,4 5,4 3,2 7,1 7,1 7,0 6,0 0 1 2 3 4 5 6 7 8 2015Q1 2016Q1 2017Q1 % Source: SSM. Return on equity (RoE) of significant euro area banking institutions Return on equity (RoE) 34308@ROE (eng)
  • 5. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Euro area banks’ core banking revenues still under pressure as the low-interest rate environment prevails 40 50 60 70 80 90 100 110 120 130 2015 2016 2017 2018 2015=100 Source: EBA. Net interest income Fee- and commission income Trading income 34344@Tuottokehitys EBA 27.2.2019 Marja Nykänen 5
  • 6. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Despite improving economy and decreasing credit risks, loan growth remains modest in the euro area 27.2.2019 Marja Nykänen 6 -10 -5 0 5 10 15 20 25 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Countries less affected by the sovereign debt crisis Countries worst hit by the sovereign debt crisis Euroarea Annual growth %, Loans adjusted for sales and securitisation * DE, FR, NL, BE, AT and FI ** GR, IT, IE, ES and PT Source: ECB. 25840@Private sector (UUSISARJA) * **
  • 7. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Euro area banks have continued to strengthen their capital ratios 27.2.2019 Marja Nykänen 7 SSM  Tier 1 capital increased 160 bn € since SSM became operational
  • 8. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Development of regulation and banking supervision 27.2.2019 Marja Nykänen 8
  • 9. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Financial regulation is largely EU based  Most of financial regulation is EU based – The Union aims for regulatory harmonisation – Most of the guidance is given by European Supervisory Authorities (ESAs) – Basel III framework provides basis  EU passporting for licenced financial institutions  Some national rules still exist – For example crowdfunding 27.2.2019 Marja Nykänen 9
  • 10. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted The SSM has strived for supervisory level playing field in Europe since November 2014 27.2.2019 10Marja Nykänen Benefits  Similar treatment for all credit institutions  More harmonised, intrusive supervision  Higher standards for the quality and amount of capital Challenges  Ongoing improvement of supervisory processes  Harmonising National Options & Discretions  Increasing delegation in decision-making The Single Supervisory Mechanism (SSM) is based on the cooperation between national supervisors and the European Central Bank
  • 11. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Towards the Banking Union 27.2.2019 Marja Nykänen 11
  • 12. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Banking Union European Deposit Insurance Scheme Prudential treatment of sovereign debt Single Resolution Fund Capital Markets Union Integrated capital markets ”Risk-free” assets - ”Safe assets” Fiscal Union European Monetary Fund European Governance 27.2.2019 Marja Nykänen 12 Developing the Economic and Monetary Union - the main building blocks
  • 13. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Pillars of the European Banking Union 27.2.2019 Marja Nykänen 13 Single Supervisory Mechanism (SSM) • Efficient, effective supra- national supervision with the ECB at the centre • Clear separation of monetary policy and supervision Single Resolution Mechanism (SRM) • Centralised resolution decisions for systemic banks • Bail-in principle • Industry responsibility (resolution fund) European Deposit Insurance Scheme (EDIS) • Proposal by European Commission • Gradual transition to Single Deposit Insurance Single Rulebook (all EU) Banking Union
  • 14. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Macroprudential policies 27.2.2019 Marja Nykänen 14
  • 15. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted What do we mean by macroprudential policy?  “Taking away the punch bowl when the party is at its best”  Preventing and mitigating the crisis in a forward looking manner – ex ante policy – Different from crisis management and resolution  The scope of macroprudential policy covers the whole financial system – But starts from the banking sector 27.2.2019 Marja Nykänen 15
  • 16. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Macroprudential policy objectives  The ultimate objective of macro-prudential policy is to contribute to the safeguard of the stability of the financial system as a whole, – including by strengthening the resilience of the financial system and – decreasing the build up of systemic risks, thereby ensuring a sustainable contribution of the financial sector to economic growth (European Systemic Risk Board, Recommendation 3/2011)  The ultimate objective needs to be operationalized through intermediate objectives 27.2.2019 Marja Nykänen 16
  • 17. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Macroprudential policy and the future  Much has already been done and achieved – New framework which did not exist before the crisis – Increasing awareness of system-wide risks  But the financial system is evolving rapidly – Digitalization – Fintech / new competitors (for instance, Alibaba, Google, Amazon, Apple)  In the future, there is an increasing need to – Extend the scope of macroprudential policy beyond banking – Address cross-border transmission of systemic risks – Further develop the analytical framework for the policy impact assessment 27.2.2019 Marja Nykänen 17
  • 18. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Digitalization and the future of the financial industry 27.2.2019 Marja Nykänen 18
  • 19. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted The level of overall state of digitalization in European countries varies significantly 27.2.2019 Marja Nykänen 19 USE OF INTERNET BANKING IN SELECTED COUNTRIES
  • 20. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Innovations: balancing between opportunities and risks  Authorities aim at ensuring balance between: – Technology and innovations – Customer protection, operational risks and financial stability  Regulation and supervision of innovations raises discussion – Is current regulation suitable for innovations? – Do we need more or are there hurdles? – How to supervise new actors?  Level playing field – Same activities regulated the same way – Function-based, not entity-based 27.2.2019 Marja Nykänen 20
  • 21. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Conclusions  Financial industry will remain heavily regulated  Regulation should provide a level playing field  Knowledge of regulation and compliance skills are needed when planning to enter the financial industry  Regtech can provide tools to help with regulation and compliance – but Regtech cannot fully replace people  The future is for Regtech and people hand in hand 27.2.2019 Marja Nykänen 21
  • 22. Suomen Pankki – Finlands Bank – Bank of Finland Unrestricted Thank you! 27.2.2019 Marja Nykänen 22