Suomen Pankki

Elisa Newby appointed Head of General Secretariat at the Bank of Finland


The Board of the Bank of Finland has appointed Elisa Newby, Ph.D. (Econ.) as Head of the General Secretariat for a fixed term of five years, as of 1 October 2019. Dr Newby succeeds Mika Pösö, M.A. (Econ.), who has been appointed to the Executive Board of the IMF.

Dr Newby has served since 2018 as Head of Communications within the Bank of Finland’s General Secretariat. Before that, she served as Head of the Market Operations division in the Banking Operations department and as an Economist in the Monetary Policy and Research department. She is a member of the ESCB’s Communications Committee. Before that, she was engaged in a number of roles, including in the Eurosystem’s Working Group on the Monetary and Exchange Rate Policy Implementation Framework and the Eurosystem’s Working Group on Forecasting.

Dr Newby holds the degree of Doctor of Economics, receiving her doctorate from the University of St Andrews in 2007. Her doctoral thesis discussed sustainable monetary policy during crises. The main article of the thesis was published in the Journal of Economic Dynamics and Control in 2012. Before joining the Bank of Finland in 2010, Dr Newby served as College Lecturer in Economics and Fellow at Fitzwilliam College, University of Cambridge.

The General Secretariat is the administrative organ for the Bank of Finland’s senior management. The department is in charge of the preparation of the Bank’s decisions and international policy orientations. It is also responsible for strategic planning, communications and legal services. The General Secretariat supplies assistant services for Board members and acts as the secretariat of the Board and the Parliamentary Supervisory Council. In addition, it manages the activities of the Bank of Finland Museum and coordinates the promotion of financial literacy.




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The Bank of Finland is the national monetary authority and central bank of Finland. At the same time, it is also a part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world’s second largest currency – the euro.

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Latest releases from Suomen Pankki

BIS survey of foreign exchange and OTC derivatives markets 201916.9.2019 19:00:00 EESTUutinen

April 2019 saw the lowest daily turnover in the Finnish foreign exchange (FX) market since 2004.[1] The average daily FX turnover for financial institutions operating in Finland declined to less than a half, from USD 13.5 billion in 2016 to USD 6.6 billion this year. A similar trend has also been observed in the other Nordic countries. Global FX trading, in turn, has increased by USD 1,500 billion (29%) from April 2016. This information comes from the triennial survey of foreign exchange and OTC derivatives markets conducted by the Bank for International Settlements (BIS) and implemented in Finland by the Bank of Finland.

BIS:n valuutta- ja OTC-johdannaismarkkinakysely 201916.9.2019 19:00:00 EESTUutinen

Suomessa toimivien rahoituslaitosten käymän valuuttakaupan päivävaihto oli huhtikuussa 2019 pienimmillään sitten vuoden 2004.[1] Valuuttakaupan päivävaihdon keskimääräinen arvo laski alle puoleen: vuonna 2016 se oli 13,5 mrd. ja tänä vuonna 6,6 mrd. Yhdysvaltain dollaria. Valuuttakaupan kehitys on ollut samansuuntainen myös muualla Pohjoismaissa, mutta sen sijaan globaali valuuttakauppa on kasvanut 1 500 mrd. dollaria (29 %) huhtikuusta 2016. Tiedot käyvät ilmi Kansainvälisen järjestelypankki BIS:n kolmivuosittain tekemästä valuutta- ja OTC-johdannaismarkkinakyselystä. Suomessa kyselyn toteuttaa Suomen Pankki.

BIS enkät om valuta- och OTC-derivatmarknaden 201916.9.2019 19:00:00 EESTUutinen

Dagsomsättningen i valutahandeln i finansinstituten med verksamhet i Finland var i april 2019 den lägsta sedan 2004.[1] Det genomsnittliga värdet av dagsomsättningen i valutahandeln sjönk under hälften från 13,5 miljarder US-dollar 2016 till 6,6 miljarder dollar i år. Utvecklingen i valutahandeln har varit likartad också i Norden i övrigt, men däremot har den globala valutahandeln ökat med 1 500 miljarder dollar (29 %) från april 2016. Uppgifterna framgår av den enkät om valuta- och OTC-derivatmarknaden som görs vart tredje år av Banken för internationell betalningsutjämning (BIS). Enkäten genomförs i Finland av Finlands Bank.

ECB introduces two-tier system for remunerating excess liquidity holdings12.9.2019 16:35:00 EESTUutinen

ECB press release 12 September 2019 Two-tier system aims to support bank-based transmission of monetary policy Part of excess liquidity holdings exempt from negative deposit facility rate Scheme to apply as of seventh maintenance period starting on 30 October 2019 Exempt tier will be remunerated at the annual rate of 0% The Governing Council of the European Central Bank (ECB) today decided to introduce a two-tier system for reserve remuneration, which exempts part of credit institutions’ excess liquidity holdings (i.e. reserve holdings in excess of minimum reserve requirements) from negative remuneration at the rate applicable on the deposit facility. This decision aims to support the bank-based transmission of monetary policy, while preserving the positive contribution of negative rates to the accommodative stance of monetary policy and to the continued sustained convergence of inflation to the ECB’s aim. All credit institutions subject to minimum reserve requirements under Regulation

ECB provides additional details on purchases of assets with yields below the deposit facility rate12.9.2019 16:35:00 EESTUutinen

ECB press release 12 September 2019 ECB extends possibility of buying assets with yields below deposit facility rate to all private sector purchase programmes. Decision takes immediate effect. Extension facilitates smooth implementation of asset purchase programme. The Governing Council of the European Central Bank (ECB) today decided to extend the possibility of buying assets with yields below the interest rate on the deposit facility, to the extent necessary, under all parts of its asset purchase programme (APP). The Governing Council had previously decided, in January 2017, that purchases of assets with yields below the deposit facility rate could take place under the public sector purchase programme (PSPP). Today’s decision extends this possibility to the private sector parts of the APP, namely the third covered bond purchase programme (CBPP3), the asset-backed securities purchase programme (ABSPP) and the corporate sector purchase programme (CSPP). This extension takes place with

ECB announces changes to new targeted longer-term refinancing operations (TLTRO III)12.9.2019 16:35:00 EESTUutinen

ECB press release 12 September 2019 Interest rate on TLTRO III operations to be reduced Rate can be as low as the average interest rate on deposit facility Maturity extended to three years, from two years, with repayment option after two year The Governing Council of the European Central Bank (ECB) today decided to modify some of the key parameters of the third series of targeted longer-term refinancing operations (TLTRO III) to preserve favourable bank lending conditions, ensure the smooth functioning of the monetary policy transmission mechanism and further support the accommodative stance of monetary policy. First, in terms of the pricing of TLTRO III, the previously announced 10-basis point spread above the average interest rate of the Eurosystem’s main refinancing operations (MROs) and, for counterparties exceeding their lending benchmark, above the average interest rate on the deposit facility, will no longer be applied. The interest rate for TLTRO III will therefore be equal to

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