Finland
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Finland
About Finnish society & culture. From snow to sauna, from natives to Nokia.
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Finland Needs Substantial Cuts to Balance Budget, Liikanen Says

Finland’s government must make “substantial” spending cuts and increase taxes to bring finances onto a sustainable footing, the Bank of Finland said.

“If these steps are not taken in time, we could end up in a situation where we are forced to rapidly reduce the general government deficit at a time when economic growth is weakening,” Governor Erkki Liikanen said today in an e-mailed report. “The deteriorating economic outlook puts Finland’s public finances in a different light.”

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ECB's Liikanen urges banks to raise capital: media

HELSINKI (Reuters) - Banks that barely passed the European financial stress tests must swiftly reinforce their capital, ECB Governing Council member Erkki Liikanen told Finnish public broadcaster YLE.
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Katainen: Talks on Greece also with Finnish banks

Katainen: Talks on Greece also with Finnish banks | Finland | Scoop.it
Prime Minister Jyrki Katainen considers it possible that Finish banks will also take part in the second bailout package for Greece.
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Update:ECB's Liikanen Urges Fiscal Steps For Finland's Future | iMarketNews.com

HELSINKI (MNI) - The debt burden from the recession and the ageing population make fiscal consolidation in Finland a "necessity", the governor of the Finnish central bank, Erkki Liikanen, said in the introduction to the bank's quarterly bulletin published Wednesday.

"General government finances have moved into deficit, and central government debt is increasing rapidly," said Liikanen, who also sits on the Governing Council of the ECB. Without corrective policy measures, "the combined central and local government deficit will stabilise at just below 4%" of GDP.

"Clearly, fiscal consolidation is becoming a necessity," he said.
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OP-Pohjola Group Survey: One in four wants to have clearer financial information

One in four in Finland thinks that issues concerning money and the economy are not explained or presented in the news clearly and understandably enough. A third of the adult population follows economic news regularly, but the majority only occasionally or not at all.

"The good news is that over half, that is, over 60% of the respondents think it is important or very important to understand the economy, while less than 10% do not think it is not at all important," says Riitta Pyhälä, Bank Manager of Helsinki OP Bank.

http://bit.ly/miLfiJ...)...
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Noyer: Europe exiting crisis but recovery may slow

HELSINKI, June 6 (Reuters) - European Central BankGoverning Council Member Christian Noyer said on Monday that Europe was emerging from crisis, although the pace of recovery may slow down in coming quarters.
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Many Finnish bank branches stop offering cash

Many Finnish bank branches stop offering cash | Finland | Scoop.it
A number of bank branches in Finland have stopped offering cash altogether, according to a report released by the Federation of Financial Services last week.

The report added that cash payments had more than halved over the past decade, with just over a quarter of transactions paid in cash.
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Banking Trojan gang busted by Finnish police | CYBERSEECURE

Seventeen people were arrested for having taken part in a criminal scheme that targeted users of Finnish Nordea Bank and resulted in fraudulent transactions in the total amount of EUR1.2 million. The alleged masterminds behind the ...
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ECB Liikanen: Costs Higher If We Didn't Aid EMU Periphery | iMarketNews.com

ECB Liikanen: Costs Higher If We Didn't Aid EMU Periphery | iMarketNews.com | Finland | Scoop.it
ECB Liikanen: Costs Higher If We Didn't Aid EMU Periphery http://bit.ly/mG9KW8...

HELSINKI (MNI) - Despite frustration in some quarters over bailouts for troubled EMU member states, it should be kept in mind that the costs would be higher without that aid, European Central Bank Governing Council member Erkki Liikanen said Friday in an interview on Finnish television.

Liikanen, who heads the Bank of Finland, acknowledged the frustration in his country over bailout packages for Greece, Ireland, and now Portugal. But "the vast majority of Finns (78%) regard the euro as a positive thing," he noted.

"It is clear that when some countries have not complied with the same stability norms as Finland, aiding them has been tough," Liikanen added. "However, had this not been done, the costs most probably would have been much higher."
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Bank of Finland: Households Should Prepare For Higher Rates | ForexLive

HELSINKI (MNI) - Households should prepare for interest rates to rise and be sure not to take on debt that exceeds their ability to pay, the Bank of Finland http://bit.ly/mvPvuU #forex...)...
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Banking Trojan Gang Dismantled in Finland - Softpedia

Banking Trojan Gang Dismantled in Finland - Softpedia | Finland | Scoop.it
Banking Trojan Gang Dismantled in Finland...

A gang that used a computer trojan to break into online banking accounts and steal money was dismantled by the Finnish police who arrested seventeen suspects.

According to Mikko Hypponen, chief research officer at Finnish antivirus vendor F-Secure, the attacks occurred in early 2010 and targeted customers of Nordea Finland.

The gang used a variant of the Gozi trojan, also known as Papras, to steal online banking credentials from 89 of the bank's customers.

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Finland is the spoiler to Europe’s banking system crisis | Triangle Wealth Blog

Triangle Wealth Blog
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ECB's Liikanen: European Crisis Could Trigger Negative Spiral For Banks -Report

ECB's Liikanen: European Crisis Could Trigger Negative Spiral For Banks -Report | Finland | Scoop.it

HELSINKI (Dow Jones)--Unless the European sovereign-debt crisis gets contained it could trigger a negative spiral for banks, European Central Bank Governing Council member Erkki Liikanen said in an interview with Finnish business daily Kauppalehti published Wednesday.

"All are familiar with and aware of the problem. Measures have to be made on multiple levels," Liikanen, who is also governor of the Bank of Finland...

Report http://t.co/NViW8qP6...

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Finnish banks have little exposure to Italy

Finnish banks have little exposure to Italy | Finland | Scoop.it
Finnish banks have relatively little exposure to concerns over the Italian economy, according to industry insiders. Tensions within the Italian government have put the government’s debt-reduction strategy under the spotlight.
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Finnish Holvi offers clarified banking for groups & small business ...

Finnish Holvi offers clarified banking for groups & small business ... | Finland | Scoop.it
Billed as “a revolutionary netbanking service for creative projects and group activities,” Finnish Holvi aims to serve such users with a raft of business-oriented functions...
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Finland the pioneer, Sweden the catalyst | ATM Marketplace

Finland the pioneer, Sweden the catalyst | ATM Marketplace | Finland | Scoop.it
It is not an easy decision for banks to agree to pool their ATMs – they are, after all, giving up control of one of their key channels. So what is it about the Nordic countries which means they embrace ATM pooling in a way that other countries find difficult?
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Felix Kronabetter's comment, June 10, 2011 6:13 AM
lots of discussion going on about this topic here:http://lnkd.in/efEnk8 check it out...
Ulla M. Saikku's comment, June 10, 2011 10:27 AM
Thanks for the tip. I will check that LinkedIn discussion...
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Holvi wins Seedcamp business idea competition - Good News from Finland

Holvi wins Seedcamp business idea competition - Good News from Finland | Finland | Scoop.it
The Holvi web service is the first Finnish company and only the second Nordic company to win the international Seedcamp competition.

The winner, Holvi, is a web service directed towards groups, organizations, associations and event organizers that simplifies online banking and provides financial data in an easy to understand format. The service also allows users to set up their own web shops and assists in managing expense payments and membership registration.
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euro|topics - Internet a problem for the old

The use of cash is growing increasingly seldom in Finland. As a result many banks no longer have bank tellers, focusing on offering advice on more profitable services instead. At the same time a growing number of transactions must be done online. This trend is making life unnecessarily complicated for the elderly, the liberal daily Lapin Kansa complains: "They say politics forgets the old because they won't be voting for long....
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Half of Finns favour electronic invoicing -Itella Information

Around a half of the Finnish population would rather receive electronic invoices than the traditional paper invoices, according to a study by information logistics company Itella Information published on Tuesday.

Currently only one in four consumer invoices are electronic.

Respondent considered electronic invoicing to be easy to use, pay, file away and find.
Just over 1,200 people responded to the survey.
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ECB's Liikanen: rules needed

ECB's Liikanen: rules needed | Finland | Scoop.it
HELSINKI -(MarketWatch)- After this ongoing debt crisis the European Union will have to make new rules in order to make banks more responsible, European Central Bank Governing Council member Erkki Liikanen said Friday.
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Bank Says Bank Tax Will Cost Customers

Bank Says Bank Tax Will Cost Customers | Finland | Scoop.it
The head of research at Nordea bank, Roger Wessman, says that the proposed bank tax that is part of the deal on support for the Portugal aid package could be paid for by bank customers.
The Social Democrats and National Coalition Party have agreed that a bank tax will be introduced in Finland, and that Finland will argue for its extension world- or Europe-wide.
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Finnish Police Arrest 17 in Online Banking Scam | threatpost

Finnish Police Arrest 17 in Online Banking Scam | threatpost | Finland | Scoop.it
Finnish law enforcement official arrested seventeen individuals in connection with an attack against Nordea Finland’s online banking services that took place in early 2010, according to a report from Softpedia.
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Police Investigate Internet Banking Fraud

Police Investigate Internet Banking Fraud | Finland | Scoop.it
The National Bureau of Investigation suspects 17 people took part in an internet banking fraud aimed at Nordea account holders at the beginning of this year. The perpetrators tried to steal almost 1.2 million euros via a series of over one hundred false transactions. Almost 178,000 euros is still missing...
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