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

International Monetary Fund

No 2020/261, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; government stabilization tool; financial crisis; FSA decision; FSA resolution function; FSA valuation; FSA's resolution; government backstop; government employee protection; government funding; government indemnity; government support; resolution framework; resolution authority; resolution fund; resolution authorities; Financial stability assessment; Bank resolution framework; Bank resolution; Crisis management; Crisis resolution; Global; Europe (search for similar items in EconPapers)
Pages: 36
Date: 2020-08-12
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