The Bank of Finland has decided to consolidate the currency distribution to two of its branches. The Bank's aim is to improve the efficiency of currency supply.
The number of cash payment transactions has decreased gradually in Finland. In 2010, cash payments accounted for less than a third of total payments. The same trend has been witnessed in other European countries. At the same time, the role of central banks in cash retail distribution has decreased and that of the private sector has increased correspondingly. In the entire euro area and in the Nordic countries, central banks have concentrated the supply of currency and cut down their network of regional offices.
In future, the Bank of Finland’s regional offices will continue their operations in Vantaa and Oulu. The offices in Tampere and Kuopio will be closed by the end of 2012. A total of 14 members of staff will be affected by the closure of these regional offices. Permanent staff will be offered work at the Bank of Finland’s other offices.
With this decision, the Bank of Finland extends the geographical area in which local cash centres can fairly independently maintain the supply of currency.
For further information, please contact
Pentti Hakkarainen, Deputy Governor of the Bank of Finland, tel. +358 10 831 2002, or
Mauri Lehtinen, Head of Currency Department, tel. +358 10 831 3473.