What is the Bank of Finland?
The Bank of Finland is the national monetary authority and central bank of Finland. At the same time, it is also a part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world’s second largest currency – the euro. The primary objective of the Eurosystem and the Bank of Finland alike is price stability, which means a moderate rise in consumer prices. The Bank of Finland has tasks relating both to Finland and to the Eurosystem. In addition to monetary policy, the Bank’s core tasks are financial market stability, financial statistics, banking operations and currency supply.
The Bank of Finland fosters economic stability. Price stability, secure payment systems and reliable financial systems are prerequisites for sustainable growth, employment and the welfare of Finnish society.
The Bank of Finland
- prepares and implements monetary policy in Finland
- oversees the stability of the financial system and produces statistics
- conducts research and economic policy analysis
- attends to the settlement of interbank payments and investment of its own financial assets
- maintains the stability and efficiency of payment systems and issues banknotes.
Read more on the Bank of Finland website.
Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. Administratively we operate in connection with the Bank of Finland, but we make independent decisions in our supervisory work.