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Finnish Banking Crisis Of The 1990s
The Finnish Banking Crisis of 1990s was a deep systemic crisis of the entire Finnish financial sector that took place mainly in the years 1991–1993, after several years of debt-based economic boom in the late 1980s. Its total taxpayer cost was roughly 8% of the Finnish GNP, making it the most severe of the contemporary Nordic banking crises. The crisis has been attributed to a combination of macro-economic turbulence, weak regulation, and bank-specific problems.Liisa HalmeThe 1990s banking crisis in Finland: main causes and consequences, lessons for the future. 2002. Governmental intervention included bank takeovers, direct monetary assistance and temporary blanket guarantees to the banks.Managing the banking cri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Boom
An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP. The explanation of fluctuations in aggregate economic activity between economic expansions and contractions is one of the primary concerns of macroeconomics. Typically an economic expansion is marked by an upturn in production and utilization of resources. Economic recovery and prosperity are two successive phases of expansion, where as a recession is defined as two declining periods of GDP. Expansion may be caused by factors external to the economy, such as weather conditions or technical change, or by factors internal to the economy, such as fiscal policies, monetary policies, the availability of credit, interest rates, regulatory policies or other impacts on producer incentives. Global conditions may influence the levels of economic activity in various countries. Economic contraction and expa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finnish Markka
The markka ( fi, markka; sv, mark; sign: Mk; ISO code: FIM, typically known outside Finland as the Finnish mark) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The mark was divided into 100 pennies ( fi, penni; sv, penni), abbreviated as "p". At the point of conversion, the rate was fixed at €1 = Mk 5.94573. The mark was replaced by the euro (€), which had been introduced, in cash form, on 1 January 2002. This was after a transitional period of three years, when the euro was the official currency but only existed as "book money" outside of the monetary base. The dual circulation period, when both the Finnish mark and the euro had legal tender status, ended on 28 February 2002. Etymology The name "markka" was based on a medieval unit of weight. Both "markka" and "penni" are similar to words used in Germany for that country's former currency, based on the same etymological roots as the Deutsche Mark and pfennig. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1993 In Economics
File:1993 Events Collage.png, From left, clockwise: The Oslo I Accord is signed in an attempt to resolve the Israeli–Palestinian conflict; The Russian White House is shelled during the 1993 Russian constitutional crisis; Czechoslovakia is peacefully dissolved into the Czech Republic and Slovakia; In the United States, the ATF besieges a compound belonging to David Koresh and the Branch Davidians in a search for illegal weapons, which ends in the building being set alight and killing most inside; Eritrea gains independence; A major snow storm passes over the United States and Canada, leading to over 300 fatalities; Drug lord and narcoterrorist Pablo Escobar is killed by Colombian special forces; Ramzi Yousef and other Islamic terrorists detonate a truck bomb in the subterranean garage of the North Tower of the World Trade Center in the United States., 300x300px, thumb rect 0 0 200 200 Oslo I Accord rect 200 0 400 200 1993 Russian constitutional crisis rect 400 0 600 200 Dissolu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1992 In Economics
Year 199 ( CXCIX) was a common year starting on Monday (link will display the full calendar) of the Julian calendar. At the time, it was sometimes known as year 952 ''Ab urbe condita''. The denomination 199 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Mesopotamia is partitioned into two Roman provinces divided by the Euphrates, Mesopotamia and Osroene. * Emperor Septimius Severus lays siege to the city-state Hatra in Central-Mesopotamia, but fails to capture the city despite breaching the walls. * Two new legions, I Parthica and III Parthica, are formed as a permanent garrison. China * Battle of Yijing: Chinese warlord Yuan Shao defeats Gongsun Zan. Korea * Geodeung succeeds Suro of Geumgwan Gaya, as king of the Korean kingdom of Gaya (traditional date). By topic Religion * Pope Zephyrinus succeeds Pope Victor I, as the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1991 In Economics
File:1991 Events Collage.png, From left, clockwise: Boris Yeltsin, elected as Russia's first president, waves the new flag of Russia after the 1991 Soviet coup d'état attempt, orchestrated by Soviet hardliners; Mount Pinatubo erupts in the Philippines, making it the second-largest volcanic eruption of the 20th century; MTS Oceanos sinks off the coast of South Africa, but the crew notoriously abandons the vessel before the passengers are rescued; Dissolution of the Soviet Union: The Soviet flag is lowered from the Kremlin for the last time and replaced with the flag of the Russian Federation; The United States and soon-to-be dissolved Soviet Union sign the START I Treaty; A tropical cyclone strikes Bangladesh, killing nearly 140,000 people; Lauda Air Flight 004 crashes after one of its thrust reversers activates during the flight; A United States-led coalition initiates Operation Desert Storm to remove Iraq and Saddam Hussein from Kuwait, 300x300px, thumb rect 0 0 200 200 1991 So ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Banking Crises
This is a list of banking crises. A banking crisis is a financial crisis that affects banking activity. Banking crises include bank runs, which affect single banks; banking panics, which affect many banks; and systemic banking crises, in which a country experiences many defaults and financial institutions and corporations face great difficulties repaying contracts. A banking crisis is marked by bank runs that lead to the demise of financial institutions, or by the demise of a financial institution that starts a string of similar demises. Bank runs A bank run occurs when many bank customers withdraw their deposits because they believe the bank might fail. There have been many runs on individual banks throughout history; for example, some of the 2008–2009 bank failures in the United States were associated with bank runs. Banking panics and systemic banking crises 18th century * Crisis of 1763, started in Amsterdam, begun by the collapse of Johann Ernst Gotzkowsky and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
STS Bank
National Workers' Savings Bank (1971-1989) (In Finnish; ''Suomen Työväen Säästöpankki'', in Swedish; ''Arbetarsparbanken'') or STS-Bank (1989-1992) was a Finnish savings bank and commercial bank. Workers' savings banks were syndicalist, social democratic corporations intended to compete with privately owned banks, which could deny credit to workers on political grounds. Created in 1971 through a merger of five local workers' savings banks, the oldest component of STS was the Helsinki branch, founded in 1909. The Turku workers' savings bank was the only one to choose to stay independent. With the merger, STS became the largest savings bank in Finland. The bank went almost bankrupt in 1992 and was sold at a loss to KOP (later Nordea), with the government taking care of much of the bad debt. In 1899, the Finnish Worker's Party (later SDP) decided in its general meeting to establish a bank. The Helsinki TS, was founded in 1908 by Albin Karjalainen, the financial officer of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Iiro Viinanen
Iiro Viinanen (born 27 September 1944, in Kuopio, Finland) is a Finnish politician. Viinanen graduated as an engineer from a Tampere institute in 1967 and as a M.Sc. Tech. from Helsinki University of Technology in 1974 . He was a Member of the Finnish Parliament (Eduskunta / Riksdagen) from 1983 to 1996. His political party was National Coalition Party. He served as the Minister of Finance from 1991 to 1996. During his term as a minister, Finland went through its worst recession in history. As the Minister of Finance in Prime Minister Esko Aho's cabinet he led strict budget discipline. He stated that unless budget is cut, Finland can no longer borrow money from foreign countries. Reactions towards his actions caused either strong approval or strong disapproval. Some felt he saved the treasury and some felt he ruined the Finnish welfare state. In 1996 he was appointed CEO of Pohjola Insurance. At the end of the 1990s he was a board member of Nokia, Kone, UPM-Kymmene, YIT, Finn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Esko Aho
Esko Tapani Aho (born 20 May 1954) is a Finnish politician who was prime minister of Finland from 1991 to 1995. Early life and career Aho was born in Veteli, Finland. Prior to attending university, he began a career in politics. From 1974 to 1979, he was chairman of the Finnish Centre Youth, many of whose previous chairmen had risen to high political positions. In 1978, he became a presidential elector, a position he also held in 1982 and 1998. From 1979 to 1980, Aho was political secretary of the Ministry of Foreign Affairs. From 1980 to 1983, he was a trade promoter for the municipality of Kannus.Ex-post Evaluation of the IST Thermatic Priority 6th FP. Retrieved 23 January 2010. Aho studied at the |
Markka
The markka ( fi, markka; sv, mark; sign: Mk; ISO code: FIM, typically known outside Finland as the Finnish mark) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The mark was divided into 100 pennies ( fi, penni; sv, penni), abbreviated as "p". At the point of conversion, the rate was fixed at €1 = Mk 5.94573. The mark was replaced by the euro (€), which had been introduced, in cash form, on 1 January 2002. This was after a transitional period of three years, when the euro was the official currency but only existed as "book money" outside of the monetary base. The dual circulation period, when both the Finnish mark and the euro had legal tender status, ended on 28 February 2002. Etymology The name "markka" was based on a medieval unit of weight. Both "markka" and "penni" are similar to words used in Germany for that country's former currency, based on the same etymological roots as the Deutsche Mark and pfennig. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mauno Koivisto
Mauno Henrik Koivisto (; 25 November 1923 – 12 May 2017) was a Finnish politician who served as the ninth president of Finland from 1982 to 1994. He also served as the country's prime minister twice, from 1968 to 1970 and again from 1979 to 1982. He was also the first member of the Social Democratic Party to be elected as President of Finland. Early life Koivisto was born in Turku as the second son of Juho Koivisto, a carpenter at Crichton-Vulcan shipyard, and Hymni Sofia Eskola, who died when he was 10. After attending primary school, Koivisto worked a number of jobs, and at the beginning of the Winter War in 1939 joined a field firefighting unit at the age of 16. During the Continuation War, Koivisto served in the Infantry Detachment Törni led by Lauri Törni, which was a reconnaissance detachment operating behind enemy lines. This detachment was only open to selected volunteers. During the war, he received the Order of the Cross of Liberty (2nd class) and was promoted to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nordea
Nordea Bank Abp, commonly referred to as Nordea, is a European financial services group operating in northern Europe and based in Helsinki, Finland. The name is a blend of the words "Nordic" and "idea". The bank is the result of the successive mergers and acquisitions of the Finnish, Swedish, Danish, and Norwegian banks of Merita Bank, Nordbanken, Unidanmark, and Christiania Bank og Kreditkasse that took place between 1997 and 2001. The Nordic countries are considered Nordea's home market, having finalised the sales of their Baltic operations in 2019. Nordea is listed on Nasdaq Nordic exchanges in Helsinki, Copenhagen, and Stockholm and Nordea ADR is listed in the US. Nordea serves 9.3 million private and 530,000 active corporate customers, including 2,650 large corporates and institutions. Nordea's credit portfolio is distributed across Finland (21%), Denmark (26%), Norway (21%), and Sweden (30%). There are four Business Areas (BAs) at Nordea, Personal Banking, Business Banking ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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