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Economy and Banking Sector of Norway

Financial Market Development

Financial Market Development
5.2 (max 7.0), 9th out of 138 countries
Banks' Soundness
6.3 (max 7.0), 8th out of 138 countries

According to World Economic Forum's Global Competitiveness Report 2017-2018, financial market development in Norway is scored 5.2 out of maximum 7.0 and ranked 9th out of 138 analysed economies, trustworthiness and confidence of financial market is scored 5.3 (18th place).

Financial Market Development in Norway.

Chart 1. Financial Market Development in Norway. Source: WEF.

Soundness of banks is scored 6.3 bringing Norway into the 8th place.

Soundness of Banks in Norway.

Chart 2. Soundness of Banks in Norway. Source: WEF.

Further Information

Deposit Guarantee Scheme

Maximum Protected Amount
2,000,000 NOK

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

All these details about deposit guarantee scheme in Norway are summarised in Table 1.

Scheme Participantsall credit institutions operating in Norway, branches of non-EEA banks, branches of Norwegian banks abroad
Scheme Exemptionsbranches of EEA-banks (covered by their home countries)
Eligible Depositorsnatural persons, legal entities
Covered Accountsany credit balance on a named account, and any debt evidenced by a certificate of deposit issued to a named person
Maximum Protected Amount2,000,000 NOK
Paid In CurrencyNOK

Table 1. Deposit guarantee scheme in Norway.

EEA stands for European Economic Area and consists of all EU member states plus Liechtenstein, Norway and Iceland.

Further Information

Country Ceiling for Deposits

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)
Aaa (prime)
Foreign Currency
Aaa (prime)

Local currency (Norwegian krone) deposit ceiling for Norway is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).

Banking Supervision

Norges Bank

Banking Sector Structure

Number of Banks
Consolidated Assets (2017)
3,861.22 bln NOK  (+6.48%)
Recent Changes (2017)
new banks: 7, closed banks: 6

Currently there are 168 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.

Consolidated banking assets in Norway.

Chart 3. Consolidated banking assets in Norway.

Recent structural changes (2013 - 2017) of the banking sector of Norway are summarised in Table 2.

Number of Opened Banks22347
Number of Closed Banks32356

Table 2. Recent structural changes in the banking sector of Norway.

The list of the most recently opened banks in Norway is provided in Table 3.

NameStart Date
NÆRINGSBANKEN ASA (new)November 2017
BB BANK ASA (new)August 2017
DEBANK ASA (new)February 2017
MYBANK ASA (new)January 2017
SKAGERRAK SPAREBANK (new)December 2016
INSTABANK ASA (new)September 2016

Table 3. The most recently opened banks in Norway.

All the credit institutions operating in Norway can be classified into several categories. Table 4 summarises the number of banks in each category.

CategoryNumber of Banks
Branches of foreign banks39
Central banks1
Commercial banks28
Savings banks99
Special purpose banks1

Table 4. Number of banks by category in Norway.

There are 35 branches of foreign banks from 7 different countries in Norway. Table 5 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
 United Kingdom2

Table 5. Number of branches of foreign banks in Norway grouped by country of origin.