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Bank of Finland Annual Report 2014 Bank of Finland Annual Report 2014 BANK OF FINLAND ANNUAL REPORT 2014 REPORT BANK OF FINLAND ANNUAL BANK OF FINLAND ANNUAL REPORT 2014 1 Finnish economy continues to 2 Monetary policy eased and its 3 ECB assumes responsibility for underperform transmission stepped up supervising euro area banks Bank of Finland Annual Report 2014 Front cover photo by Jaakko Koskentola Bank of Finland Established 1811 Street address Snellmaninaukio, Helsinki Postal address PO Box 160, FI-00101 Helsinki Finland Telephone national 010 8311 international +358 10 8311 Fax +358 9 174 872 SWIFT SPFB FI HH E-mail [email protected] [email protected] Internet www.suomenpankki.fi 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 10 8311 The figures in the Annual Report are based on data available in February–March 2015. Oulu Kajaaninkatu 8, ISSN 1239-9345 (print) BO Box 103, ISSN 1456-579X (online) FI-90101 Oulu, Edita Prima Oy Telephone +358 10 8311 Helsinki 2015 Bank of Finland Annual Report • 2014 3 Contents Foreword ..........................................................................................................................................................7 Bank of Finland ........................................................................................................................................8 Bank of Finland activities 2014 ..................................................................................... 11 Monetary Policy ..................................................................................................................................... 11 The ECB's monetary policy and its preparation ................................................. 11 Implementation of monetary policy in the euro area and Finland ...... 17 The Bank of Finland and economic policy in Finland ................................... 24 Financial system ..................................................................................................................................... 26 Financial stability ......................................................................................................................... 26 Financial system policy ............................................................................................................ 28 Financial market infrastructure ........................................................................................ 31 Financial asset management ......................................................................................................... 34 Bank of Finland financial assets and financial asset management ....... 34 Investment risks and risk management ...................................................................... 36 Banknotes and coins ........................................................................................................................... 41 Other operations.................................................................................................................................... 45 Research ............................................................................................................................................... 45 Bank of Finland Institute for Economies in Transition ................................. 47 Statistics ................................................................................................................................................ 47 International activities .............................................................................................................. 48 Communications ........................................................................................................................... 52 Management and personnel................................................................................................ 56 Review of the strategy ....................................................................................................................... 56 Management system ........................................................................................................................... 58 Objectives and results framework .................................................................................. 58 Action planning ............................................................................................................................. 58 Personnel and budget frameworks ................................................................................. 59 Risk management ......................................................................................................................... 59 Personnel ...................................................................................................................................................... 62 Budget and operative costs ............................................................................................................ 64 Bank of Finland budget ........................................................................................................... 64 Pension fund budget................................................................................................................... 65 Financial Supervisory Authority budget .................................................................... 66 Environment .............................................................................................................................................. 67 Total risk exposure .............................................................................................................................. 69 Financial assets ............................................................................................................................... 69 Monetary policy operations ................................................................................................ 69 Total risk exposure on the balance sheet .................................................................. 70 4 Bank of Finland Annual Report • 2014 Sisällys Financial statements ....................................................................................................................... 73 Balance sheet ............................................................................................................................................. 74 Profit and loss account ..................................................................................................................... 76 The Board’s proposal on the distribution of profit ................................................... 77 Accounting conventions .................................................................................................................. 78 Notes on the balance sheet ............................................................................................................ 83 Notes on the profit and loss account .................................................................................... 97 Appendices to the financial statements ............................................................................103 Notes on risk management ........................................................................................................107 Auditor’s report ...................................................................................................................................112 Statement regarding the audit as defined in Article 27 of the Statute of the European System of Central Banks and the European Central Bank .......................................................................................................113 Appendices ................................................................................................................................................114 Monetary policy measures of the Eurosystem in 2014 .......................................114 Key measures affecting the financial markets in 2014 ........................................116 Main opinions issued by the Bank of Finland in 2014 .......................................120 Bank of Finland publications in 2014 ..............................................................................122 Supplementary tables .................................................................................................................125 Organisation of the Bank of Finland .................................................................................140 Boxes Box 1. ECB enhances transparency and will in future publish discussions eld at interest rate meetings .................................................. 16 Box 2. Challenges of a negative deposit rate and the zero lower bound in monetary policy .................................................................... 22 Box 3. The European Central Bank conducted an in-depth assessment of the condition of euro area banks ................................ 30 Box 4. Cash management companies taking a growing role in currency supply ........................................................................................... 44 Box 5. Research projects at the Bank of Finland ................................................ 46 Box 6. Bank of Finland representatives at the ECB, EU and other International bodies in 2014 ............................................................... 51 Box 7. Underpinnings of a stable and prosperous monetary union were discussed during ECB President's visit
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