Bank of Finland

Bank of Finland
Suomen Pankki (Finnish)
Finlands Bank (Swedish)

The Bank of Finland, Helsinki.

Logo

Headquarters

Helsinki

Established

1 March 1812

Governor

Erkki Liikanen

Central bank of

Finland

Succeeded by

European Central Bank (1999)¹

Website

www.bof.fi

¹ The Bank of Finland still exists but many functions have been taken over by the ECB.

The Bank of Finland (Finnish: Suomen Pankki, Swedish: Finlands Bank) is the central bank of Finland. It is the fourth oldest central bank in the world.^[1]

History

Bank of Finland strong box which moved to Helsinki with the bank when it relocated from Turku.

The Bank of Finland was established on 1 March 1812 in the city of Turku by Alexander I of Russia.^[2] In 1819 it was relocated to Helsinki. The Bank created and regulated the Finnish Markka until Finland adopted the euro in 1999.

Functions and ownership

The Bank of Finland is Finland’s central bank and a member of the European System of Central Banks and of the Eurosystem.^[3] It is Finland's monetary authority, and is responsible for the country's currency supply and foreign exchange reserves.

The Bank of Finland is owned by the Republic of Finland and governed by the Finnish Parliament, through the Parliamentary Supervisory Council and the Board of the bank. The Board is responsible for the administration of the bank, and the Parliamentary Supervisory Council for supervising the administration and activities of the bank and for other statutory tasks. The bank is governed under the provisions of the Act on the Bank of Finland, passed in 1998.

The bank has branch offices in Kuopio, Tampere, and Oulu.

Organisation

The highest official in the bank is the Governor (currently Erkki Liikanen). The Governor chairs the Board.

Members of Board of the Bank of Finland

Erkki Liikanen, Governor
Pentti Hakkarainen, Deputy Governor
Sinikka Salo
Seppo Honkapohja

^[4]

Governors of the Bank of Finland

The Bank of Finland, Helsinki, with the statue of Johan Vilhelm Snellman in front

Claes Johan Sacklén 1812–1816
Carl Johan Idman 1817–1820
Otto Herman Lode 1820–1827
Johan Gustaf Winter 1827–1841
Carl Wilhelm Trapp 1841–1853
Axel Ludvig Bom 1853–1856
Alex Federley 1853–1854
Robert Trapp 1854–1856
Frans Ivar Edelheim 1856–1858
Wilhelm Blidberg 1858–1861
Carl Isak Björkman 1862–1866
Victor von Haartman 1866–1870
August Florin 1870–1875
Gustaf Samuel von Troil 1875–1884
Alfred Charpentier 1884–1897
Carl Theodor Alexander Wegelius 1898–1906
Clas Herman von Collan 1907–1918
Otto Eliel Stenroth 1918–1923
August Ramsay 1923–1924
Risto Ryti 1923–1940
Johan Wilhelm Rangell 1943–1944
Risto Ryti 1944–1945
Sakari Tuomioja 1945–1955
Rainer von Fieandt 1955–1957
Klaus Waris 1957–1967
Mauno Koivisto 1968–1982
Ahti Karjalainen 1982–1983
Rolf Kullberg 1983–1992
Sirkka Hämäläinen 1992–1998
Matti Vanhala 1998–2004 (retired early due to illness)
Erkki Liikanen 2004–

Parliamentary Supervisory Council members

Matti Vanhanen (chairman),
Pentti Oinonen (vice-chairman)
Olavi Ala-Nissilä
Seppo Kääriäinen
Arto Satonen
Jutta Urpilainen
Pia Viitanen
Ville Vähämäki
Ben Zyskowicz

Chairman's

Matti Vanhanen (2015-present)
Ben Zyskowicz (2011-2015)
Timo Kalli (2008-2011)
Seppo Kääriäinen (2007-2008)
Mari Kiviniemi (2006-2007)
Olavi Ala-Nissilä (2003-2006)
Mauri Pekkarinen (2003)
Ilkka Kanerva (1995-2003)
Sauli Niinistö (1995)
Pentti Mäki-Hakola (1991-1995)
Erkki Pystynen (1990-1991)
Mauri Miettinen (1987-1990)
Matti Jaatinen (1979-1987)
Harri Holkeri (1971-1979)
Juha Rihtniemi (-1971)
Veikko Kokkola
Juho Niukkanen
Erik von Frenckell

References

↑ "History". Bank of Finland. Retrieved 28 October 2014.
↑ Wäxel- Låne och Depositions-Contoiret i Stor-Furstendömet Finland – Imperial ordinance by Alexander I of Russia, 20 November 1811 (in Russian)
↑ Bank of Finland. "Eurosystem and ESCB". Retrieved 12 September 2012.
↑ "Suomen Pankin organisaatio". Bank of Finland. Archived from the original on 30 January 2009. Retrieved 25 January 2009.

External links

Wikimedia Commons has media related to Bank of Finland.

(Finnish) (Swedish) (English) Bank of Finland official site
Postage stamp commemorating the 150th anniversary of the Bank of Finland 1811–1961
All the Finnish BIC-codes and an IBAN counter for all Finnish banks

Coordinates: 60°10′16″N 24°57′09″E / 60.17121°N 24.95246°E / 60.17121; 24.95246

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Central banks

Global

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By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

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Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Central banks of the European Union

Within Eurozone	National Bank of Austria National Bank of Belgium Central Bank of Cyprus Bank of Estonia Bank of Finland Banque de France Deutsche Bundesbank Bank of Greece Central Bank of Ireland Banca d'Italia National Bank of Latvia Bank of Lithuania Central Bank of Luxembourg Central Bank of Malta De Nederlandsche Bank Banco de Portugal National Bank of Slovakia Bank of Slovenia Bank of Spain

Outside Eurozone	Bulgarian National Bank Croatian National Bank Czech National Bank Danmarks Nationalbank Hungarian National Bank National Bank of Poland National Bank of Romania Sveriges Riksbank Bank of England

Banking-related EU institutions	European Central Bank European System of Central Banks European Investment Bank

Central banks European Union

Authority control	WorldCat Identities VIAF: 146558693 GND: 1025399-3 SUDOC: 034787429 BNF: cb134946760 (data)

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Bank of Finland

History

Functions and ownership

Organisation

Members of Board of the Bank of Finland

Governors of the Bank of Finland

Parliamentary Supervisory Council members

Chairman's

See also

References

External links