Bank of Finland
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The Bank of Finland (Finnish: Suomen Pankki, Swedish: Finlands Bank) is the Central bank of Finland.
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History
The Bank of Finland has dates back to 1811, but it was not officially formed until Finland gained independence in 1917. 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. 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 regional offices in Helsinki-Vantaa, Kuopio, Tampere, Oulu, and Turku.
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
- Matti Louekoski, Deputy Governor
- Sinikka Salo
- Pentti Hakkarainen
Former Governors
- 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
- Mari Kiviniemi, Chair
- Jouni Backman, Vice Chair
- Jyri Häkämies
- Arja Alho
- Janina Andersson
- Sirkka-Liisa Anttila
- Timo Kalli
- Jyrki Katainen
- Martti Korhonen