Norges Bank's activities are regulated by the Act of 24 May 1985 relating to Norges Bank and the Monetary System etc. (the Norges Bank Act). The Act states that Norges Bank shall be an executive and advisory body for monetary, credit and foreign exchange policy.
In the case of Norges Bank Investment Management (NBIM), decision-making authority has been delegated directly to the CEO of NBIM by the Executive Board and is embodied in the job description for the position.
The Norges Bank Act governs the relationship between Norges Bank and the authorities. The Act relating to the Government Pension Fund and the mandate for management of Government Pension Fund Global (GPFG) govern the division of responsibilities between Norges Bank and the Ministry of Finance with regard to the management of the GPFG.
Central Executive Managers Forum
The Central Executive Managers Forum is an advisory forum for the Governor for discussing matters in areas where it is necessary for the Governor to make decisions or issue guidelines affecting the Bank's two operational areas. The Forum is also tasked with dealing with matters of importance for operations as a whole that will be brought before Norges Bank's Executive Board, including adoption of or amendments to overarching principles issued by the Executive Board for operations as a whole.
The Norges Bank Central Executive Managers Forum comprises the Governor (chair), the two Deputy Governors, the, the CEO of Norges Bank Investment Management (NBIM), the Deputy CEO of NBIM and the CEO of Norges Bank Real Estate Management (NBREM). In addition, the Executive Director of the Central Secretariat, the General Counsel and the Communications Director also normally attend.
Norges Bank Central Banking Operations comprises
- Markets and ICT
- Monetary Policy
- Financial Stability
- Corporate and Shared Services
- General Secretariat and General Counsel.
In addition, the Bank has an Internal Audit unit.
At year-end 2018, there were 953 permanent employees at Norges Bank, of which 345 were employed by Norges Bank Central Banking Operations and 601 were employed by Norges Bank Investment Management.
Management of Norges Bank applies the principles of management by objectives and results in combination with the principles of macromanagement. For Norges Bank Central Banking Operations, the primary management tools are strategic plans, objectives and guidelines and action plans. For Norges Bank Investment Management, the primary management tools are strategic plans, follow-up of investment mandates and performance reporting.
Low interest rates, moderate growth, increased data coverage, new technology, new and more secure banknotes, prevention of systemic risk and strengthened contingency planning are among the key words for the current three-year strategy period. Underlying these words is an aim to be a transparent, modern and innovative central bank, also in the international arena.