Norges Bank issues Norwegian notes and coins and ensures daily settlement in Norwegian kroner. The role of issuer of means of payment and “the banks’ bank” gives Norges Bank a particular responsibility for securing the stability of the Norwegian financial system.
Mandate and legal basis
Norges Bank’s tasks and responsibility for financial stability are set out in the Norges Bank Act and the Payment Systems Act.
Division of responsibilities among government authorities
In Norway the authorities’ work on financial stability is shared among the Ministry of Finance, Finanstilsynet (Financial Supervisory Authority of Norway) and Norges Bank:
- The Ministry of Finance has overriding responsibility for ensuring that Norway has a well functioning financial industry.
- Finanstilsynet has a particular responsibility for solvency, management and control in financial institutions.
- Norges Bank is responsible for promoting a robust and efficient financial system.