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 Bank of Finland expects the unemployment rate to decrease to 8.0% in 2006 and to 7.8% in 2007, reported the Finnish news agency STT.
The Bank of Finland was alerted and discovered 16 of its own notes without the safety device.
As part of the institutional reforms associated with ERM participation, a proposal for a new Act on the Bank of Finland has recently been presented to Parliament with the objective of aligning Finnish central banking legislation with Maastricht requirements.
The Finnish central bank, Bank of Finland, reported on Wednesday (15 March) that Finland's current account amounted to a surplus of EUR130m in January 2006.
According to a 2001 paper published by the Bank of Finland, economists can see relationships between the structure of labor taxation and unemployment but the evidence is not definitive.
Most recent projections by the Bank of Finland, as part of the quarterly inflation report, suggest that underlying inflation, although picking up, will not exceed the official target in 1996.(17) The relevant rate of inflation has actually been negative since the summer of 1995 [ILLUSTRATION FOR FIGURE 13 OMITTED].
The bank of finland (hereinafter referred to as the "procurement entity") requests an english translation and revision work (hereinafter referred to as "service") in accordance with the procurement notice published on the hogan notification channel and the present call for proposals and its annexes.
Marja Nykanen, deputy governor of the Bank of Finland, said that commercial financial organisations were not ready to invest in security because of cost concerns.
Helsinki, Finland: The Bank of Finland Institute for Economies in Transition (BOFIT) has released its latest forecasts for the Russian and Chinese economies.
On 30 January, the European Commission cleared a proposed acquisition by the Danish Danske Bank of Finland's Sampo Bank.
The Finnish central bank, Bank of Finland, reported on Monday (16 January) that Finland's current account amounted to a surplus of EUR0.96bn in November 2005.

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