Norges Bank

Circular 5/2016

Change of settlement date for some F-loans

Norges Bank has observed that Norwegian money market rates increase and become more volatile whenever there is a considerable decline in structural liquidity. Feedback from a number of banks indicates that one reason for this is banks' uncertainty regarding their own liquidity situation on such days. To help to reduce this uncertainty, Norges Bank has decided to change the auction and settlement dates of some F-loans associated with particularly steep declines in structural liquidity.

As from 8 June 2016, Norges Bank will hold F-loan auctions with settlement date two business days after the auction date (t+2) in the event of a considerable decline in structural liquidity [1]. Further details regarding the new arrangement are specified below:

Auction dates:

A calendar showing the dates of planned auctions with a non-standard settlement will be posted on Norges Bank's website at all times. The calendar will be published along with other liquidity statistics every Monday and Thursday [2]. The dates are subject to change during the year.

Time of auction:

Auctions with a non-standard settlement date will normally be held at 2:15 p.m. Settlement will take place at the opening of Norges Bank's settlement system (NBO) two business days later.


Section 7 of Norges Bank's Lending Regulation states: "In the case of F-loans, collateral shall be furnished in accordance with the provisions of Section 9 when bids are made". When bidding, bidders must have sufficient collateral available two business days prior to settlement. However, the collateral will not be locked up by Norges Bank before loan disbursement takes place.

Other information:

If the bidding in the F-loan auctions with a non-standard settlement date does not bring total liquidity sufficiently close to the target of NOK 35 billion, Norges Bank will offer a new F-loan on the same day that structural liquidity falls (two business days later), but in that case with same-day settlement.

Other auctions:

All other F-loan auctions, except the ones mentioned above, will be held with same-day settlement. F-deposit auctions will not be affected by the changes and will, as is the case currently, have same-day settlement.

If you have any questions, please contact us at +47 22 31 71 70 or


  1. The dates for these auctions will be set according to Norges Bank's continuous assessment of changes in and the level of structural liquidity and market operations already outstanding.
  2. See
Published 6 June 2016 12:00