After ECB Dividend Cap Flouted, Finnish Watchdog Mulls Next Step

After ECB Dividend Cap Flouted, Finnish FSA Mulls Next Step
Bloomberg
1/4/2021
Kati Pohjanpalo
© Bloomberg
Pedestrians cross tramlines in view of the Forum shopping center in Helsinki, Finland, on Thursday, Feb. 6, 2020. Finnish household debt has doubled in the past two decades against a backdrop of falling interest rates and the gradual obsolescence of cash as a form of payment.
(Bloomberg) -- Finland’s financial watchdog is trying to figure out how to respond after a lender it oversees explicitly disregarded the European Central Bank’s guidelines on shareholder rewards.
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The decision by Alandsbanken Abp, announced on Jan. 1, to pay almost four times the dividend cap set by the ECB is “unfortunate,” Jyri Helenius, head of banking supervision at the Finnish Financial Supervisory Authority, said in an interview. The lender acted without its watchdog’s permission, but Helenius acknowledged there’s not much he can do about it.

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