Our mutual debt – Finnish Government borrowing 1859–2015


The history of Finnish government borrowing dates back to the 1800s.The government has raised loans to finance infrastructure investments, bolster the Bank of Finland’s foreign reserves and increase the room for fiscal policy manoeuvre.

Most of central government borrowing has been carried out through the issuance of bonds in both domestic and international financial markets.

The present exhibition shows a collection of Finnish government bonds through the decades, beginning with the first railway bond issued in 1859. The exhibition also presents a cross-section of developments in central government debt and its history.

Manuscript and exhibition articles: State Treasury

The exhibition ran from 21 April to 20 September 2015.

Vuoden 1859 obligaatio

Bond from 1859 (railway Helsinki to Hämeenlinna. 4 %, 50 years, Ruble-denominated, arranged by von Stieglitz, signed by Fabian Langenskiöld.