IMF Staff Country Reports

Norway: Financial Sector Assessment Program-Technical Note-Financial Safety Nets

Publication Date:

August 12, 2020

Electronic Access:

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Summary:

Norway has made substantial progress in strengthening its framework for financial crisis management and bank safety nets since the 2015 FSAP. The Norwegian authorities have implemented the EU framework. The Bank Recovery and Resolution Directive (BRRD) has been transposed into the Norwegian legal framework mainly by amendments to the Financial Institutions and Financial Groups Act and accompanying regulations. Finanstilsynet (the Financial Supervisory Authority of Norway, FSA) has been designated as Norway’s resolution authority. Resolution financing options were broadened by establishing a resolution fund. While the Deposit Guarantee Scheme Directive (DGSD) has yet to be brought into the European Economic Area (EEA) agreement, Norway has, in fact, already transposed it into the Norwegian law. This provides the Norwegian authorities with a broadened and detailed regulatory framework for dealing with weak banks.

Series:

Country Report No. 2020/261

Subject:

Bank resolution Bank resolution framework Banking Crisis management Crisis resolution Financial crises Financial sector policy and analysis Financial stability assessment

Frequency:

regular