Bank of Finland


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Bank of Finland

 

(Suomen Pankki), the central bank of Finland. An autonomous public institution, it is the country’s bank of issue and provides banking services to the government and other banks.

The Bank of Finland was established in 1811 as the Exchange, Loan, and Deposit Office. Since 1868 it has carried out its business under the guarantee and supervision of the Finnish Parliament. Since the early 20th century it has performed all the basic functions of a central bank. Thus, it issues currency, controls the total volume of credit in the country, keeps cash accounts of the treasury, holds the country’s gold and currency reserves, and maintains the rate of exchange of the markka at a stable level.

In contrast to most central banks, the Bank of Finland rediscounts bills of exchange and grants loans not only to banks but also, to a small extent, to other clients. It holds the capital of the Mortgage Bank (Teollissys Hypoteekki Pankki), which was founded in 1956 and grants credits for capital investment. The Bank of Finland has 12 branch offices in the country.

As of the end of 1976, the total balance of the bank amounted to 10.0 billion markkaa. The bank’s capital and reserves totaled 1.9 billion, and the issuance of currency represented 2.9 billion markkaa. Other totals, in billions of markkaa, were as follows: deposits and current accounts, 2.6; loans and discounting of bills of exchange, 6.1; and gold and foreign currency, 1.8.

References in periodicals archive ?
The purpose of this analysis is to assess the impact of such extreme events on ReGIS, using a software application developed by the Bank of Finland, the simulator for payment and settlement systems (version BoF-PSS2).
Optimising liquidity usage and settlement speed in payment systems, Bank of Finland Studies E: 31.
2006): "ATM Networks and Cash Usage", Bank of Finland Discussion Paper 21/2006.
11) Tuuli Koivu, "The Challenge of Choosing an Optimal Exchange Rate Regime for China", Bank of Finland, BOFIT Discussion Paper, no.
The Bank of Finland was alerted and discovered 16 of its own notes without the safety device.
Lainela, Seija, Baltian maat vuonna 1994, Review of Economies in Transition 1/1995, Unit for Eastern European Economies, Bank of Finland, Helsinki 1995, pp.
When the Bank of Finland announced a free float for the mark, the Swedish Central Bank raised the marginal rate again on 9 September in two steps to 75 per cent to defend the exchange rate.
As a result of the secretary of the Central Bank of Finland publicizing that bitcoin is legal to use in Finland, many businesses have seized the opportunity to accept bitcoin.
The Bank of Finland cut its long-term growth projection to 1 percent for 2014 to 2030, from about 1.
However, this proposal, named after Erkki Liikanen, Governor of the Bank of Finland, would go on to raise costs for clients, says Deutsche Bank AG (NYSE: DB) co-CEO Anshu Jain.
He appointed Erkki Liikanen, Governor of the Bank of Finland and a former member of the European Commission, as Chairman.
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki FIN-00101, Finland.

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