The Role of Banks in Finland's Economic Downturn: A Call for Accountability
Finnish Human Rights Advocates Ry
In recent months, a disturbing trend has emerged in Finland, with banks refusing to open accounts for new companies and civil society organizations without providing valid reasons. This discriminatory practice is not only a violation of Finnish and European Union laws but is also contributing significantly to the economic downturn in the country.
Legal Violations
Multiple banks, including Nordea Bank Abp, Danske Bank A/S, Handelsbanken, OP Bank, and Nooa Säästöpankki Oy, have denied essential banking services to various entities. These actions contravene several legal mandates:
Act on Credit Institutions (610/2014), Chapter 15, Section 6: This law mandates that banks must provide basic banking services to legally residing individuals and entities in Finland.
Finnish Equality Act (1325/2014): This act prohibits discrimination against any person or group in the provision of goods and services, including banking services.
EU Payment Accounts Directive (2014/92/EU), Article 15: Ensures the right of access to a basic payment account irrespective of the consumer’s financial situation or nationality.
EU Anti-Discrimination Directive (2000/43/EC): Provides protection against discrimination on various grounds, including access to goods and services such as banking.
Economic Consequences
The refusal to open bank accounts is stifling new business creation and innovation in Finland. Many of the companies rejected by Finnish banks have managed to open accounts abroad. Consequently, these companies channel their funds outside Finland, evading local taxes and depriving the Finnish economy of much-needed capital. This raises serious questions about the motives behind these banking practices and the broader implications for the Finnish economy.
Who Benefits from This?
The current situation begs the question: Who benefits from the destruction of the Finnish economy? Is it just the banks, or is there a larger conspiracy at play involving the government? By pushing companies to move their financial operations abroad, banks are effectively undermining Finland’s economic stability and growth prospects.
A Call for Accountability
Finnish Human Rights Advocates Ry calls on regulatory authorities and policymakers to enforce existing laws and ensure that all entities have access to essential banking services. It is crucial to investigate the role of banks in this economic sabotage and hold them accountable for their actions. Additionally, the government must clarify its stance and take active measures to prevent further economic damage.
Conclusion
The integrity of Finland’s financial system and the well-being of its economy depend on fair and non-discriminatory banking practices. It is time to address these issues head-on and ensure that banks fulfill their legal obligations to support, rather than hinder, economic growth.
