1809 After hundreds of years of Swedish rule, Finland had been annexed to Russia. The long period of time spent under royal rule had left its mark on the administration and its practices. No diet had been in session for decades, and this left an impact on the organisation of the economy of the state.

1812 The ‘Vaihetus-, Laina- ja Depositsioni-Contori’, or loans and deposits office, was established.

1816 A bank, later the Bank of Finland, was established. It was under strict rule by the ‘hallituskonseljin-senaatin finanssitoimituskunta,’ or financial committee of the government. The bank was also charged with the management of the military funds, e.g. lending money from them. Under Swedish rule there had been the Bank of the Estates of the Realm, but seeing as there was no diet, there could be no bank of the estates until the transfer of the Bank of Finland to the management and oversight of the estates was proposed at the ‘Tammikuun valiokunta’ (January committee) of 1862.

1867 The ‘Asetus Suomen Pankin hallinnosta’ (decree on the management of the Bank of Finland) and the ‘pankkivaltuusmiesten johtosääntö’ (rules of procedure for parliamentary trustees of the central bank) were issued.

1868  The parliamentary trustees of the central bank took control of the original funds and the mortgage funds under the name Bank of Finland.

It was deemed necessary to remove the administration and management of the State’s funds and the military funds from under the board of directors of the Bank of Finland. The reasoning behind this was that the bank could not be ruled by two entities, i.e. the senate and the parliamentary trustees of the central bank. The preparation took years, as papers were transferred back and forth between Helsinki and Saint Petersburg, and finally in 1875 the senate was ready to propose to the emperor that a State Treasury be established in Finland for the management of state funds and to serve as a credit institution.

30 June 1875 Alexander II marked the proposal to establish the State Treasury with “So be it.”

20 August 1875 Reinhold Frenckell, a member of the board of directors of the Bank of Finland, was appointed director-in-chief. 20 November 1875 Senior translator Carl Gustaf Borg and secretary to the board of directors of customs and the parliamentary trustees of the central bank Svante Dalström were appointed directors. 1 December 1875 The board of directors of the State Treasury take their post. 8 December 1875 The positions at the State Treasury are filled (five people in addition to the director-in-chief and the directors).

1 January 1876 The work commences in full force and at 11 am on 3 January 1876 the board of directors of the State Treasury of Finland meets for their first official meeting and the State Treasury is proclaimed to be open for business.

1876 The tasks of the State Treasury are:

  • managing specific state funds and other funds provided for the use of the government
  • paying the agreed expenses from state and military funds
  • investing the remaining funds by lending them with a profit or by purchasing government papers and bonds that yield an interest income
  • claiming mature interest coupons and bonds
  • paying the annual instalments on foreign debt
  • performing the lottery on winning bonds.