Finnish banks are more exposed to the crisis-ridden Icelandic banking sector than any other large financial institutions in the Nordic region, most of which have either negligible or no direct exposure to the debt of Iceland’s three largest banks, according to analysts.

Finland’s financial supervisory authority, the chief regulator, said last Friday that Finnish banks have exposure of about €210m ($288m) to Icelandic banks, although this is “not substantial relative to Finnish banks' capital adequacy and size,” the FSA said.