The Board of the Bank of Finland has decided on the Banks new organisational structure and adjusted the Board’s division of responsibilities accordingly. The new organisation reflects the Bank’s updated strategy. The purpose of the reorganisation is to support the Bank of Finland’s strategic guidelines by concentrating the functions relating to payments and information management on their own departments.
The new organisation consists of combined areas of activity which promote the enhancement of synergies between the various functions. The Payment Systems department will produce the central bank services related to payment systems and cash supply. The Information Management department will be responsible for information systems as well as document and information services. Search for the new Heads of the Payment Systems and the Information Management departments will be initiated immediately.
With the reform, the Bank of Finland will consist of the following departments: Monetary policy and Research; Financial stability and Statistics; Market operations; Payment Systems; General Secretariat; Administration, and Information Management. The Administration and Information Management departments produce the shared services for the Bank of Finland and the Financial Supervisory Authority. The activities of the former Cash department will largely be transferred to the new Payment Systems department. Due to the updated task descriptions, the Banking Operations department will be renamed Market Operations department.
Under the division of responsibilities of the Bank of Finland Board, Governor Olli Rehn, Chairman of the Board, 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 and the Board of Governors of the IMF.
Marja Nykänen, Deputy Governor and Vice-Chairman of the Board, bears the responsibility for financial stability issues, macroprudential policy, statistics, legal affairs and administration. She is also responsible for the risk control of investment activities and monetary policy as well as 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, investment of the Bank of Finland’s financial assets, economic research and research on transition economies as well as payment systems and information management. He is also responsible for the Bank of Finland’s digitalisation process. Tuomas Välimäki is Governor Rehn’s alternate member on the Governing Council of the ECB.
‘During the autumn, the Bank of Finland Board has assessed, in particular, the effects of the heightened importance of financial stability, the payments revolution and digitalisation on the Bank’s operating environment. The new organisational structure allows for better implementation of the Bank’s strategic guidelines. The organisational reform has been prepared in close cooperation with the staff’, stated Governor Olli Rehn.
The new organisation will become effective on 1 January 2019.
For further information, please contact Governor Olli Rehn, tel. + 358 9 183 2001.