Norway: Financial Sector Assessment Program-Technical Note-Financial Safety Nets

August 12, 2020

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Format: Chicago

Norway: Financial Sector Assessment Program-Technical Note-Financial Safety Nets, (USA: International Monetary Fund, 2020) accessed November 21, 2024

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. 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. While the Deposit Guarantee Scheme Directive (DGSD) has yet to be brought into the European Economic Area (EEA) agreement, Norway has, in fact, already transposed it into the Norwegian law. This provides the Norwegian authorities with a broadened and detailed regulatory framework for dealing with weak banks.

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

Publication Details

Pages:

36
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/261
Stock No:

1NOREA2020003
ISBN:

9781513553139
ISSN:

1934-7685

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