{
  "title": "Norway: Financial Sector Assessment Program-Technical Note-Financial Safety Nets",
  "publication": "IMF Staff Country Reports, August 12, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/08/07/norway-financial-sector-assessment-program-technical-note-financial-safety-nets-49672",
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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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Norway has made substantial progress in strengthening its framework for financial crisis management and bank safety nets since the 2015 FSAP.\n- The Norwegian authorities have implemented the EU framework relevant to bank recovery and resolution.\n- 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."
    },
    {
      "heading": "Key findings",
      "content": "- 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.\n- Finanstilsynet (the Financial Supervisory Authority of Norway, FSA) has been designated as Norway’s resolution authority.\n- Resolution financing options were broadened by establishing a resolution fund.\n- The transposition of BRRD and DGSD provides the Norwegian authorities with a broadened and detailed regulatory framework for dealing with weak banks."
    },
    {
      "heading": "Legal and institutional changes",
      "content": "- BRRD transposition: implemented mainly via amendments to the Financial Institutions and Financial Groups Act and accompanying regulations.\n- Resolution authority: Finanstilsynet designated as resolution authority.\n- Resolution financing: establishment of a resolution fund broadened financing options.\n- DGSD status: transposed into Norwegian law despite not yet being part of the EEA agreement."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject:\n  - Bank resolution\n  - Bank resolution framework\n  - Banking\n  - Crisis management\n  - Crisis resolution\n  - Financial crises\n  - Financial sector policy and analysis\n  - Financial stability assessment\n- Keywords:\n  - Bank resolution\n  - Bank resolution framework\n  - CR\n  - Crisis management\n  - Crisis resolution\n  - Europe\n  - financial crisis\n  - Financial stability assessment\n  - FSA decision\n  - FSA resolution function\n  - FSA valuation\n  - FSA's resolution\n  - Global\n  - government backstop\n  - government employee protection\n  - government funding\n  - government indemnity\n  - government stabilization tool\n  - government support\n  - ISCR\n  - resolution authorities\n  - resolution authority\n  - resolution framework\n  - resolution fund\n\n---\n\n Content in this bundle\n\n- 1norea2020003\n  - 1norea2020003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1norea2020003 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: August 12, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513553139.002",
    "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.",
    "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.",
    "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.",
    "Subject:",
    "Keywords:",
    "**1norea2020003**"
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