Summary:Arrangements for crisis management, bank and group resolution, and the financial sector safety nets are well developed and tested. Roles, responsibilities, accountabilities and information sharing arrangements among the relevant bodies, the Ministry of Finance (MOF), the Finanstilsynet (FSA), Norges Bank (NB) and the Banks’ Guarantee Fund (BGF), the private sector led deposit guarantee scheme, are generally well defined and functioning. The MOF is, de facto, the lead resolution authority, and the FSA has resolution responsibilities as well. The MOF takes decisions based on the recommendations of the FSA, which are formulated routinely in consultation with NB and often with the BGF. The FSA executes MOF’s resolution decisions. Due to its private sector governance, there are impediments to integrating the BGF fully into the resolutions and crisis preparedness and management frameworks, and further steps should be considered to overcome obstacles in this regard.
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