According to World Economic Forum's Global Competitiveness Report 2019, financial market development in Norway is scored 82.0 out of maximum 100.0 and ranked 20th out of 144 analysed economies.
Chart 1. Financial Market Development in Norway. Source: WEF.
Soundness of banks is scored 6.1 bringing Norway into the 10th place.
Chart 2. Soundness of Banks in Norway. Source: WEF.
Banks in Norway are mainly focused on the following areas:
Financial Supervisory Authority of Norway
Currently there are 157 credit institutions operating in Norway.
In 2017 consolidated banking assets in Norway were 3,861.22 bln NOK. The consolidated banking assets' evolution is shown at Chart 3 below.
Chart 3. Consolidated banking assets in Norway.
Recent structural changes (2013 - 2018) of the banking sector of Norway are summarised in Table 1.
|Number of Opened Banks||2||2||3||4||8||6|
|Number of Closed Banks||3||2||3||6||6||6|
Table 1. Recent structural changes in the banking sector of Norway.
The list of the most recently opened banks in Norway is provided in Table 2.
|J.P. MORGAN BANK LUXEMBOURG S.A. - OSLO BRANCH||September 2018|
|OPTIN BANK ASA||August 2018|
|BRABANK ASA||June 2018|
|KRAFT BANK ASA||May 2018|
|APRILA BANK ASA||March 2018|
|NORDIC CORPORATE BANK ASA||January 2018|
|NÆRINGSBANKEN ASA||November 2017|
|ENTERCARD NORGE - FILIAL AV ENTERCARD GROUP AB||October 2017|
|BB - TF BANK NORGE||August 2017|
|NATIONAL WESTMINSTER BANK PLC NORWEGIAN BRANCH||April 2017|
Table 2. The most recently opened banks in Norway.
All the credit institutions operating in Norway can be classified into several categories. Table 3 summarises the number of banks in each category.
|Category||Number of Banks|
|Branches of foreign banks||34|
|Special purpose banks||1|
There are 31 branches of foreign banks from 8 different countries in Norway. Table 4 shows the number of branches grouped by the country of origin.
|Country of Origin||Number of Branches|
Deposit guarantee scheme is a financial stability mechanism implemented in many countries to protect bank depositors against the loss of their deposits in the case when a bank is unable to meet its obligations to depositors by compensating certain deposits held by depositors of the bank. This compensation is paid out from the contributions which banks have made into a deposit guarantee fund.
From a depositor's point of view it is important to know:
All these details about deposit guarantee scheme in Norway are summarised in Table 5.
Table 5. Deposit guarantee scheme in Norway.
EEA stands for European Economic Area and consists of all EU member states plus Liechtenstein, Norway and Iceland.
Moody's country ceilings for deposits specify the highest rating that can be assigned to local- or foreign- currency denominated deposit obligations of a bank or other deposit taking institution domiciled within that country.
Local currency (Norwegian krone) deposit ceiling for Norway is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).