How to read a standard
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- Bartholomew Maxwell
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1 Standard 4.7 Reporting of liquidity risk Regulations and guidelines
2 How to read a standard A standard is a collection of subject-specific regulations and guidelines which both obliges and guides supervised entities and other financial market participants, indicates the quality level expected by the supervisor, sets out the supervisor s key principles of good practice and provides justification for regulation. Each paragraph in a standard is furnished with a particular margin note: Norm: A reference to a current legal or regulatory provision. : A FIN-FSA regulation that is legally binding on supervised entities or other financial market participants, issued by the FIN-FSA by virtue of its regulatory power based in Finnish law. Recommendation: FIN-FSA recommendatory guidance to supervised entities or other financial market participants. Application guideline/example: A practical application guideline or example related to a norm, binding regulation or recommendation. A reference to a FIN-FSA standard or a particular point in the standard. Justifications: An explanation of the background, purpose and objectives of a regulation or standard. FIN-FSA standards may be accessed from
3 J. No. 2/120/ (12) TABLE OF CONTENTS 1 Application 4 2 Objectives 5 3 Legal basis 6 4 Preparation of the report and submission to FIN-FSA Content of the report Banks submitting their reports directly to FIN-FSA Banks submitting their reports to FIN-FSA in centralised manner Savings banks Member credit institutions in the amalgamation of deposit banks Cooperative banks not belonging to the amalgamation of deposit banks Submission of information for supervisory purposes Verification of reported data 9 5 Further information 10 6 revision history 11 7 Obsolete guidelines and regulations 12
4 J. No. 2/120/ (12) 1 APPLICATION This reporting standard is applicable to the following entities (which are generally referred to below as supervised entities): deposit banks foreign branches of deposit banks foreign credit institutions' branches with deposit bank operations in Finland the Savings Bank Inspectorate central bodies as referred to in the Act on the Amalgamation of Deposit Banks (599/2010).
5 J. No. 2/120/ (12) 2 OBJECTIVES This standard defines supervised entities' reporting obligations in respect of liquidity risk. The reporting standard refers to the standard on the management of liquidity risk, issued within section 4 Capital adequacy and risk management of the Financial Supervisory Authority's (FIN-FSA) set of regulations. The objective of the standard is to ensure that the Financial Supervisory Authority can acquire information on the structure of supervised entities' assets and liabilities and liquidity position. Legislation on credit institutions requires that credit institutions do not take such risks in their operations that could essentially jeopardise the credit institution's capital adequacy or liquidity. Provisions are necessary on the one hand to protect the public eg from the risk of losing repayable funds and on the other hand to supervise the reliability and stability of the banking system.
6 J. No. 2/120/ (12) 3 LEGAL BASIS The regulation on FIN-FSA is based on section 18, subsection 2 and section 60, subsection 5 of the Act on the Financial Supervisory Authority (878/2008).
7 J. No. 2/120/ (12) 4 PREPARATION OF THE REPORT AND SUBMISSION TO FIN-FSA 4.1 Content of the report The reporting standard concerns information used to monitor credit institutions' liquidity risk. The collection of data comprises the assets and liabilities in the supervised entity's balance sheet broken down by maturity class. The information shall be submitted in accordance with Stage 2 (Virati 2) of the standardized data collection procedure of the authorities, and in the manner more closely specified in the data collection files. Statistics Finland, the Bank of Finland, and the Financial Supervisory Authority have jointly approved and provided supervised entities with Stage 2 data collection files. 4.2 Banks submitting their reports directly to FIN-FSA Commercial banks, foreign branches of deposit banks and Finnish branches of foreign credit institutions shall submit liquidity risk information directly to FIN- FSA. If limited liability savings and cooperative banks do not submit their information to the Financial Supervisory Authority in aggregate form, they shall also be obliged to submit their liquidity risk information directly to FIN- FSA.
8 J. No. 2/120/ (12) 4.3 Banks submitting their reports to FIN-FSA in centralised manner Savings banks Savings banks shall submit their data on liquidity risk to the Savings Bank Inspectorate by the time set by it, unless the Financial Supervisory Authority decides otherwise in the case of an individual bank. The Savings Bank Inspectorate shall pass on the aggregate data to FIN-FSA Member credit institutions in the amalgamation of deposit banks Credit institutions that are members of the central body referred to in the Act on the Amalgamation of Deposit Banks shall submit their data on liquidity risk to the central body by the time set by it, unless the Financial Supervisory Authority decides otherwise in the case of an individual member credit institution. The central body shall pass on the aggregate data to FIN-FSA Cooperative banks not belonging to the amalgamation of deposit banks Recommendation The Financial Supervisory Authority recommends that cooperative banks that are not members of the central body referred to in the Act on the Amalgamation of Deposit Banks submit their information on liquidity risk to the Association of Local Cooperative Banks, which submits information on all these banks to FIN-FSA in aggregate form. If information is not submitted in aggregate form, a cooperative bank not belonging to the amalgamation shall submit its information in the required format directly to the Financial Supervisory Authority. 4.4 Submission of information for supervisory purposes Application guideline Detailed information on the data collection procedure is also available on the website of Statistics Finland ( The reports comprising information as required in the detailed instructions on the data collection procedure shall be submitted to FIN-FSA as follows: reporting dates 31 March, 30 June, 30 September and 31 December. The reports shall be submitted within 20 business days. Business days refer to days when banks are open for business.
9 J. No. 2/120/ (12) 4.5 Verification of reported data Supervised entities are required to prepare a declaration on the accuracy of reported data. The purpose of the procedure is to ensure that the data submitted by the supervised entity to the Financial Supervisory Authority is checked and accurate. The declaration must be dated and signed by both the person preparing the report and the person verifying the data. The signed declaration form must be kept by the supervised entity and presented to FIN- FSA on request. The declaration must be prepared for the first time for the reporting of 31 March The declaration must be updated each time changes occur in the process it describes. Continued reporting of incorrect data to the Financial Supervisory Authority shall lead to a written request to the supervised entity for clarification. In its reply the supervised entity must present an action plan on how it will remedy the erroneous reporting. Failure to comply with this standard may lead to administrative or other sanctions. Reporting instructions, together with instructions on electronic reporting, are made available on FIN-FSA's website () under Regulation.
10 J. No. 2/120/ (12) 5 FURTHER INFORMATION Please find the necessary contact information in the list of Persons responsible for standards provided on the FIN-FSA website. For further information, please contact: FS: Market and Operational Risks, tel
11 J. No. 2/120/ (12) 6 REVISION HISTORY Revised on 31 May 2011: Section 4.4 on submission of information for supervisory purposes has been added to the standard.
12 J. No. 2/120/ (12) 7 OBSOLETE GUIDELINES AND REGULATIONS This standard renders the following regulation obsolete: Regulation on reporting liquidity risk (issued on 1 July 1998, J. No. 1/329/98).
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