The Head of Banking Operations is Harri Lahdenperä.

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The Department includes the following divisions and units:

Payment and Settlement Division

The Payment and Settlement Division is responsible for TARGET2 and T2S services offered to the Bank of Finland's customers, collateral management related to central bank credit, and back office operations related to financial assets and monetary policy. It also participates in the development and management of the Eurosystem's common market infrastructure and is responsible for ensuring the migration of the Bank's customers to new services.

The Head of the Payment and Settlement division is Jussi Terho.

Market Operations

The Market Operations division is responsible for the front office operations and policy analysis related to the implementation of monetary policy as well as foreign exchange trading, market analysis and gold investment operations.

The Head of Market Operations is Niko Herrala.


The Investment division is responsible for investing the Bank of Finland's financial assets. Investment activities are geared to protect the value of the financial assets and the Bank's ability to support the liquidity of Finland's banking system and the Finnish economy. The Bank of Finland's financial assets are invested in high grade debt securities issued by advanced countries and other government-related institutions, as well as covered bonds, corporate bonds and equities. The Investment division is also responsible for investing the Bank's share of the ECB's foreign reserves together with the Bank of Estonia.

The Head of Investments is Jarno Ilves.

Analysis and Collateral team

The Analysis and Collateral team coordinates the process for approval of new counterparties, participates in Eurosystem cooperation, and monitors and analyses collateral and counterparty policy.

The Principal Adviser to the Analysis and Collateral team is Marjaana Hohti.

Risk Management for Monetary Policy Operations

The Risk Management team is responsible for risk management functions related to the implementation of monetary policy, preparation of policy issues, risk reporting and risk management methodology.