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International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund. European Dept.

in the current environment. Continue to restrict dividend payouts by the companies with weak capital adequacy. S Ongoing . In a letter January 2017 to all life insurance undertakings FSA stated that life insurance undertakings should not pay dividends as long as surplus on the insurance policies are used to strengthen reserves according to new requirements (new mortality tables). The letter stated further that where life insurance undertakings have been allowed to use the transitional rule for technical provisions, FSA assumes that the board of insurance

International Monetary Fund. Asia and Pacific Dept

. Continue conducting liquidity stress testing regularly for significant foreign currencies and require banks to hold sufficient counterbalancing capacity, particularly high-quality liquid assets (FSA). I The FSA stated in “Providing Better Financial Services in the Era of Transition”, published in September 2018, that it will encourage the three megabank groups to secure stable foreign currency funding and enhance their foreign currency liquidity management. Financial Sector Oversight Give FSA the power to set capital requirements for banks based on

International Monetary Fund. Monetary and Capital Markets Department

insurance companies, where the purpose was to compare and challenge the calculated levels of the best estimate of technical provisions. A similar survey will be conducted in 2020. Achieve recapitalization of weakly capitalized insurance companies in the current environment. Continue to restrict dividend payouts by such companies. Ongoing . In a January 2017 letter to all life insurance undertakings the FSA stated that life insurance undertakings should not pay dividends as long as surplus on the insurance policies are used to strengthen reserves according to new

International Monetary Fund. European Dept.

letter to all life insurance undertakings the FSA stated that life insurance undertakings should not pay dividends as long as surplus on the insurance policies are used to strengthen reserves according to new requirements (new mortality tables). The letter stated further that where life insurance undertakings have been allowed to use the transitional rule for technical provisions, FSA assumes that the board of insurance undertakings make proper reviews of the need for capital accumulation in the undertaking both in the short and long term. Stress Tests

International Monetary Fund. Monetary and Capital Markets Department

SRB add-on is appropriate given the high degree of interconnectedness and the vulnerability of the economy and the financial system to volatile commodity prices 6 . 43. The public communication of the rationale for setting the SRB at 3 percentage points was unclear . The initial SRB of 2 percentage points on top of the 7 percent minimum CET1 capital ratio was justified by the Ministry of Finance as being equivalent to the EBA’s 9 percent CET1 capital target ratio for the largest banks in the EEA area, which the FSA stated that all Norwegian credit institutions

International Monetary Fund. Monetary and Capital Markets Department
This Technical Note reviews macroprudential policy in Norway. The authorities have taken or announced a wide range of macroprudential measures to address systemic risk. Since the 2008 global financial crisis, the authorities have deployed a range of measures to safeguard the financial system in the country. These measures include higher capital requirements, including early adoption and implementation of the European Union capital regulations, additional capital buffers, etc. These macroprudential measures have focused primarily on building the resilience of banks through higher capital requirements. Good progress has been made on reciprocity agreements to ensure that domestic macroprudential policy measures apply to all banking activities with Norwegian customers.
International Monetary Fund. European Dept.
This 2017 Article IV Consultation highlights that the Norwegian economy is slowly recovering from the oil shock as domestic demand grew stronger aided by accommodative macroeconomic policies. Inflation declined recently owing to the pass-through of krone appreciation, but expectations remain well-anchored. In addition, banks remain profitable and well capitalized. Mainland growth is projected to increase from just below 1 percent in 2016 to 1.75 and 2.25 percent in 2017 and 2018 respectively, supported by the recovery of exports and stronger private demand. Inflation is projected to edge down further in pace with the unwinding of krone depreciation, before converging to the target over the medium term as trading-partner inflation rises.
International Monetary Fund. Monetary and Capital Markets Department
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, however, 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. It also includes a risk analysis that quantifies the possible impact of the COVID-19 crisis on bank solvency. Since the previous FSAP in 2015, the Norwegian authorities have taken welcome steps to strengthen the financial system. Regulatory capital requirements for banks were raised and actions were taken to bolster the weak capital position of insurers. Alongside other macroprudential measures, temporary borrower-based measures for residential mortgages were introduced, which seem to have had some moderating impact on segments of the housing market. The resolution framework was also strengthened, with the implementation of the Bank Recovery and Resolution Directive (BRRD) and the designation of Finanstilsynet (FSA) as the resolution authority.
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Japan highlights that the rapid aging and shrinking of Japan’s population has become central to macroeconomic policies and outcomes. The consultation centered on the macroeconomic effects of Japan’s demographics. Mutually reinforcing policies are needed to lift current and expected inflation, stabilize public debt, and raise potential growth. Underlying growth is expected to remain resilient but will be increasingly challenged by slowing external demand and intensifying demographic headwinds. Growth in domestic demand is being eroded by the weaker external environment. Frontloading of private consumption ahead of the October 2019 consumption tax rate increase appears to have been smaller than in 2014.