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Press release 24 August 2005

New guidelines for pledging securities as collateral for loans in Norges Bank

Banks are required to pledge securities as collateral when they borrow from Norges Bank. Norges Bank has today published a circular with new terms for pledging securities as collateral. The changes will enter into force later this year. The date of entry into force will be communicated at a later date.

In April this year, Norges Bank asked the banking industry for comments on the proposed new guidelines. Several of the consultative bodies asked for a transitional period of some length. The new guidelines have fixed a transitional period of two years.

The circular is published in Norwegian and English on our website, www.norges-bank.no.

For further information, please contact Kristin Gulbrandsen, Executive Director, phone (+47) 2231 6092, or Inger-Johanne Sletner, Director, phone (+47) 2231 6035.

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