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Bank of Finland Annual Report 2016 Bank of Finland Annual Report 2016

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Bank of Finland Annual Report 2016 Bank of Finland Annual Report 2016 BANK OF FINLAND ANNUAL REPORT 2016 REPORT BANK OF FINLAND ANNUAL BANK OF FINLAND ANNUAL REPORT 2016 The euro area economy grew, Finland left recession behind. Household debt levels allied Digitalisation is reflected in but inflationary pressures Exports, employment and to the banking sector’s Nordic changing payment practices. remained slight. Monetary public finances nevertheless connections and concentration Cash use is on the decline. policy continued to be remained weak. increased financial system accommodative. vulnerability. Bank of Finland Annual Report 2016 Front cover photo by Mari Hienonen Bank of Finland Established 1811 Street address Snellmaninaukio, Helsinki Postal address PO Box 160, FI-00101 Helsinki Finland Telephone national 09 1831 international +358 9 1831 Fax +358 9 174 872 SWIFT SPFB FI HH E-mail [email protected] [email protected] Internet www.suomenpankki.fi/en Bank of Finland museum www.rahamuseo.fi/en The art site www.kansakunnanomaisuutta.fi/en Regional offices Vantaa Turvalaaksontie 1, Vantaa, Drafted in accordance with Section 19 of PO Box 160, the Act on the Bank of Finland. FI-00101 Helsinki, Telephone +358 9 1831 The figures in the Annual Report are based on data available in February 2017. Oulu Kajaaninkatu 8, ISSN 1239-9345 (print) BO Box 103, ISSN 1456-579X (online) FI-90101 Oulu, Grano Oy Telephone +358 9 1831 Helsinki 2017 Bank of Finland Annual Report • 2016 3 Contents Governor's editorial .........................................................................................................................6 Bank of Finland – promoter of stability ................................................................7 Bank of Finland activities 2016 .........................................................................................8 Monetary Policy .........................................................................................................................................8 The ECB's monetary policy and its preparation .....................................................8 Implementation of monetary policy in the euro area and Finland ...... 14 The Bank of Finland and economic policy in Finland ................................... 17 Financial system ..................................................................................................................................... 20 Financial stability ......................................................................................................................... 20 Financial system policy ............................................................................................................ 22 Financial market infrastructure ........................................................................................ 26 Financial asset management ......................................................................................................... 29 Bank of Finland’s financial assets and financial asset management ... 29 Investment risks and risk management ...................................................................... 31 Banknotes and coins ........................................................................................................................... 33 Other operations.................................................................................................................................... 36 Research ............................................................................................................................................... 36 Bank of Finland Institute for Economies in Transition ................................. 36 Statistics ................................................................................................................................................ 38 International activities .............................................................................................................. 40 Communications ........................................................................................................................... 42 Management and personnel................................................................................................ 44 Strategy .......................................................................................................................................................... 44 Management system ........................................................................................................................... 48 Objectives and results framework .................................................................................. 48 Action planning ............................................................................................................................. 48 Personnel and budget frameworks ................................................................................. 48 Risk management ......................................................................................................................... 49 Personnel ...................................................................................................................................................... 49 Budget and operating expenses ................................................................................................. 51 Budget for the Bank of Finland ........................................................................................ 51 Pension fund budget................................................................................................................... 51 Budget for the Financial Supervisory Authority ................................................. 52 Environment .............................................................................................................................................. 53 Total risk exposure .............................................................................................................................. 55 Financial assets ............................................................................................................................... 55 Monetary policy operations ................................................................................................ 55 Total risk exposure on the balance sheet .................................................................. 56 4 Bank of Finland Annual Report • 2016 Contents Financial statements ....................................................................................................................... 59 Balance sheet ............................................................................................................................................. 60 Profit and loss account ..................................................................................................................... 62 The Board’s proposal on the distribution of profit ................................................... 63 Accounting conventions .................................................................................................................. 64 Notes on the balance sheet ............................................................................................................ 68 Notes on the profit and loss account .................................................................................... 80 Appendices to the financial statements ............................................................................... 85 Notes on risk management ........................................................................................................... 89 Auditor’s report ...................................................................................................................................... 93 Statement regarding the audit as defined in Article 27 of the Statute of the European System of Central Banks and the European Central Bank .......................................................................................................... 94 Appendices ................................................................................................................................................... 96 Monetary policy measures of the Eurosystem in 2016 .......................................... 96 Key measures affecting the financial markets in 2016 ........................................... 99 Main opinions issued by the Bank of Finland in 2016 .......................................100 Bank of Finland publications in 2016 ..............................................................................102 Supplementary tables .................................................................................................................103 Organisation of the Bank of Finland .................................................................................118 Boxes Box 1. ECB purchase programme extended to include corporate bonds ........................................................................................................... 12 Box 2. The European Systemic Risk Board issued a warning on vulnerabilities in the residential real estate sector .................... 23 Box 3. The Bank of Finland’s role in the macroprudential system ...... 24 Box 4. Payment methods facing major overhaul ................................................ 28 Box 5. Financial cycle explains long-term effects of monetary policy .............................................................................................................................. 37 Box 6. Granular
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