{
  "title": "Norway: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy Framework",
  "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-systemic-risk-oversight-and-49676",
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  "summary": "While Norway’s institutional arrangement for macroprudential policy is uncommon, the authorities have shown strong willingness to act. The Ministry of Finance (MoF) is the sole macroprudential decision-maker in Norway, which is rare in international comparison.",
  "sections": [
    {
      "heading": "Institutional arrangement for macroprudential policy",
      "content": "- The Ministry of Finance (MoF) is the sole macroprudential decision-maker in Norway.\n- Norges Bank and the Finanstilsynet (FSA) play important advisory roles.\n- The arrangement is described as uncommon in international comparison."
    },
    {
      "heading": "Authorities' actions and macroprudential toolkit",
      "content": "- In recent years, the authorities have taken substantive and wide-ranging macroprudential policy actions in response to growing systemic vulnerabilities.\n- The macroprudential policy toolkit is described as well stocked and actively used."
    },
    {
      "heading": "Effectiveness and outcomes",
      "content": "- The authorities’ actions seem to have been effective in slowing down some of the riskier trends."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- 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\n- 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\n\n---\n\n Content in this bundle\n\n- 1norea2020007\n  - 1norea2020007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1norea2020007 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "[Markdown version](/en/publications/cr/issues/2020/08/07/norway-financial-sector-assessment-program-technical-note-systemic-risk-oversight-and-49676/index.md)",
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    "Published: August 12, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513553184.002",
    "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.",
    "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.",
    "The authorities’ actions seem to have been effective in slowing down some of the riskier trends.",
    "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",
    "**1norea2020007**"
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