The Bank of Finland’s mandate for the collection of data is based on Council Regulation (EC) No 2533/1998 (as amended by Regulation 2015/373) concerning the collection of statistical information by the European Central Bank, and on the Act on the Bank of Finland (214/1998, sections 26 and 28). 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.
Data are collected from monetary financial institutions (MFIs) for the purposes of the European System of Central Banks (ESCB), to meet statistical needs of international organisations and for national purposes as well as for the purposes of the Single Supervisory Mechanism and the Single Resolution Mechanism. Collection of statistical data on MFIs is based on regulation of the European Central Bank (ECB) concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33, as amended by ECB/2014/51), ECB regulation concerning statistics on interest rates (ECB/2013/34, as amended by ECB/2014/30) and ECB regulation concerning statistics on holdings of securities (ECB/2012/24, as amended by ECB/2015/18). Statistical reporting by MFIs is also governed by the March 2013 Guidelines of the Bank for International Settlements (BIS). MFIs comprise the Bank of Finland, deposit banks, other credit institutions and money market funds.
Collection of statistical data on investment funds is based on ECB regulation concerning statistics on the assets and liabilities of investment funds (ECB/2013/38) and ECB regulation concerning statistics on holdings of securities (ECB/2012/24, as amended by ECB/2015/18). The reporting obligation concerns investment funds, private equity funds and real estate funds registered in Finland. Data on money market funds are also collected within the same data collection framework, although money market funds are classified in statistics in the MFI sector.
The Bank of Finland collects data on securities-based assets and liabilities of selected reporting institutions. The reporting population consists of custodians, non-financial corporations, financial and insurance corporations, households and general government entities. These data are collected on the basis of ECB regulation concerning statistics on holdings of securities (ECB/2012/24, as amended by ECB/2015/18).
By virtue of ECB decision (ECB/2014/6) national central banks have started preparatory measures for the collection of granular credit data. On 18 May 2016, the Coverning Council of the ECB adopted a Regulation on the collection of granular credit and credit risk data (ECB/2016/13).