Norway: Financial Sector Assessment Program-Technical Note-Crisis Management, Bank Resolution, and Financial Sector Safety Nets

International Monetary Fund

No 2015/253, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note reviews crisis management, bank resolution, and financial sector safety nets in Norway. Arrangements for crisis management, bank and group resolution, and the financial sector safety nets are well developed and tested in Norway. Roles, responsibilities, accountabilities, and information-sharing arrangements among the relevant bodies are generally well defined and functioning. The current legal framework provides substantial powers and flexibility to deal with failing or failed banks but needs to be strengthened in several respects. The Financial Supervisory Authority has begun to implement a recovery plan requirement for the largest banks. The authorities also make good use of simulation exercises to enhance crisis preparedness.

Keywords: ISCR; CR; MREL requirements; articles of association; banks assets; concern resolution; guarantee funds; problem bank; solvency support; lead resolution authority; MREL requirement; size bank; FSA responsibility; FSA comment; banking group; saving bank; Bank resolution framework; Financial stability assessment; Bank resolution; Financial sector stability; Global (search for similar items in EconPapers)
Pages: 42
Date: 2015-09-17
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