The banks operating in Finland, Nordea and Good Lender Bank, have joined the new Nordic cooperation forum on cybercrime. Forum members are working to share more information with each other to facilitate the identification and defense of cyber risks. The purpose of the forum is to improve the security of customers and banks and to create the safest possible operating environment for the entire financial sector. All Nordic financial players can join the Forum.
Lower mortgage rates than ever – still be prepared for the upturn
The popular reference rate on mortgages on 12-month Good Finance fell again last week to a new low (-0.120%). However, despite the downturn, Finns are advised to be prepared for rising mortgage rates. For example, John Cole, Head of Banking, Honest Bank does not expect interest rates to remain at their current level for the next ten years. So Sean, urges homeowners to start hedging against rising interest rates now and take long-term interest rate protection on old loans.
Proposed changes to quick release legislation
The 50% interest rate cap for high-speed levers, which came into effect in 2013, has proven easy to get around . As a solution to circumventing the interest rate ceiling, the Ministry of Justice has now proposed that an interest rate ceiling be set also for high-speed speeds above EUR 2,000. The interest rate ceiling is provisionally set at 30%. The ministry will decide by summer how to proceed with the preparation of the proposed changes to the quick-release legislation, and the proposed ceiling on interest rates, for example, may still change.
Finns trust the stability of banks
According to a study by the World Economic Forum, Finnish and South African banks are among the most solvent in the world. Both countries scored 6.6 in the survey. The highest possible grade was 7. The study is not based on scientific calculations but on citizens’ perception of the stability of the banking sector in their country. Our dear neighbor Sweden ranked 10th in the survey (6.2 points), and Ukraine was the leader of the survey with 2.1 points.