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Ansvarsfördelningen mellan Riksbanken och Finansinspektionen avseende finansiell stabilitet

Källmén, Mikaela LU (2010) JURM01 20101
Department of Law
Abstract (Swedish)
Det finansiella systemet spelar en central roll i ekonomin. Särskilt banker innehar en viktig roll i allokeringen av finansiella resurser och intar en central position i betalningsmekanismen för hushåll, företag och myndigheter. Störningar i enskilda finansiella institut kan snabbt spridas till övriga institut och till det finansiella systemet som helhet. En krissituation kan snabbt radera förtroendet för hela det finansiella systemet, något som den senaste finanskrisen visade kan få katastrofala konsekvenser för landets ekonomi. När en kris inträffar är det av central betydelse att ansvariga myndigheter snabbt kan agera för att minska krisens effekter. Ett väl etablerat system för finansiell stabilitet och krishantering är därför... (More)
Det finansiella systemet spelar en central roll i ekonomin. Särskilt banker innehar en viktig roll i allokeringen av finansiella resurser och intar en central position i betalningsmekanismen för hushåll, företag och myndigheter. Störningar i enskilda finansiella institut kan snabbt spridas till övriga institut och till det finansiella systemet som helhet. En krissituation kan snabbt radera förtroendet för hela det finansiella systemet, något som den senaste finanskrisen visade kan få katastrofala konsekvenser för landets ekonomi. När en kris inträffar är det av central betydelse att ansvariga myndigheter snabbt kan agera för att minska krisens effekter. Ett väl etablerat system för finansiell stabilitet och krishantering är därför nödvändigt. I Sverige är ansvaret för finansiell stabilitet fördelat mellan Riksbanken och Finansinspektionen (FI).

Riksbanken anses ha ett ansvar för den övergripande stabiliteten i det finansiella systemet som helhet. I denna uppgift ingår att utreda och analysera faktorer och beteenden som kan leda till systemrisker. Riksbankens ansvar för den finansiella stabiliteten härstammar från uppgiften att främja ett säkert och effektivt betalningsväsende, vilket Riksbanken säkerställer dels genom sin operativa roll i betalningssystemet, dels genom att övervaka det finansiella systemet. På grund av den centrala roll som bankerna spelar i betalningssystemet är Riksbankens stabilitetsansvar i huvudsak inriktat på banksektorn. Medan Riksbanken har det övergripande ansvaret för stabiliteten i det finansiella systemet som helhet har FI ansvaret för tillsynen av de enskilda instituten. I denna uppgift anses dock även innefattas ett ansvar för den finansiella stabiliteten. FI:s stabilitetsfrämjande uppgifter sköts huvudsakligen genom tillsyn och tillståndsprövning och FI har även möjlighet att meddela sanktioner gentemot finansiella institut liksom möjlighet att skapa regler för det finansiella systemet. De medel som de båda myndigheterna förfogar över i utövandet av sina stabilitetsfrämjande uppgifter skiljer sig emellertid åt. Medan FI har en rad handfasta verktyg att tillgripa, såsom föreskrifts- och sanktionsmöjligheter, får Riksbanken i första hand förlita sig på dialog och diskussion med det finansiella systemets aktörer. Mellan myndigheterna finns sedan 2003 ett samarbetsavtal med syfte att tydliggöra parternas ansvarsfördelning och samarbete.

Rådande ansvarsfördelning är ett resultat av den bankkris som drabbade Sverige i början av 1990-talet. Sedan dess har arbetet kontinuerligt utvecklats och samarbetet fördjupats. Trots detta lyckades myndigheterna inte förhindra 2008-2009 års finanskris. När krisen väl var ett faktum rådde stor oklarhet kring vilken myndighet som var ansvarig, vilket fördröjde krishanteringen. Att vare sig Riksbanken eller FI i tid lyckades förutse och om inte förhindra så i vart fall minska krisens omfattning är naturligtvis ett misslyckande. Det finns därför starka skäl att undersöka var i ansvarsfördelningen det har brustit.
Denna uppsats har i detta syfte identifierat en rad områden där förbättringar behöver ske. Den analys som presenteras menar sammanfattningsvis att ansvarsfördelningen behöver göras tydligare och samarbetet mellan myndigheterna ges en mer formell karaktär. Vidare bör Riksbanken ges ett mer uttryckligt ansvar för finansiell stabilitet och starkare krisförebyggande åtgärder. Tillsynen bör ges tydligare fokus på systemstabilitet och uppkomsten av systemrisker, en viss omfördelning av FI:s resurser behöver således ske. Slutligen analyseras möjligheten att placera tillsynen hos Riksbanken med slutsatsen att, även om det finns klara fördelar med en sådan modell, finns det flera problem, inte minst konstitutionella, som måste undersökas ytterligare innan några förändringar i den nuvarande strukturen görs. (Less)
Abstract
The financial system plays a central role in the economy. In particular banks play a key role in the allocation of financial resources and occupies a central position in the payment mechanism for households, businesses and governments. Disruptions in individual financial institutions can quickly spread to other institutions and to the financial system as a whole. A crisis can further quickly erase confidence in the entire financial system, something which the recent financial crisis showed can have disastrous consequences for a country's economy. When a crisis occurs, it is of fundamental importance that the responsible authorities can act quickly to minimize the crisis. A well-established system for financial stability and crisis... (More)
The financial system plays a central role in the economy. In particular banks play a key role in the allocation of financial resources and occupies a central position in the payment mechanism for households, businesses and governments. Disruptions in individual financial institutions can quickly spread to other institutions and to the financial system as a whole. A crisis can further quickly erase confidence in the entire financial system, something which the recent financial crisis showed can have disastrous consequences for a country's economy. When a crisis occurs, it is of fundamental importance that the responsible authorities can act quickly to minimize the crisis. A well-established system for financial stability and crisis management is therefore necessary. In Sweden, responsibility for financial stability is divided between the central bank, Riksbanken, and the Swedish financial services authority, Finansinspektionen (FI).

The Riksbank is responsible for the overall stability of the financial system as a whole. This responsibility includes investigating and analyzing factors and behaviours which can lead to systemic risk. The Riksbank's responsibility for financial stability comes from the task of promoting a safe and efficient payment system, which is done both through its operational role in the payment system as well as through supervision of the financial system as a whole. Given the central role that banks play in the payment system, the main focus of the Riksbank’s surveillance and analyses is the banking system. While the Riksbank has the overall responsibility for the stability of the financial system as a whole, the FI is responsible for the prudential supervision of individual institutions. That task is however also considered to include a responsibility for financial stability. The FI further issues licenses for financial institutions and have the right to impose sanctions against the institutions supervised as well as serving as a financial regulator. The means through which the authorities fulfil their tasks for financial stability differ. While the FI has a wide set of tools, such as regulation and sanctions, the Riksbank primarily has to rely on moral suasion and dialogue with financial market participants. Since 2003, there exists a Memorandum of Understanding between the authorities with the objective of clarifying their responsibilities and cooperation.

The current division of responsibility is a result of the banking crisis that hit Sweden in the early 1990s. Since then, the work has continuously evolved and cooperation between authorities has been extended. Despite this, the authorities were not able to prevent the financial crisis of 2008-2009. Once the crisis was a fact there was great uncertainty about which agency was responsible, which further delayed crisis management. The fact that both the Riksbank and the FI failed to prevent the crisis is obviously a failure. There are therefore strong reasons to examine where the division of responsibility has failed.

This thesis has for this purpose identified a number of areas in which improvement needs to be done. The analysis presented concludes that the division of responsibility needs to be more thoroughly specified and that cooperation between the authorities needs to be given a more formal nature. The Riksbank should be given more explicit responsibilities for financial stability as well as stronger tools for crisis prevention. The financial supervision needs to shift focus from the micro-prudential supervision of today to a macro-prudential approach which would focus more on system stability and the emergence of systemic risk. A redistribution of the FI’s resources is thus required. The possibility of placing the supervision within the Riksbank is discussed, with the conclusion that, although there are clear advantages to this model, there are several problems, not at least constitutional, which need to be examined further before any changes to the current structure are made. (Less)
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author
Källmén, Mikaela LU
supervisor
organization
course
JURM01 20101
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Bankrätt
language
Swedish
id
1628294
date added to LUP
2010-07-16 15:23:07
date last changed
2010-07-16 15:23:07
@misc{1628294,
  abstract     = {The financial system plays a central role in the economy. In particular banks play a key role in the allocation of financial resources and occupies a central position in the payment mechanism for households, businesses and governments. Disruptions in individual financial institutions can quickly spread to other institutions and to the financial system as a whole. A crisis can further quickly erase confidence in the entire financial system, something which the recent financial crisis showed can have disastrous consequences for a country's economy. When a crisis occurs, it is of fundamental importance that the responsible authorities can act quickly to minimize the crisis. A well-established system for financial stability and crisis management is therefore necessary. In Sweden, responsibility for financial stability is divided between the central bank, Riksbanken, and the Swedish financial services authority, Finansinspektionen (FI).

The Riksbank is responsible for the overall stability of the financial system as a whole. This responsibility includes investigating and analyzing factors and behaviours which can lead to systemic risk. The Riksbank's responsibility for financial stability comes from the task of promoting a safe and efficient payment system, which is done both through its operational role in the payment system as well as through supervision of the financial system as a whole. Given the central role that banks play in the payment system, the main focus of the Riksbank’s surveillance and analyses is the banking system. While the Riksbank has the overall responsibility for the stability of the financial system as a whole, the FI is responsible for the prudential supervision of individual institutions. That task is however also considered to include a responsibility for financial stability. The FI further issues licenses for financial institutions and have the right to impose sanctions against the institutions supervised as well as serving as a financial regulator. The means through which the authorities fulfil their tasks for financial stability differ. While the FI has a wide set of tools, such as regulation and sanctions, the Riksbank primarily has to rely on moral suasion and dialogue with financial market participants. Since 2003, there exists a Memorandum of Understanding between the authorities with the objective of clarifying their responsibilities and cooperation.

The current division of responsibility is a result of the banking crisis that hit Sweden in the early 1990s. Since then, the work has continuously evolved and cooperation between authorities has been extended. Despite this, the authorities were not able to prevent the financial crisis of 2008-2009. Once the crisis was a fact there was great uncertainty about which agency was responsible, which further delayed crisis management. The fact that both the Riksbank and the FI failed to prevent the crisis is obviously a failure. There are therefore strong reasons to examine where the division of responsibility has failed.

This thesis has for this purpose identified a number of areas in which improvement needs to be done. The analysis presented concludes that the division of responsibility needs to be more thoroughly specified and that cooperation between the authorities needs to be given a more formal nature. The Riksbank should be given more explicit responsibilities for financial stability as well as stronger tools for crisis prevention. The financial supervision needs to shift focus from the micro-prudential supervision of today to a macro-prudential approach which would focus more on system stability and the emergence of systemic risk. A redistribution of the FI’s resources is thus required. The possibility of placing the supervision within the Riksbank is discussed, with the conclusion that, although there are clear advantages to this model, there are several problems, not at least constitutional, which need to be examined further before any changes to the current structure are made.},
  author       = {Källmén, Mikaela},
  keyword      = {Bankrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Ansvarsfördelningen mellan Riksbanken och Finansinspektionen avseende finansiell stabilitet},
  year         = {2010},
}