Finnish banks have granted relatively little credit to those industries most vulnerable to bankruptcies. This has helped minimise banks’ corporate credit risks.
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The aim of the loan cap is to rein in household indebtedness and prevent housing price bubbles. Finland badly needs other instruments that can also restrict indebtedness.
Nordea Group is merging its large Nordic subsidiaries into the Swedish parent, which is supervised by Sweden’s supervisory authority. In Finland, the significance of the change is increased by Nordea’s large market share.
On 23 June 2016, the United Kingdom will hold a referendum on whether to remain in or leave the European Union. The economic implications will largely depend on the arrangements for economic relations between the EU and the UK.