Bank of Finland, Suomen Pankki

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.

History

The Bank of Finland was established on 1 March 1812 in the city of Turku 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.

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. 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.

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

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 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