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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

Banking Focus

Banks in Norway are mainly focused on the following areas:

  • regional retail banking
  • retail banking
  • direct retail banking

Banking Supervision

Norges Bank

Financial Supervisory Authority of Norway

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 1.

Number of Opened Banks22347
Number of Closed Banks32356

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.

NameStart Date
BB BANK ASAAugust 2017
DEBANK ASAFebruary 2017
MYBANK ASAJanuary 2017
INSTABANK ASASeptember 2016

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.

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

Table 3. Number of banks by category in Norway.

There are 35 branches of foreign banks from 7 different countries in Norway. Table 4 shows the number of branches grouped by the country of origin.

Country of OriginNumber of Branches
SE Sweden25
IE Ireland2
DK Denmark2
DE Germany2
GB United Kingdom2
FR France1
NL Netherlands1

Table 4. Number of branches of foreign banks in Norway grouped by country of origin.

Deposit Guarantee Scheme

Maximum Protected Amount
2,000,000 NOK

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:

  • 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 5.

Maximum Protected Amount
2,000,000 NOK
Scheme Participants
all credit institutions operating in Norway
branches of non-EEA banks
branches of Norwegian banks abroad
Scheme Exemptions
branches of EEA-banks (covered by their home countries)
Eligible Depositors
natural persons
  • residents of Norway
  • citizens of Norway
  • foreign residents
  • foreign citizens
legal entities
  • corporations
  • associations
  • registered in Norway
  • registered abroad
Non-Eligible Depositors
credit institutions
financial institutions
public authorities
depositors with unknown identity
Covered Accounts
current accounts
savings accounts
time deposit accounts
positive balance (deposit) on credit cards or other credits (flex loans)
deposits on a share savings account (Aksjesparekonto)
Non-Covered Accounts
investments in financial assets like stocks or securities
Covered Currencies
all currencies, namely
  • NOK (Norwegian krone)
  • foreign currencies
Paid In Currency

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.

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).