## Norway: Financial System Stability Assessment-Press Release; and Statement by the Executive Director for Norway

_IMF Staff Country Reports, August 12, 2020_

## Source details

**Canonical URL:** [Norway: Financial System Stability Assessment-Press Release; and Statement by the Executive Director for Norway](https://www.imf.org/en/publications/cr/issues/2020/08/07/norway-financial-system-stability-assessment-press-release-and-statement-by-the-executive-49670)

## Other formats

- [Markdown version](/en/publications/cr/issues/2020/08/07/norway-financial-system-stability-assessment-press-release-and-statement-by-the-executive-49670/index.md)
- [Structured JSON version](/en/publications/cr/issues/2020/08/07/norway-financial-system-stability-assessment-press-release-and-statement-by-the-executive-49670/index.json)
- [Bundle manifest](/en/publications/cr/issues/2020/08/07/norway-financial-system-stability-assessment-press-release-and-statement-by-the-executive-49670/bundle-manifest.json)

## Bibliographic details
- Published: August 12, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513550930.002

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### Summary
- Much of the work of the Financial Sector Assessment Program (FSAP) was conducted prior to the COVID-19 pandemic, with the missions ending on February 13, 2020.
- Given the FSAP’s focus on medium-term challenges and vulnerabilities, its findings and recommendations for strengthening policy and institutional frameworks remain pertinent.
- The report was updated to reflect key developments and policy changes since the mission work was completed.
- The report includes a risk analysis that quantifies the possible impact of the COVID-19 crisis on bank solvency.

### Key findings since the previous FSAP (2015)
- Regulatory capital requirements for banks were raised.
- Actions were taken to bolster the weak capital position of insurers.
- Temporary borrower-based measures for residential mortgages were introduced; these measures seem to have had some moderating impact on segments of the housing market.
- The resolution framework was strengthened with:
  - Implementation of the Bank Recovery and Resolution Directive (BRRD).
  - Designation of Finanstilsynet (FSA) as the resolution authority.

### Risk analysis and stress testing
- The updated report contains a risk analysis that quantifies the possible impact of the COVID-19 crisis on bank solvency.
- FSAP findings and recommendations emphasize medium-term challenges and vulnerabilities relevant despite mission timing prior to the pandemic.

### Policy and supervisory themes covered
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- Banking
- Crime
- Financial institutions
- Financial regulation and supervision
- Financial sector policy and analysis
- Financial stability assessment
- Insurance companies
- Liquidity requirements
- Stress testing

### Keywords and cross-cutting topics
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- CR
- cybersecurity risk oversight
- cybersecurity risk supervision
- financial market volatility
- Financial stability assessment
- Global
- government measure
- Insurance companies
- ISCR
- Liquidity requirements
- resolution authority's mandate
- risk analysis
- Stress testing

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## Content in this bundle

- **Executive Summary**
  - [Executive Summary (Markdown version)](/-/media/files/publications/cr/2020/english/1norea2020001.pdf.md){rel="alternate" type="text/markdown"}
  - [Executive Summary (PDF)](/-/media/files/publications/cr/2020/english/1norea2020001.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2020/08/07/norway-financial-system-stability-assessment-press-release-and-statement-by-the-executive-49670_