The new Board of the Bank of Finland has decided on its division of responsibilities. This decision was taken as today, on 12 July 2018, Dr Olli Rehn takes up his duties as Governor and Chairman of the Board, and Tuomas Välimäki, DSc (Econ.), takes up his duties as member of the Board of the Bank of Finland.
The division of responsibilities reflects the Bank of Finland’s core functions and processes. The core processes carry out tasks in the areas of monetary policy preparation, monetary policy implementation, financial stability, domestic economic policy and digitalisation.
Under the new division of responsibilities, Governor Olli Rehn is responsible for monetary policy preparation, domestic economic policy, external communications, international affairs and internal audit. Governor Rehn is a member of the Governing Council of the ECB.
Marja Nykänen, LLM (trained on the bench), has been a member of the Bank of Finland Board since 1 February 2017 and bears responsibility for financial market issues, macroprudential policy, statistics, legal affairs, budget and personnel as well as security and property management issues. She is also responsible for the risk control of investment activities and monetary policy as well as the financial stability process and the activities of the Management Group of the Bank of Finland’s pension fund. Marja Nykänen is the Chairman of the Board of the Financial Supervisory Authority.
Member of the Board Tuomas Välimäki assumes responsibility for monetary policy implementation, market operations, investment of the Bank of Finland’s financial assets, economic research and research on transition economies as well as cash supply and payments. He is also responsible for the Bank of Finland’s IT function and the digitalisation process.
‘The new Board of the Bank of Finland has based its division of responsibilities on the Bank’s proven organisational structure. This autumn, the Board will assess, in particular, the effects of the digitalisation of payments and the heightened importance of financial stability on the Bank’s operating environment. Accordingly, the Board will evaluate the Bank’s strategic guidelines and key priorities. The Board will further review its division of responsibilities as necessary,’ stated Governor Olli Rehn.
For further information, please contact Mika Pösö, Head of General Secretariat, Secretary to the Board, tel. +358 9 183 2700.