Mr Pentti hakkarainen was born in 1958. He is married and living in Helsinki, Finland.
Education
He graduated from the University of Helsinki in 1982 with a Master of Laws majoring in corporate taxes. After having received the degree he served on the bench between 1983 and 1984. He graduated from the Helsinki School of Economics and Business Administration in 1987 with a Master of Science in Economics majoring in accounting and financial markets. He passed a Senior Executive Programme at Stanford Graduate School of Business, Stanford University in 1997.
Current position
Pentti Hakkarainen joined the Bank of Finland in 2002 as a Board Member and he became Deputy Governor on 1 January 2008. He is responsible for Financial Market Stability, Currency Supply, Financial Reporting and Risk Management. He is Chairman of the Board of the Financial Supervisory Authority (the FSA) of Finland. Mr Hakkarainen is also an alternate member of the ECB Governing Council and Chairman of the ESCB Committee on Controlling (COMCO).
Summary of working history
After having passed the Diplomat Training Course Pentti Hakkarainen held the position of an Attaché for the Ministry for Foreign Affairs in 1984-1985.
He worked for Finance Management of Outokumpu Corporation, a listed multimetals company, between 1985 and 1995. He started as Assistant Financial Manager and became Finance Director/Corporate Treasurer in 1989. The company operated in more than 30 countries and was one of the biggest in its industry having 12,000 employees worldwide. Mr Hakkarainen was responsible for the management of the group treasury, investor/analyst relations and management of financial risks. He arranged financing also for company acquisitions and greenfield projects (mining and metallurgical plants). One of his main tasks was to take the company public and it has been quoted on the Helsinki Stock Exchange since 1988.
In 1995 he became Executive Director and in 1997 Managing Director and President of OKOBANK plc (currently Pohjola Bank plc). It is the commercial bank (retail and corporate banking) and the central bank for the cooperative OP Pohjola banking group which had approximately 35 % market share in Finland. OKOBANK had about 2,000 employees and is quoted on the Helsinki Stock Exchange. In addition to general management Pentti Hakkarainen’s responsibilities covered also international banking contacts and treasury and trading activities as well as investor relations.
Between 1998–2001 he was President of Postipankki Ltd and chief executive for the banking business of its successor Sampo-Leonia (currently Sampo plc, was formed through mergers of Postipankki Ltd, the Finnish Export Credit and Sampo Insurance Company plc). Postipankki Ltd was one of the leading retail and corporate banks in Finland also possessing investment banking and project finance businesses. Number of employees was about 4,500.
In 2001 Pentti Hakkarainen was appointed Member of the Board of the Bank of Finland starting in 2002. He has been responsible for Banking Operations (incl. foreign exchange reserves and payments services), Information Technology, Financial Reporting, Management of Risks, Human Resources and Administration. In 2008 he was appointed Deputy Governor.
Board memberships and other affiliations (selected)
| 2008– |
Financial Supervisory Authority
• Chairman of the Board (new FSA started 2009; chairman of Banking Supervision and board member of Insurance Inspection when these were merged in 2008) |
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| 2004– |
International Monetary Fund
• External Audit Committee; Member 2004–2005, Chairman 2006
• Board of Governors; Alternate 2008 – |
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| 2010– |
European System of Central Banks
• Chairman of the Committee on Controlling 2012-
• Member of the International Relations Committee 2010- |
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2002– |
European Commission
• Member of the Banking Advisory Committee 2002-2003
• Member of the Economic and Financial Committee 2005 - |
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| 1998– 2001 |
Helsinki Chamber of Commerce
• Vice Chairman 1999–2001
• Member of the Board 1998–1999 |
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| 2000–2001 |
Veikkaus Oy (the national lottery company)
• Member of the Board |
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| 2000–2001 |
Employers' Confederation of Service Industries
• Member of the Board |
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| 2000–2001 |
Bankers’ Association in Finland
• First Vice Chairman of the Board |
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| 1991–1998 |
IS-Yhtymä Oy (a medium size enterprise in newspaper publishing and commercial printing; employees about 200)
• Member of the Board |
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