|Financial Market Development|
|5.2 (max 7.0), 9th out of 138 countries|
|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).
Chart 1. Financial Market Development in Norway. Source: WEF.
Soundness of banks is scored 6.3 bringing Norway into the 8th place.
Chart 2. Soundness of Banks in Norway. Source: WEF.
|Maximum Protected Amount|
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:
All these details about deposit guarantee scheme in Norway are summarised in Table 1.
|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, legal entities|
|Covered Accounts||any credit balance on a named account, and any debt evidenced by a certificate of deposit issued to a named person|
|Maximum Protected Amount||2,000,000 NOK|
|Paid In Currency||NOK|
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.
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)|
Local currency (Norwegian krone) deposit ceiling for Norway is set to Aaa (prime), foreign currency deposit ceiling is Aaa (prime).
|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.
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 Banks||2||2||3||4||7|
|Number of Closed Banks||3||2||3||5||6|
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.
|NÆRINGSBANKEN ASA (new)||November 2017|
|ENTERCARD NORGE - FILIAL AV ENTERCARD GROUP AB (new)||October 2017|
|BB BANK ASA (new)||August 2017|
|NATIONAL WESTMINSTER BANK PLC NORWEGIAN BRANCH (new)||April 2017|
|BNP PARIBAS S.A. NORWAY BRANCH (new)||March 2017|
|DEBANK ASA (new)||February 2017|
|MYBANK ASA (new)||January 2017|
|MARITIME & MERCHANT BANK ASA (new)||December 2016|
|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.
|Category||Number of Banks|
|Branches of foreign banks||39|
|Special purpose banks||1|
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 Origin||Number of Branches|