Bank of Finland
1.1 Bank of Finland in 2024
Bank of Finland’s tasks and strategic priorities in 2024
The Bank of Finland is Finland’s monetary authority and national central bank. At the same time it is a part of the Eurosystem, which is responsible for monetary policy and other central bank functions in the countries of the euro area and for administering the world’s second largest currency, the euro.
The primary objective of the Eurosystem and the Bank of Finland is price stability, which means making sure that inflation remains low. Prices are stable when annual inflation as measured by the euro area Harmonised Index of Consumer Prices (HICP) is at 2% over the medium term.
The Bank of Finland has both domestic and Eurosystem objectives.
The Bank of Finland
- prepares and implements monetary policy in Finland;
- oversees the stability of the financial system and produces statistics;
- conducts research and participates in economic policy debate;
- takes care of clearing for interbank payments and manages its own investments;
- maintains stable and efficient payment systems and issues banknotes and coins into circulation.
The Bank of Finland’s strategic priorities in 2024 were:
1. Analysing inflation dynamics and bringing high inflation down to its target level
Preparing monetary policy for conditions in which inflation is high or fluctuating requires new information. The Bank of Finland will deepen its understanding of the euro area’s inflation dynamics with the aid of research and analysis.
2. Anticipating financial crises and strengthening bank resolution processes
The Bank of Finland will strengthen its operational readiness for any financial market disruptions
3. Furthering the resilience of and alternatives for European retail payments
The Bank of Finland will focus strongly on preparatory work for a digital euro and on ensuring that an instant payment service based on European standards is introduced in Finland.
4. Promoting sustainable economic policy in Finland and the EU
The Bank of Finland aims to ensure that Finland’s level of competitiveness is high and its economic growth is sustainable, and that the wellbeing of Finland’s citizens is underpinned as much as possible by the EU and Monetary Union.
The European Central Bank’s (ECB) climate strategy and the Bank of Finland’s sustainability work will provide effective support for managing the risks related to climate change and to biodiversity loss.
5. Seizing the opportunities of the data economy at the Bank of Finland and the Financial Supervisory Authority
The aim is to make sure that the Bank of Finland and the FIN-FSA have comprehensive access to different datasets, and to ensure the accessibility, usability and efficient management of data and materials.
The Bank of Finland will improve its readiness, ability and competence to apply modern data analytics to data of all kinds and will be agile in creating solutions suitable for different purposes.
Bank of Finland’s international cooperation in 2024
Economic and financial issues within the scope of central bank policies are cross-border in nature, so measures to address them call for close international cooperation.
The ECB and the Eurosystem national central banks are the main international partners of the Bank of Finland. The Governor of the Bank of Finland, Olli Rehn, is a member of the Eurosystem’s highest decision-making body, the Governing Council of the ECB. The Governing Council’s principal task is to decide on the monetary policy of the euro area.
The Bank of Finland is responsible for Finland’s relations with the International Monetary Fund (IMF). The IMF works to foster international cooperation, open and rules-based foreign trade, sustainable economic growth and financial stability.
The Governor of the Bank of Finland is Finland’s representative on the IMF’s Board of Governors. Finland participates in the decision-making of the IMF as part of the IMF’s Nordic-Baltic Constituency (NBC).
In the IMF’s poorest member countries in particular, the financial support needs remained high in 2024. The IMF responded to the financing needs by revising the funding model for the Poverty Reduction and Growth Trust and by reducing the cost of borrowing for members.
IMF communications (in Finnish) emphasised the importance of opposing geoeconomic fragmentation, strengthening debt sustainability and supporting the green transition.
The Governor of the Bank of Finland also participates in the regular meetings of the governors of the member central banks of the Bank for International Settlements (BIS).
The Bank of Finland participates in the work of EU institutions and committees. The Bank is a member of the EU’s Economic and Financial Committee (EFC). The EFC was set up to promote economic policy coordination among EU Member States and to participate in the preparatory work for the EU’s Economic and Financial Affairs Council, commonly known as the Ecofin Council.
The financial stability of the European Union is supervised by the European Systemic Risk Board (ESRB), which is responsible for preventing and minimising systemic risks. Governor of the Bank of Finland Olli Rehn is serving as First Vice-Chair of the ESRB.
The annual meeting of the governors of central banks in the Nordic countries was held in September in Helsinki. They discussed the economic and inflation outlook for the Nordic countries, the security situation in Europe and payment system matters, among other things.
See Bank of Finland representatives at the ECB, EU and other international bodies (PDF).
Bank of Finland’s coaching programme for experts
A coaching programme for Bank of Finland experts was begun in 2021. Approximately half of the Bank’s experts will have completed the programme by the end of 2025. The programme is designed to support and develop the skills of staff in their role as experts, including self-management, networking, effectiveness and constructive team-working. The programme is based on the Bank of Finland’s values and vision.
Sustainability work and climate measures in 2024
Sustainability is one of the key elements of the Bank of Finland’s activities. The Bank’s sustainability work focuses on promoting sustainable growth and wellbeing, and managing climate risks.
The Bank of Finland’s most significant sustainability measures concerned implementation of the ECB’s climate strategy and the sustainability objectives in the Bank’s financial assets management.
The Eurosystem aims to gradually decarbonise its corporate bond holdings on a path aligned with the goals of the Paris Agreement. Preparatory work to incorporate climate risks into the Eurosystem’s collateral framework continued in 2024.
The Bank of Finland participated actively in the international development of climate indicators. Corporate sustainability reporting requirements became applicable in 2024. A working group determined the key indicators and arranged collection of the relevant data.
The Bank of Finland has set a carbon neutrality target for its entire investment portfolio, which it aims to achieve by 2050 at the latest. In 2024 the Bank of Finland made further progress towards reaching the interim target set for 2025 of reducing by half the average carbon intensity of equity investment from the 2021 baseline figure.
The total emissions of the Bank of Finland were lower than in 2023, which was attributable particularly to the more accurate emissions data on construction and building repair projects.
The Bank of Finland’s 2024 communications goals as key figures
The goal of the Bank’s communications is to earn people’s trust through its actions. The views expressed externally by the Bank are based on high-quality data and research on the economy. The Bank of Finland’s communications in 2024 covered various topics affecting people across the country, such as interest rates, inflation, household debt, means of payment, and the state of the economy in Finland and other countries.
The Bank of Finland redesigned its websites during the year. This involved updating the appearance and technical aspects of the four websites. Improvements were also made to the accessibility of the sites and the visibility of topical information.
Bank of Finland’s budget in 2024
The Bank of Finland’s objective is to carry out its tasks in an economic and efficient manner. The Board evaluates implementation of the objectives on a quarterly basis.
| Bank of Finland | Outturn2024EUR m | Budgeted2025EUR m |
|---|---|---|
| Operating expenses and income | ||
| EXPENSES | ||
| Staff expenses | -40.2 | -41.9 |
| Staff-related expenses | -2.6 | -3.3 |
| Other expenses | -33.0 | -42.6 |
| Banking service expenses | -7.3 | -7.5 |
| Depreciation | -9.6 | -9.6 |
| Total | -92.8 | -104.9 |
| Banknote acquisition costs | -5.8 | -4.9 |
| Pension fund contribution | -8.3 | -8.3 |
| Total operating expenses | -106.9 | -118.1 |
| INCOME | ||
| Banking service income | 0.9 | 0.8 |
| Real estate | 5.0 | 4.9 |
| Other income | 0.3 | 0.1 |
| Services to FIN-FSA | 7.4 | 8.7 |
| Total income | 13.5 | 14.5 |
| Net | -93.4 | -103.6 |
| Due to rounding, the totals do not necessarily tally. | ||
| Bank of Finland | Outturn2024EUR m | Budgeted2025EUR m |
|---|---|---|
| Investment | ||
| Real estate investment | 5.7 | 9.9 |
| Head office premises | 0.9 | 5.4 |
| Vantaa premises | 2.5 | 4.1 |
| Other premises | 2.2 | 0.4 |
| IT equipment and software | 5.8 | 8.9 |
| Cash handling machines | 0.0 | 0.0 |
| Security equipment | 0.8 | 1.3 |
| Other | 0.0 | 0.5 |
| Total investment | 12.3 | 20.5 |
| Due to rounding, the totals do not necessarily tally. | ||
| Pension fund | Outturn2024EUR m | Budgeted2025EUR m |
|---|---|---|
| Operating expenses and income | ||
| EXPENSES | ||
| Staff expenses | -0.0 | -0.0 |
| Expenses for pension fund activities | -0.2 | -0.3 |
| Pension fund real estate expenses | -0.7 | -0.8 |
| Depreciation | -1.0 | -1.0 |
| Pensions paid | -32.9 | -35.2 |
| Total expenses | -34.9 | -37.3 |
| INCOME | ||
| Employment pension contributions | 14.7 | 15.2 |
| Internal rents | 2.0 | 2.0 |
| Pension fund contribution | 10.0 | 10.0 |
| Total income | 26.6 | 27.2 |
| Net | -8.3 | -10.2 |
| Due to rounding, the totals do not necessarily tally. | ||
| Financial Supervisory Authority | Outturn2024EUR m | Budgeted2025EUR m |
|---|---|---|
| Operating expenses and income | ||
| EXPENSES | ||
| Staff expenses | -27.5 | -28.9 |
| Staff-related expenses | -0.8 | -1.1 |
| Other expenses | -7.4 | -9.3 |
| Depreciation | -1.3 | -1.8 |
| Services from the Bank of Finland | -7.4 | -8.7 |
| Pension fund contribution | -1.7 | -1.7 |
| Total operating expenses | -46.2 | -51.5 |
| FUNDING OF OPERATIONS | ||
| Supervision fees | 41.1 | 44.5 |
| Processing fees | 1.7 | 1.8 |
| Bank of Finland contribution to funding | 2.3 | 2.6 |
| Surplus/deficit transferred from previous year | 3.9 | 2.6 |
| Total income | 49.0 | 51.5 |
| Surplus transferred to next year | -2.9 | |
| Due to rounding, the totals do not necessarily tally. | ||
| Financial Supervisory Authority | Outturn2024EUR m | Budgeted2025EUR m |
|---|---|---|
| Investment | ||
| IT equipment and software | 2.3 | 2.9 |
| Total investment | 2.3 | 2.9 |
| Due to rounding, the totals do not necessarily tally. | ||
Data Balance Sheet
The key figures set out in the Bank of Finland’s Data Balance Sheet provide a picture of the central bank’s data-intensive work and its information resources. The key figures, data collections, analytical background information and details of improvements in information management are presented more extensively in the Bank of Finland’s Data Balance Sheet, which is to be published in English in April.
| Case management and documents | 2024 | 2023 |
|---|---|---|
| Matters entered in case management system | 688 | 507 |
| Documents stored in case management system | 3,280 | 2,515 |
| Documents transferred to digital archive* | 24,659 | 20,606 |
| Documents in digital archive, total | 477,126 | 453,427 |
| Number of visitors to historical archive | 4 | 12 |
| Duration of visits (hours, total) | 20 | 63 |
| Data and statistics assets | 2024 | 2023 |
| Statistical data collections performed | 12 | 12 |
| Regular reporters of statistics | 1,662 | 1,645 |
| Statistical data collection reports received | 26,570 | 26,046 |
| Time series entries in the time series database | 10,256,341 | 12,047,416 |
| Statistics dashboards in external network | 85 | 57 |
| API calls in open data service (million) | 15 | 12 |
| Requests for experts, statements and information | 2024 | 2023 |
| Requests for experts | 27 | 17 |
| Requests for statements | 59 | 47 |
| Requests for information | 65 | 40 |
| *The archiving function of the electronic workspaces was introduced in June 2023. | ||
