Bank of Finland

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Bank of Finland
Suomen Pankki (Finnish)
Finlands Bank (Swedish)
The Bank of Finland, Helsinki.
The Bank of Finland, Helsinki.
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 in 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

[4]

Governors of the Bank of Finland

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

Parliamentary Supervisory Council members

See also

References

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  2. ↑ Wäxel- Låne och Depositions-Contoiret i Stor-Furstendömet Finland – Imperial ordinance by Alexander I of Russia, 20 November 1811 (in Russian)
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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