Norway: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy Framework

IMF Staff Country Reports, August 12, 2020

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Norway: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy Framework

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Bibliographic details

• Published: August 12, 2020
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513553184.002

Institutional arrangement for macroprudential policy

• The Ministry of Finance (MoF) is the sole macroprudential decision-maker in Norway.
• Norges Bank and the Finanstilsynet (FSA) play important advisory roles.
• The arrangement is described as uncommon in international comparison.

Authorities' actions and macroprudential toolkit

• In recent years, the authorities have taken substantive and wide-ranging macroprudential policy actions in response to growing systemic vulnerabilities.
• The macroprudential policy toolkit is described as well stocked and actively used.

Effectiveness and outcomes

• The authorities’ actions seem to have been effective in slowing down some of the riskier trends.

Subjects and keywords

• Subjects: Banking; Countercyclical capital buffers; Financial institutions; Financial regulation and supervision; Financial sector policy and analysis; Financial sector stability; Financial stability assessment; Macroprudential policy; Macroprudential policy instruments; Mortgages
• Keywords: central bank; Countercyclical capital buffers; CR; CRE company; CRE market; CRE risk; CRE sector; Financial sector stability; Financial stability assessment; financial system; foreign currency; FSA survey; Global; ISCR; liquid asset; Macroprudential policy; Macroprudential policy instruments; mortgage loan; Mortgages

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