The Bank of Finland collects statistical data from different reporting institutions. The data collected are used to carry out the tasks of the European System of Central Banks (ESCB) and the Bank of Finland, to meet the statistical requirements of international organizations and for national needs. The data are used, for example, in financial accounting and balance of payments statistics, in monetary policy analysis and operations, and in monitoring financial stability. In addition, on the basis of the collected statistical data, for example, the minimum reserve requirements of credit institutions are calculated.
The Bank of Finland, Financial Supervisory Authority and Statistics Finland collaborate in a permanent cooperation group known as ʽVirati’, aimed at minimising the reporting burden on reporting institutions. The FIN-FSA has the right to use the collected data for supervisory purposes if the reporting unit is a supervised entity of the FIN-FSA. Data from credit institutions may also be used for the purposes of the Single Supervisory Mechanism. In addition, the minimum reserve requirements of credit institutions are calculated on the basis of the collected statistical data.
In addition to the data collected by the Bank of Finland, the European Central Bank (ECB) collects data on, for example, money market transactions from MFIs operating in Finland. Data collection is limited to the largest MFIs in the country.
The Bank of Finland’s mandate for the collection of data is based on the legislation listed below. In addition, each reporting instruction page presents the specific instructions and the regulations on which each given data collection is based.
the collection of statistical data is based on the following regulations
Council Regulation concerning the collection of statistical information by the European Central
Bank (No 2533/1998, as amended by 2015/373)
Act on the Bank of Finland (214/1998, sections 26 and 28)