Riksbank supports proposal for new financial sector crisis management function
News, Consultation responses The Riksbank supports the Ministry of Finance's proposal to establish a function for operational crisis management in the financial sector – and the proposal that the Riksbank should lead this work.
A serious disruption in the financial system can have major consequences for society. Dealing with such situations requires effective interaction between authorities and businesses. The Ministry of Finance therefore proposes that a special function be established to coordinate responses to crises in the financial sector and also to conduct preparatory work.
The Riksbank supports both the establishment of the function and the proposal that it should be led by the Riksbank. In its consultation response, the Riksbank emphasises that there are currently three authorities with different tasks within financial crisis preparedness. A common function with clear responsibilities is expected to improve cooperation in the event of serious disruptions.
The Riksbank also considers that the proposal will contribute to clarifying the division of responsibilities between the Riksbank's role regarding payments in peacetime crises and heightened preparedness and Finansinspektionen's responsibility as the sectoral authority responsible for financial services. This reduces the risk of overlapping cooperation structures in operational crisis management.