Press release by the Finnish, Swedish and Norwegian Ministries of Finance the Danish Ministry of Industry, Business and Financial Affairs
Denmark, Finland, Norway and Sweden sign Memorandum of Understanding on significant branches
The Finance Minister of Norway and Finland, the Minister for Business of Denmark and the Minister for Financial Markets and Consumer Affairs of Sweden sign Memorandum of Understanding in order to facilitate the cooperation regarding cross-border banking groups containing one or more significant branches.
– Today’s financial markets are highly international. Clear and unambiguous cross-border cooperation between public authorities is important, both for the markets and those who are being controlled. I am very happy that our Nordic cooperation really works in this sector as well, says Minister of Finance Petteri Orpo.
Several of the large Nordic banking groups conduct cross border activities in the neighbouring countries, either through a branch or directly without such an establishment. It is a common objective to contribute to a level playing field in the Nordic market and ensure effective and efficient supervision of significant branches located within the signatory countries. The competent authorities and Ministries in the relevant countries have therefore signed two separate Memoranda of Understandings (MoU) on significant branches in order to facilitate the cooperation regarding cross-border banking groups containing one or more of such branches.
Responsibility for significant branches is regulated in the Union and EEA law. The now relevant MoUs are of an all-embracing character and encompass significant branches more generally. The MoUs do not modify or supersede Union and EEA law, but are to be regarded as written understanding on how cooperation regarding significant branches in Denmark, Finland, Norway and Sweden should be conducted.
Mr Pentti Pikkarainen, Director General, tel. +358 2955 30269, pentti.pikkarainen(at)vm.fi
Mr Jaakko Weuro, Ministerial Adviser, tel. +358 2955 30302, jaakko.weuro(at)vm.fi