Norway: Financial Sector Assessment Program-Technical Note-Financial Safety Nets
IMF Staff Country Reports, August 12, 2020
Source details
- Canonical URL
- Norway: Financial Sector Assessment Program-Technical Note-Financial Safety Nets
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Bibliographic details
- Published: August 12, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513553139.002
Overview
- 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 relevant to bank recovery and resolution.
- The Deposit Guarantee Scheme Directive (DGSD) has not yet been incorporated into the European Economic Area (EEA) agreement, but Norway has already transposed it into Norwegian law.
Key findings
- 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.
- The transposition of BRRD and DGSD provides the Norwegian authorities with a broadened and detailed regulatory framework for dealing with weak banks.
Legal and institutional changes
- BRRD transposition: implemented mainly via amendments to the Financial Institutions and Financial Groups Act and accompanying regulations.
- Resolution authority: Finanstilsynet designated as resolution authority.
- Resolution financing: establishment of a resolution fund broadened financing options.
- DGSD status: transposed into Norwegian law despite not yet being part of the EEA agreement.
Subjects and keywords
- Subject:
- Bank resolution
- Bank resolution framework
- Banking
- Crisis management
- Crisis resolution
- Financial crises
- Financial sector policy and analysis
- Financial stability assessment
- Keywords:
- Bank resolution
- Bank resolution framework
- CR
- Crisis management
- Crisis resolution
- Europe
- financial crisis
- Financial stability assessment
- FSA decision
- FSA resolution function
- FSA valuation
- FSA's resolution
- Global
- government backstop
- government employee protection
- government funding
- government indemnity
- government stabilization tool
- government support
- ISCR
- resolution authorities
- resolution authority
- resolution framework
- resolution fund
Content in this bundle
- 1norea2020003