​The Board of the Bank of Finland has decided on a new division of responsibilities, which will enter into force on 1 December 2014. Key posts within the Bank of Finland, and particularly those exercising management responsibilities, are filled on a fixed-term basis. The purpose of this is to ensure the accumulation of broad-based competence and the updating of staff practices and procedures. The Board’s decision on the re-division of its own responsibilities supports the achievement of these objectives. With the new arrangement, all the heads of department will now come under a different Board member. A new division of responsibilities was last introduced in October 2010.

According to the new division of responsibilities, Governor Erkki Liikanen will be responsible for monetary policy preparation, domestic economic policy, financial market issues and external communications. He is also a member of the Governing Council and General Council of the ECB, and of the European Systemic Risk Board.

Deputy Governor Pentti Hakkarainen will bear responsibility for monetary policy implementation, investment activities, administration, legal and international affairs and macroprudential policy. He is also Chairman of the Board of the Financial Supervisory Authority.

Member of the Board Seppo Honkapohja will be responsible for scientific research, currency supply, market operations and payments, personnel and the risk control of investment activities and monetary policy.

The heads of department governing the various activities have primary responsibility for reporting to the relevant board member.

For further information, please contact: Mika Pösö, Secretary to the Board, tel. +358 10 831 2700.