Bank of Finland
Encyclopedia
The Bank of Finland is the central bank
of Finland
. It is the fourth oldest central bank in the world.
by Alexander I of Russia
. In 1819 it was relocated to Helsinki
. The Bank created and regulated the Finnish Markka until Finland adopted the euro in 1999.
. 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
.
). The Governor chairs the Board.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of Finland
Finland
Finland , officially the Republic of Finland, is a Nordic country situated in the Fennoscandian region of Northern Europe. It is bordered by Sweden in the west, Norway in the north and Russia in the east, while Estonia lies to its south across the Gulf of Finland.Around 5.4 million people reside...
. It is the fourth oldest central bank in the world.
History
The Bank of Finland was established on 1 March in 1812 in the city of TurkuTurku
Turku is a city situated on the southwest coast of Finland at the mouth of the Aura River. It is located in the region of Finland Proper. It is believed that Turku came into existence during the end of the 13th century which makes it the oldest city in Finland...
by Alexander I of Russia
Alexander I of Russia
Alexander I of Russia , served as Emperor of Russia from 23 March 1801 to 1 December 1825 and the first Russian King of Poland from 1815 to 1825. He was also the first Russian Grand Duke of Finland and Lithuania....
. In 1819 it was relocated to Helsinki
Helsinki
Helsinki is the capital and largest city in Finland. It is in the region of Uusimaa, located in southern Finland, on the shore of the Gulf of Finland, an arm of the Baltic Sea. The population of the city of Helsinki is , making it by far the most populous municipality in Finland. Helsinki is...
. 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 BanksEuropean System of Central Banks
The European System of Central Banks is composed of the European Central Bank and the national central banks of all 27 European Union Member States.-Functions:...
. 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
Parliament of Finland
The Eduskunta , is the parliament of Finland. The unicameral parliament has 200 members and meets in the Parliament House in Helsinki. The latest election to the parliament took place on April 17, 2011.- Constitution :...
, 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
Kuopio
Kuopio is a city and a municipality located in the region of Northern Savonia, Finland. A population of makes it the ninth biggest city in the country. The city has a total area of , of which is water and half forest...
, Tampere
Tampere
Tampere is a city in southern Finland. It is the most populous inland city in any of the Nordic countries. The city has a population of , growing to approximately 300,000 people in the conurbation and over 340,000 in the metropolitan area. Tampere is the third most-populous municipality in...
, and Oulu
Oulu
Oulu is a city and municipality of inhabitants in the region of Northern Ostrobothnia, in Finland. It is the most populous city in Northern Finland and the sixth most populous city in the country. It is one of the northernmost larger cities in the world....
.
Organisation
The highest official in the bank is the Governor (currently Erkki LiikanenErkki Liikanen
Erkki Liikanen is a Finnish social democratic politician and the Governor of the Bank of Finland.-Career:...
). The Governor chairs the Board.
Members of Board of the Bank of Finland
- Erkki LiikanenErkki LiikanenErkki Liikanen is a Finnish social democratic politician and the Governor of the Bank of Finland.-Career:...
, Governor - Pentti Hakkarainen, Deputy Governor
- Sinikka Salo
- Seppo HonkapohjaSeppo HonkapohjaSeppo Honkapohja is a Finnish economist. He is a board member of the Bank of Finland and former Professor of International Macroeconomics of the University of Cambridge.- Career :...
Governors of the Bank of Finland
- 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 RytiRisto RytiRisto Heikki Ryti was the fifth President of Finland, from 1940 to 1944. Ryti started his career as a politician in the field of economics and as a political background figure during the interwar period. He made a wide range of international contacts in the world of banking and within the...
1923–1940 - Johan Wilhelm RangellJohan Wilhelm RangellJohan Wilhelm Rangell was the Prime Minister of Finland from 1941 to 1943 . Educated as a lawyer, he was a close acquintance of President Risto Ryti before the war, and made his initial career as a banker in the Bank of Finland...
1943–1944 - Risto RytiRisto RytiRisto Heikki Ryti was the fifth President of Finland, from 1940 to 1944. Ryti started his career as a politician in the field of economics and as a political background figure during the interwar period. He made a wide range of international contacts in the world of banking and within the...
1944–1945 - Sakari TuomiojaSakari TuomiojaSakari Severi Tuomioja was a Finnish politician , diplomat, Prime Minister of Finland during the caretaker government which was formed in 1953...
1945–1955 - Rainer von FieandtRainer von FieandtBerndt Rainer von Fieandt was a Finnish official without party affiliation who served as Prime Minister of Finland in 1957 to 1958 .-References:...
1955–1957 - Klaus Waris 1957–1967
- Mauno KoivistoMauno KoivistoMauno Henrik Koivisto is a Finnish politician who served as the ninth President of Finland from 1982 to 1994. He also served as Prime Minister 1968–1970 and 1979–1982...
1968–1982 - Ahti KarjalainenAhti KarjalainenAhti Kalle Samuli Karjalainen was a Finnish politician. He was a member of the Agrarian League and was Prime Minister of Finland for two terms...
1982–1983 - Rolf KullbergRolf KullbergRolf Kullberg was the governor of the Bank of Finland from 1983 to 1992. He was a member of the board since 1974. Before that he worked in the ministry of finance and in a private bank....
1983–1992 - Sirkka HämäläinenSirkka HämäläinenSirkka Hämäläinen is a Finnish economist, former governor of the Bank of Finland and member of the Executive Board of the European Central Bank .-References:...
1992–1998 - Matti Vanhala 1998–2004 (retired early due to illness)
- Erkki LiikanenErkki LiikanenErkki Liikanen is a Finnish social democratic politician and the Governor of the Bank of Finland.-Career:...
2004–
Parliamentary Supervisory Council
- Ben ZyskowiczBen ZyskowiczBen Berl Zyskowicz is a Finnish politician and member of parliament. Zyskowicz was chairman of the Finnish National Coalition Party's parliamentary group from 1993 to 2006 and has been a member of parliament for the National Coalition Party since 1979...
, Chair - Pirkko Ruohonen-LernerPirkko Ruohonen-LernerPirkko Anneli Ruohonen-Lerner is a Finnish politician and member of Finnish Parliament, representing the True Finns. She was elected to Finnish Parliament in 2007...
, Vice Chair - Mari KiviniemiMari KiviniemiMari Johanna Kiviniemi is a Finnish politician and former Prime Minister of Finland. On 22 June 2010, as the new leader of the Centre Party, she was elected Prime Minister of Finland by the Finnish Parliament following the resignation of Prime Minister Matti Vanhanen...
- Jouni Backman
- Timo KalliTimo KalliTimo Juhani Kalli is a Finnish politician from the Centre Party. He is a farmer.He has been a member of the parliament since 1991 and hold the position of the speaker of the parliament for a short term in 2007 following the general elections...
- Marjo Matikainen-KallströmMarjo Matikainen-KallströmMarjo Tuulevi Matikainen-Kallström is a politician and former Finnish cross-country skier.Matikainen-Kallström represents the National Coalition Party in Finland. From 1996 to 2004 she was a Member of the European Parliament, and since 2004 she has been a member of the Finnish Parliament...
- Lea Mäkipää
- Pia Viitanen
- Jan VapaavuoriJan VapaavuoriJan Pellervo Vapaavuori is a Finnish politician, Minister of Housing and Minister of Nordic Cooperation in Matti Vanhanen's second cabinet.Vapaavuori has been Helsinki City Council member since 1997...