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Economy and Banking Sector of Finland

Financial System Development

Financial System
89.7, 5th out of 144 countries
Banks' Soundness
95.5, 1st out of 144 countries

According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Finland is scored 89.7 out of maximum 100.0 and ranked 5th out of 144 analysed economies.

Financial Market Development in Finland.

Chart 1. Financial Market Development in Finland. Source: WEF.

Soundness of banks is scored 6.7 bringing Finland into the 1st place.

Soundness of Banks in Finland.

Chart 2. Soundness of Banks in Finland. Source: WEF.

Further Information

Banking Focus

Banks in Finland are mainly focused on the following areas:

  • retail banking
  • universal banking
  • corporate and investment banking

Banking Supervision

Suomen Pankki

Banking Sector Structure

Number of Banks
Consolidated Assets (2019)
817.33 bln EUR  (+2.12%)
Recent Changes (2018)
new banks: 2, closed banks: 4

Currently there are 250 credit institutions operating in Finland.

In 2019 consolidated banking assets in Finland were 817.33 bln EUR. The consolidated banking assets' evolution is shown at Chart 3 below.

Consolidated banking assets in Finland.

Chart 3. Consolidated banking assets in Finland.

Recent structural changes (2013 - 2018) of the banking sector of Finland are summarised in Table 1.

Number of Opened Banks133322
Number of Closed Banks615145134

Table 1. Recent structural changes in the banking sector of Finland.

The list of the most recently opened banks in Finland is provided in Table 2.

All the credit institutions operating in Finland can be classified into several categories. Table 3 summarises the number of banks in each category.

CategoryNumber of Banks
Branches of foreign banks32
Central banks1
Cooperative banks179
Savings banks22

Table 3. Number of banks by category in Finland.

There are 32 branches of foreign banks from 7 different countries in Finland. Table 4 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
SE Sweden23
FR France2
NO Norway2
DK Denmark2
IE Ireland1
LU Luxembourg1
EE Estonia1

Table 4. Number of branches of foreign banks in Finland grouped by country of origin.

Deposit Guarantee Scheme

Maximum Protected Amount
100,000 EUR

Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Finland are summarised in Table 5.

Maximum Protected Amount
100,000 EUR
Temporary High Balance
Scheme Participants
all credit institutions operating in Finland
branches of Finnish banks abroad
Scheme Exemptions
branches of foreign banks (covered by their home countries)
Eligible Depositors
natural persons
  • citizens of Finland
  • residents of Finland
  • foreign citizens
  • foreign residents
legal entities
  • registered in Finland
  • registered abroad
  • companies
  • associations
  • foundations
Non-Eligible Depositors
public authorities
municipalities and joint municipal authorities
credit institutions
investment firms
management companies
alternative investment fund managers (AIFMs)
financial institutions
insurance companies
insurance associations
pension foundations
insurance funds
Covered Accounts
deposit products offered by deposit banks, including
  • demand deposit accounts
  • fixed-term accounts
  • home savings incentive accounts
  • long-term savings accounts
  • investment-linked deposits
Non-Covered Accounts
investment accounts
money-market investments
Covered Currencies
all currencies, namely
  • EUR (Euro)
  • foreign currencies
Paid In Currency

Table 5. Deposit guarantee scheme in Finland.

Further Information

Country Ceiling for Deposits

Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.

Local Currency (Euro)
Aaa (prime)
Foreign Currency
Aaa (prime)

Local currency (Euro) deposit ceiling for Finland is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).

Deposit Rates

Average Deposit Rate (Mar 2020, EUR)
0.11 %  (Feb 2020: 0.15 %)
In March 2020, an agreed annualised deposit rate in local currency (Euro) of new contracts with agreed maturity up to 1 year between credit institutions and households was 0.11% which was below the Euro Area average (0.31%).
Deposit Rates in Finland.

Chart 4. Deposit Rates in Finland. Source: ECB.

Further Information