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

Author: International Monetary Fund. Monetary and Capital Markets Department

Financial Sector Assessment Program-Technical Note-Financial Safety Nets

Volume/Issue: Volume 2020 Issue 261

Publication date: August 2020

ISBN: 9781513553139

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , ISCR , CR , government stabilization tool , financial crisis , FSA decision , FSA resolution function , FSA valuation , FSA's resolution , government backstop , government employee protection , government funding , government indemnity , government support , resolution framework , resolution authority , resolution fund , resolution authorities , Financial stability assessment , Bank resolution framework , Bank resolution , Crisis management , Crisis resolution , Global , Europe

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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.