Suomen Pankki (The Bank of Finland)

By: EconomyWatch   Date: 9 September 2010

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The Bank of Finland (Suomen Pankki in Finnish), the fourth oldest central bank in the world, is the Central Bank of Finland.

Alexander I of Russia established the Bank of Finland on March 1, 1812. The bank, owned by the Republic of Finland, is governed by the Parliament of Finland through the Parliamentary Supervisory Council and the Board of Directors. Under Finland's Constitution, the Bank of Finland operates under the guarantee and supervision of parliament. The bank issued and regulated the Finnish Markka until Finland adopted Euro in 1999.

The Bank of Finland is Finland's Central Bank and a member of European System of Central Banks. A Board administers the activities of the bank. The highest official of the bank is the governor, who is also the chairman of the board.

There are a maximum of five other members on the board. While the Chairman of the Board is appointed for a seven-year term, other members are appointed for a period of five-year term. While the board is responsible for the administration of the bank, the Parliamentary Supervisory Council is responsible for supervising the administration and activities of the bank and for other statutory tasks.

The main functions of the Bank of Finland are:

  • The Bank of Finland takes part in the decision-making of the European Central Bank (ECB), in the preparation of its monetary policy;
  • Executing ESCB monetary policy operations in the country;
  • Maintaining the currency supply in Finland;
     
  • Taking part in holding and management of foreign exchange reserves and in maintaining the reliability and efficiency of payment and the financial systems;
  • Compiling and publishing statistical information important for carrying out different tasks.

The Address and Contact details of the bank is as follows:

Suomen Pankki

Address: P.O. Box 160 FIN-00101 Helsinki FINLAND Phone No.: ++358-9-18 31 Fax: ++358-9-65 84 24


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