The Law On The Bank Of Finland

Original Language Title: Laki Suomen Pankista

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In accordance with the decision of Parliament: Chapter 1 General provisions article 1 the status of the Bank of Finland is Finland's Central Bank. It is an independent body governed by public law.
The Bank of Finland works to the Treaty establishing the European Community, hereinafter referred to as the Treaty, as well as the European system of central banks and of the European Central Bank, hereinafter referred to as the Statute, in the manner set out in part of the European system of central banks.
In carrying out the tasks of the European system of central banks and of the European Central Bank, the Bank of Finland is acting in accordance with the guidelines and instructions.

the objective of article 2 of the primary objective of the Bank of Finland is in accordance with the Treaty, to maintain price stability.
The Bank of Finland is in accordance with the Treaty, the support of the other, without compromising achievement of the objectives of economic policy, however, the objective laid down in paragraph 1.

section 3 of the Tasks of the Bank of Finland's mission is to contribute to the monetary policy as defined by the Council of the European Central Bank.
The Bank of Finland also has the task of: 1) take care of the money supply and contribute to the issue of bank notes;
2) to take care of the holding and management of the foreign reserves to contribute to;
3) take care to contribute to the reliability of the system of payment and other financial and efficiency and contribute to its development;
4) take care of business in terms of the preparation and publication of statistics where necessary for the performance of.

section 4 of the Independence and cooperation with other authorities in carrying out the tasks of the European system of central banks, the Bank of Finland, or a member of the institution is not allowed to seek or take their business to be something other than the provisions concerning the European Central Bank.
The Bank of Finland shall be, as appropriate, in co-operation with the Government and other authorities.

section 5 of the powers of the Bank of Finland can perform their functions: 1) to the give and take the credit;
2) to receive and to make deposits;
3) engage in securities, precious metal and foreign exchange trading;
4) take care of the payment and clearing;
5) engaged in more than just security, monetary or foreign exchange market activity;
6) to provide banks and other financial institutions, as well as the corresponding provisions relating to the treatment of money and instructions to the communities.
The Bank of Finland can own shares, holdings and real estate to the extent that it is reasonable for the Bank to carry out the tasks or activities.

the ban on public funding for section 6 of the Bank of Finland not to give credit to the European Union institutions or bodies, Member State of the European Union, its regional, local or other public authority, or any other public body.
The Bank of Finland does not mean the debt issued by the communities as referred to in sub-section 1.
Paragraphs 1 and 2, applies except in the case of credit institutions within the meaning of subparagraph (1), the undertakings which are controlled by public bodies. The Bank of Finland's Central Bank financing, to be treated in the same way the publicly-owned credit institutions as private credit institutions.

section 7 of the Securities in its credit to the Bank of Finland must be sufficient guarantees.
2 this article is repealed L:lla 26.11.1999/1084.

section 8 of the original own funds of the Bank of Finland is the position of the Fund and the reserve fund.
The reserve fund may be used to cover the increase in the deficit position of the Fund or as section 21.
Chapter 2, section 9 of the administration of the institutions of the Bank of Finland are the institutions of the Council of the Bank and the Executive Board.

Article 10 of the Council of the Bank the Bank won a nine-speaker of the Parliament elected by the Bank supervisor. The Bank of Finland shall elect a Chairman and a Vice-Chairman.
The Bank has an obligation to resign if he is called to become a member of the Council of State, or to be appointed as a member of the Executive Board, or if he has taken an action that, according to the unanimous decision of the Board of Governors of the Bank in the hands of the banking supervisor in addition to is not suitable for the operation.

the tasks of the Board of Governors of the Bank of Finland, section 11 of the Bank administration and operation of the Board of Governors as the Bank shall be responsible for: 1) on a proposal from the Management Committee of the financial statements of a bank;
2 on the basis of the opinion of the statutory auditors) shall decide on the Bank's profit and loss account and the balance sheet;
3) decides on a proposal from the Management Committee of the results of the financial year of the Bank;
4. an annual report on the activities of the Bank) will provide to Parliament and to work with the Board of Governors of the most important issues, as well as for the management of the Bank;
reports to Parliament, if necessary, 5) gives the implementation of monetary policy and the rest of the Bank's activities.
The task of the Supervisory Council of the administrative management of the Bank of Finland is: 1) make to the Council of State the next Chairman of the Executive Board of the fulfilment of the public authorities; (19 December 2008/850) 2) to determine the remuneration of the members of the Executive Board, the annual leave of the official criteria for determining both the freedom and the exercise of public authority for more than a week of sustained during the time;
3. the Member of the Executive Board) to decide a as well as solve other matters relating to civil servants and the relationship of the members of the Executive Board;
4) shall be appointed by the directors on a proposal from the Management Committee;
5) provide for the Executive Board;
6) confirms the Bank's pension and survivor's pension provisions of the regulations on a proposal from the Management Committee, as well as to give the Bank's pension liability management;
7) gives the provisions of the Bank's officials on a proposal from the Management Committee of the language skills required.
In addition to the Bank by the Board of Governors shall be responsible for: 1) shall decide on the tasks of the Finnish Parliament.
2. the tasks of the State Council on the proposals in principle) to decide on relevant matters;
3) confirm the speaker of the Parliament, elected by their auditors and their fees and allowances payable to the sihteerilleen;
4) on a proposal from the Management Committee referred to in article 15 of the Statute;
5) ordered to be paid compensation for the appointment of an official of the Bank for a specified period without any basis in law.
The Bank Council has the right to obtain the information necessary for the performance of their duties laid down in this article.

Article 12 of the decision of the Bank by the Board of Governors of the Bank of Finland has a quorum when at least six members are present. Decision shall be considered as opinion polls, which most are supported. In the event of a tie, drawing.
The members of the Executive Board shall have the right to be present and use the power of the President of the Bank Council meeting.

section 13 of the Board the Management Board shall be composed of a Chairman and up to five other members. The President of the Republic shall appoint the President of the Executive Board for a term of seven years. The other members shall be appointed by the Council for a term of five years. The eligibility requirement for the post of Member of the Board is to post an appropriate master's degree and a good familiarity with the cash economy or financial activities, as well as in practice, proven leadership and management experience. (19 December 2008/850)
The Chairman of the Executive Board of the Director-General of the Bank of Finland.
The same person may be appointed as a member of the Executive Board for a term of not more than three. The Board, however, may be the same person shall be appointed by the Chairman for a two-term, although he has worked in the past as a member of the Executive Board.

the tasks of the Executive Board of the section 14 of the Management Board shall ensure the performance of the duties of the Bank of Finland and the Bank's management, the Board of Governors of the Bank as provided for by law, unless this is not the tasks as belonging to or in the absence of the financial supervision Act (503/1993).
The Bank's activities is to be organised in an efficient and economical way.
The Management Board has the right to lay down more detailed provisions on the tasks of the Bank's departments and the Bank, and powers.
The Director-General and the other members of the Executive Board are required on a regular basis to give explanations to the Board of Governors on the implementation of the monetary policy of the Bank and the rest of the Bank's activities.
RahoitustarkastusL 503/1993 is repealed by L:lla 587/2003, see (L) Financial control of 878/2008.

section 15 of the Executive Board of the decision-making Executive Board has a quorum when at least three of its members are present. Decision shall be considered as opinion polls, which most are supported. In the event of a tie, drawing.
The Director-General of the Bank of Finland's independence and powers of the management with regard to her in performing his duties, the Council of the European Central Bank laid down in the Treaty and the Statute.
Decision of the Governing Board on the occasion of the presentation of the procedure and can be used to give more specific provisions in the rules.

section 16 of the official termination of a member of the Executive Board, the President of the Republic may dismiss the Chairman of the Executive Board and other members of the Executive Board of the Bank, the Board of Governors only if he no longer fulfils the conditions required for the performance of his duties or if he has been guilty of serious misconduct. (19 December 2008/850)
The decision referred to in paragraph 1 shall be the Member of the Executive Board as the Chairman of the other appeal to the Supreme Administrative Court to the extent applicable, in accordance with what the administrative act (586/1996). The President of the Executive Board of the right of appeal provided for in the statutes.

section 17 of the authorisation of a member of the Executive Board member of the Executive Board of the page may not be received, and not to keep the page, unless, on application by the Council of the Bank, grant to him. Page number of the concession can be given also for and limited. The authorization may be revoked where it should be.
When considering the page to granting an authorisation has to be taken into account that a member of the Executive Board is not allowed to enter the page of esteelliseksi. Page work is also a member of the Executive Board must not jeopardise the confidence of his, the European system of central banks or other exercise of their duties, and not to impede the proper performance of the tasks of the anyway.

Page and (2) of the Act, referred to in posts as well as paid and unpaid work and role, the Member of the Management Board shall have the right to refuse, as well as a profession, industry and movement.

section 18 (18.9.2015/1177) the selection of the Bank of Finland is elected by the Auditors of the accounts and accounting as well as the Government to check each of them five Auditors and one alternate.
At least two auditors and alternates shall be authorised public accountants, accountants or JHT-accountants.
The Auditors shall elect a Chairman from among its members and in the light of the Secretary, who shall be authorized public accountant.
L:lla 1177/2015 amended section 18 shall enter into force on the 1.1.2016. The previous wording: article 18 of the Bank of Finland is elected auditor check of the accounts and accounting as well as the Government to check each of them five Auditors and one alternate.
At least two of the statutory auditor, as well as alternates must be approved by the Central Chamber of Auditors or an auditor of the public administration and Economics graduates.
The Auditors shall elect a Chairman from among its members and in the light of the Secretary, who shall be the auditor certified by the Central Chamber of Commerce.
Chapter 3 financial statements, financial income, profit and the audit of the financial statements of the Bank of Finland, article 19 the fiscal year is the calendar year.
The financial statements, which shall comprise the balance sheet, the profit and loss account and the notes to the accounts and the annual report shall be drawn up by the end of February and to be published by the end of April.
The financial statements give a true and fair view of the financial position and the result of the formation of the Bank. The financial statements shall be drawn up and signed by the Executive Board.
The Bank's balance sheet will be announced during the period, on a monthly basis.

section 20 of the accounts of the Bank of Finland is in their accounts comply with the good book.
The financial statements can be used to make reservations, in order to safeguard the real value of the funds of the Bank, or if the exchange rate or the value of the result of the fluctuations in the market price of equalization is necessary.
The financial statements can be made in order to cover the pension liability of the Bank the necessary reserves.

section 21 of the Financial income and the profit the operating system of the European Central Bank's monetary policy function monetary income shall be calculated and shall be distributed between the provisions contained in the Statute of the national central banks and the European Central Bank in accordance with the decisions taken by the Council.
The profits of the Bank of Finland, after the European Central Bank in the financial statements of the financial system, the sheer amount of income is taken into account, are used in half of the reserve fund. The rest of the surplus will be transferred for use in the State. Council of the Bank may decide to use the profits to the contrary, the financial position of the Bank, or if the amount of the reserve fund is therefore justified. The use of the profit of the State needs to decide on the Parliament.
If the Bank's financial statements in the event of a loss has to be covered by making the Fund. To the extent that the reserve fund is not enough, the loss can be left uncovered so far. The next few years, the profit is primarily used to cover their missed the losses.

section 22 of the audit, the auditors elected by the Parliament, will submit an annual financial audit of the Bank of Finland by the end of March of the year following that.
The audit must comply with the good the Court of Auditors.
The Auditors must be provided all the documents and the information they consider necessary for the audit.
Approved by the Council of the European Union Auditors the right to inspect the books and accounts of the Bank of Finland, as well as to get information on the Bank's activities provided for in the statutes.

the Parliament elected by the Court of Auditors pursuant to article 23 of the report of the statutory auditors shall give the Bank a written audit report to the Board of Governors, which includes statements of compliance with the criteria laid down by the Board of Governors of the bank accounts of the preparation of the financial statements, the profit and loss account and balance sheet and, on a proposal from the Executive Board of the Bank's results for the measures. In addition, the Court of Auditors report shall take any reminders that may affect the income statement and balance sheet.
Chapter 4 miscellaneous provisions article 24 of the administrative procedure and the law on administrative procedure of the language of the Finnish Bank (598/1982) in dealing with administrative matters.
The official language of the Bank of Finland is in force, the official language bilingual civil servants what.
HallintomenettelyL 598/1982 HallintoL:lla 434/2003 is repealed. See article 12 of the KieliL 423/2003.

section 25 of the Bank of Finland is entitled to charge the fees suoritteistaan fees. The activities of the authorities of the bank charges for the provision of services, other than the tasks of the European system of central banks in respect of the fees to be taken into account where appropriate, what the basis of payment, the law of the State (150/1992).

section 26 of the access to and the obligation to provide information (8.8.2014/619) the Bank shall have the right to obtain from the authorities of the other notwithstanding the provisions on secrecy, as well as credit and financial institutions and other financial market all the alerts, reports and other information, which are necessary in order to carry out the tasks provided for by law, subject to the Bank.
Notwithstanding the provisions of the Finnish Bank is required to provide information to the financial markets authority, as well as other than for statistical purposes the information obtained from the rest of the authority, which is under the law, the right to receive such information. The data obtained for statistical purposes, the Bank has the right to dispose of the rest of the authority, for statistical purposes, if the authority has under the law, the right to receive such information.
The right to get and give information about the tasks of the European system of central banks provides, in addition to the European Community legislation.
The Bank of Finland is without prejudice to the confidentiality of the information in the rest of the law lays down the law on financial supervision, notify, without delay, (889/2008) Article 71, paragraph 1, sub-paragraph 1 and the authorities referred to in paragraph 3, if the attention of the Bank of Finland into the European supervisory authority (European banking authority), as well as decision No 1/80 716/2009/EC and in Commission decision 2009/78/EC of the European Parliament and of the Council repealing Council Regulation (EU) no 1093/2010 referred to in article 18, or to be treated as a crisis situation in Finland. (8.8.2014/619), section 26 (a) the cooperation of the Ministry of Finance (19.12.2014/1203), Financial control and financial stability with the Agency of the Ministry of finance, the Bank of Finland shall cooperate with the financial supervision authority and the law on financial stability (1195/2014) with the Agency, referred to in the financial stability of credit institutions and investment firms, the law on the settlement of the crisis (1194/2014) in the planning and supervision of the operations referred to in the resolution, as well as in the follow-up of the decisions taken.

Article 27 of the obligation to provide information to the Committee on the Board of the Bank of Finland is obliged to provide to the Committee any information, which are necessary for the exercise of the tasks of the Committee.

section 28 (7.8.2015/9) to the right of access to information, for each of the balance-of-payments statistics shall provide the Finnish Bank for its balance-of-payments statistics in accordance with the instructions laid down by the data of the following actions: 1) payments abroad and from abroad;
2) receivables from abroad, other funds and liabilities abroad abroad;
3) other measures which alter or may change the assets from abroad or by a creditor.
The Bank of Finland can be a threat to the information referred to in subparagraph (1) fine. The periodic penalty payment to be paid by the Bank of Finland condemns.
The decision referred to in paragraph 2 above, may be appealed by appealing to the Administrative Court, as administrative law. The condemnation of the decision of the administrative law on the issue of the penalty may be appealed to the administrative law. The rest of the decision may be appealed only if the Supreme Administrative Court grants leave to appeal. Despite the appeal, the decision can be implemented, unless otherwise required by the reviewing authority.
L:lla 9/15 modified section 28 shall enter into force on the 1.1.2016. The previous wording: article 28 of the right of access to information, for each of the balance-of-payments statistics shall provide the Finnish Bank for its balance-of-payments statistics in accordance with the instructions laid down by the data of the following actions: 1) payments abroad and from abroad;
2) receivables from abroad, other funds and liabilities abroad abroad;
3) other measures which alter or may change the assets from abroad or by a creditor.
The Bank of Finland can be a threat to the information referred to in subparagraph (1) fine. The periodic penalty payment to be paid by the Bank of Finland condemns.
The decision referred to in paragraph 2 above, to appeal to the Supreme Administrative Court, as administrative law. Despite the appeal, the decision can be implemented, unless otherwise required by the reviewing authority.

section 29 of the President and the President of the Management Board of the Bank of Finland used the power of the European Court of Justice and other courts and other authorities and communities.
In civil cases the Bank of Finland is responsible for the District Court of Helsinki.

section 30 (17 November 2000/962) section 30 is repealed by L:lla on 17 November 2000/962.
Chapter 5, section 31 entry into force entry into force and transitional provisions


This law shall enter into force, when, in accordance with article 109 l of the Treaty Finland will participate in the single currency area. This Act repeals the Bank of Finland, the law of 24 July 1997 (719/1997), as amended, hereinafter referred to as the subsequent earlier law. Chapter 3 of the earlier law, 36, 43 and 45 to 48 section, however, are in force until otherwise provided by law.
From 15 to 17 of this law, section 4 and come in, however, by way of derogation from article 1, for the entry into force on 1 May 1998. Until the entry into force of the previous law shall apply instead of the 5 and 17-19;
Before the entry into force of the law can be used to take the measures needed to implement the law.
THEY'RE 6/1998, TaVM 3/1998, EV 20/1998 Amendment of 18 December 1998, the date of entry into force and the application of the acts:/1004: this law shall enter into force on the Bank of Finland on the date laid down in article 31 of the law at the time.
THEY 259/1998, TaVM 33/1998, EV 209/1998, Council Directive 98/26/EC; OJ No l L 166, 11.6.1998, p. 45 26.11.1999/1084:99/10/1999, 1999, TaVM EV 56/1999, Council Directive 98/26/EC; OJ No l L 166, 11.6.1998, p. 45 of the response/962: this law shall enter into force on 1 December 2000.
THEY'RE 57/2000, LaVM 7/2000, EV 101/2000, 19 December 2008/850: this law shall enter into force on 1 January 2009.
THEY TaVM 23/64/2008, 2008/178/2008 on 9 December 2011, EV 12: this law shall enter into force on 31 December 2011.
THEY'RE 71/4/2011, 2011, TaVM EV 30/2011, for a European Parliament and Council directive 2010/78/EU (32010L0078); OJ No L L 331, 8.8.2014, p. 120-161 15.12.2010/619: this law shall enter into force on 15 August 2014.
THEY'RE 39/2014, TaVM 6/2014, EV 62/2014 19.12.2014/1203: this law shall enter into force on 1 January 2015.
THEY are 175/2014, TaVM 20/2014, EV 191/2014, the European Parliament and Council directive on the 2014/59/EC (32014L0059); OJ L 173, 12.6.2014, p. 190 7.8.2015/9: this law shall enter into force on the 1 January 2016.
On appeal before the entry into force of this law shall apply to the Management Board on the date of entry into force of this law, the provisions in force.
THEY'RE 230/26/2014 2014, LaVM, EV 18.9.2015/319/2014 1177: this law shall enter into force on the 1 January 2016.
THEY TaVM 34/254/2014, 2014, EV 371/2014