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Norway: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy Framework
Author:
International Monetary Fund. Monetary and Capital Markets Department
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2020: Issue 265
Language:
English
Publication Date:
12 Aug 2020
DOI:
https://doi.org/10.5089/9781513553184.002
ISBN:
9781513553184
ISSN:
1934-7685
Pages:
54
Keywords:
ISCR; CR; CRE sector; CRE market; CRE company; CRE risk; FSA survey; liquid asset; central bank; foreign currency; mortgage loan; financial system; Macroprudential policy; Financial stability assessment; Macroprudential policy instruments; Financial sector stability; Countercyclical capital buffers; Global; Mortgages
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While Norway’s institutional arrangement for macroprudential policy is uncommon, the authorities have shown strong willingness to act. The Ministry of Finance (MoF) is the sole macroprudential decision-maker in Norway, which is rare in international comparison. However, Norges Bank and the Finanstilsynet (FSA) play important advisory roles. In recent years, the authorities have taken substantive and wide-ranging macroprudential policy actions in response to growing systemic vulnerabilities—and these seem to have been effective in slowing down some of the riskier trends. The macroprudential policy toolkit is well stocked and actively used.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund