Finnish: Valtiokonttori | |
Government agency overview | |
---|---|
Formed | 1876[1] |
Headquarters | Sörnäisten Rantatie 13, Hakaniemi, Helsinki, Finland |
Employees | 348 (2023) [2] |
Annual budget | €2.1 billion (2023) [3] |
Minister responsible | |
Government agency executive |
|
Website | www |
Finland State Treasury (Finnish : Valtiokonttori; Swedish : Statskontoret) is a Finnish central agency operating under the Ministry of Finance. The State Treasury is responsible for state internal service production and development. This includes state financing activities, central accounting, financial management, and payment transactions, as well as reporting of state financial and personnel information, internal insurance operations of the state, and state inheritance. [4]
The State Treasury employs approximately 300 people and has offices at Hakaniemi, Helsinki, at Sörnäisten Rantatie 13. [5] The State Treasury also supports state organizations in the changing work environment, promotes data-driven decision-making, and develops municipal financial information services. The acting Director-General of the State Treasury is Timo Laitinen. [6]
The State Treasury was established by an imperial decree for the management of state finances. Prior to the establishment of the State Treasury, these tasks were the responsibility of the Bank of Finland. Emperor Alexander II approved the establishment of the State Treasury on June 30, 1875. The operations of the Finnish State Treasury began on January 1, 1876. [7]
The State Treasury was entrusted with state assets, from which it was to make state expenditures and invest any surplus profitably. From 1901 to 1932, and again from 1965 onwards, it was also responsible for the supervision, accounting, and financial statements of state cash transactions, which at other times belonged to auditing authorities. [8]
Later, its responsibilities were expanded to include the management of state securities, state debt management, and lending and borrowing activities. Since 1959, it has also been responsible for paying pensions and burial aid from state funds. [9]
The State Treasury is led by the Director-General, supported by the management team. The organisation of the State Treasury is made up of divisions. The substantive business areas are Citizen Services, Finance, Data, and Labor, and State Grant Services. Their operations are supported by the Administration and Development and Information Technology sectors. In addition, the State Treasury's organization includes Internal Audit directly under the Director-General's supervision. [10]
The Bank of Spain is Spain's central bank and the Spanish member of the Eurosystem and has been the monetary authority for Spain from 1874 to 1998, issuing the Spanish peseta. Since 2014, it has also been Spain's national competent authority within European Banking Supervision. It was originally established by Charles III in Madrid in 1782, as the Banco Nacional de San Carlos, and took its current name in 1856. Its activity is regulated by the Bank of Spain Autonomy Act. The bank doesn't translate its name to English but uses its Spanish name in all English communications.
The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country in Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four provincial capitals Lahore, Karachi, Peshawar, Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well: National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ownership of the Pakistan Security Printing Corporation.
The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia, comprising:
Clearstream is a financial services company that specializes in the settlement of securities transactions and is owned by Deutsche Börse AG. It provides settlement and custody as well as other related services for securities across all asset classes. It is one of two European International central securities depositories.
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information.
The Bureau of the Public Debt was an agency within the Fiscal Service of the United States Department of the Treasury. United States Secretary of the Treasury Timothy Geithner issued a directive that the Bureau be combined with the Financial Management Service to form the Bureau of the Fiscal Service in 2012.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks.
The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices". The CCC is authorized to buy, sell, lend, make payments, and engage in other activities for the purpose of increasing production, stabilizing prices, assuring adequate supplies, and facilitating the efficient marketing of agricultural commodities.
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers.
The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency, monetary policy, banking and insurance regulation in the United Arab Emirates.
China's banking sector had CN¥417 trillion in assets at the end of 2023. The "Big Four" state-owned commercial banks are the Bank of China, the China Construction Bank, the Industrial and Commercial Bank of China, and the Agricultural Bank of China, all of which are among the largest banks in the world as of 2018. Other notable big and also the largest banks in the world are China Merchants Bank and Ping An Bank.
The Office of Financial Markets is an office of the United States federal government in the United States Department of the Treasury. OFM serves as the department's advisor on broad matters of domestic finance, financial markets, Federal, State and local finance, Federal Government credit policies, lending and privatization.
Nacha, originally the National Automated Clearinghouse Association, manages the ACH Network, the backbone for the electronic movement of money and data in the United States, and is an association for the payments industry. The ACH Network serves as a network for direct consumer, business, and government payments, and annually facilitates billions of payments such as Direct Deposit and Direct Payment. The ACH Network is governed by the Nacha Operating Rules.
The Nepal Rastra Bank was established on April 26, 1956 A.D. under the Nepal Rastra Bank Act, 1955, to discharge the central banking responsibilities including guiding the development of the embryonic domestic financial sector. The NRB is functioning under the new Nepal Rastra Bank Act, 2002. The functions of NRB are to formulate required monetary and foreign exchange policies so as to maintain the stability in market prices, to issue currency notes, to regulate and supervise the banking and financial sector, to develop efficient payment and banking systems among others. The NRB is also the economic advisor to the government of Nepal. As the central bank of Nepal, it is the monetary, supervisory and regulatory body of all the commercial banks. development banks, finance companies and micro-finances institutions.
The Office of Financial Research (OFR) is an independent bureau reporting to the United States Department of the Treasury. It was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession. The OFR is tasked with (1) collecting and standardizing data, (2) performing applied research and essential long-term research; and (3) developing risk measurement and monitoring tools. The OFR is also responsible for providing support to the Financial Stability Oversight Council (FSOC).
According to statute, the Fiscal Assistant Secretary is appointed by the United States Secretary of the Treasury. The Fiscal Assistant Secretary is the highest ranking career official in the Department of the Treasury. The Fiscal Service, which the Fiscal Assistant Secretary heads, includes the Bureau of Government Financial Operations (which since 1984 has been known as the Financial Management Service and the Bureau of the Public Debt.
The Treasury of New South Wales, branded NSW Treasury, a department of the New South Wales Government, is responsible for state financial management policy and reporting, and providing advice to the government on economic conditions and issues in New South Wales, Australia. NSW Treasury was established in April 1824 and is the oldest continuing government agency in Australia.
The Ministry of Finance is an Indonesian government ministry responsible for the nation's finance and state assets. The finance minister is responsible to the President. The ministry's motto is Nagara Dana Rakça, which means "guardian of state finance".
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits. The ACH system is designed to process batches of payments containing numerous transactions, and it charges fees low enough to encourage its use for low-value payments.
National Audit Office oversees the management of public finances in Finland and monitors fiscal policies as well as election and party funding. It operates as the supreme external auditor in connection with the Parliament. Independent audit work ensures that state funds are used in accordance with the decisions of the Parliament, lawfully and effectively, and that financial policy is managed in a sustainable manner. The tasks of the NAO are defined in the Finnish Constitution.