Norges Bank

Circular 3/2022

Quotas in the system for the management of bank reserves

Under the current system for managing banks’ reserves, interest is paid at the key policy rate on a certain portion of the reserves – a quota – for the banks that are Norges Bank’s monetary policy counterparties. Deposits in excess of the quota are remunerated at a lower rate – the reserve rate. Norges Bank will normally assess the total quota and its distribution among banks twice a year.

The following applies as from 3 October 2022:

  • Norges Bank will seek to maintain reserves in the banking system at an average NOK 35 billion with a symmetrical interval of ±5 billion around this level.
  • The sum of banks’ quotas, the total quota, is set at NOK 45 billion.

The monetary policy counterparties are divided into three groups where all banks in the same group are assigned the same quota, with the exception of settlement banks which are assigned higher quotas. The banks are divided into groups as follows (Table 1):

Table 1. Division of banks into groups

Group 1:                                                        

Group 2:

Group 3: All monetary policy counterparties in group B in NBO* (95 banks)

DNB Bank ASA**

SpareBank 1 SR-Bank ASA


Nordea Bank Norge Abp, filial i Norge

SpareBank 1 SMN**


Danske Bank**

Sparebanken Vest



SpareBank 1 Østlandet


Skandinaviska Enskilda Banken AB (publ) Oslofilialen

SpareBank 1 Nord-Norge


Swedbank Norge

Sparebanken Sør



Sbanken ASA



Sparebanken Møre



Sparebanken Sogn og Fjordane



Sparebanken Øst






Storebrand Bank ASA



Sandnes Sparebank



BNP Paribas S.A. Norway Branch



Citibank Europe plc, Norway Branch


* Norges Bank settlement system, ** Settlement bank

The quotas that apply as from 3 October 2022 are set on the basis of banks’ total assets as of 30 June 2022. The quotas are distributed as follows (Table 2).

Table 2. Banks’ quotas to be applied as from 3 October 2022. In thousands of NOK


Sum TA

Share TA

Sum quota per group

Number banks

Quota per bank

Group 1

       4 399 978 174

64,6 %

         29 071 868


      4 800 000

Group 2

       1 348 728 697

19,8 %

           8 911 422


         590 000

Group 3

       1 061 967 195

15,6 %

           7 016 710


           74 000


       6 810 674 066

100 %

         45 000 000



TA: Total assets

The settlement banks DNB, SpareBank 1 SMN, SpareBank 1 Nord-Norge and Danske Bank are assigned quotas as follows (Table 3).


Table 3. Quotas for settlement banks, DNB, SpareBank 1 SMN, SpareBank 1 Nord-Norge and Danske Bank*. In thousands of NOK


Initial quota

Supplement to quota

Sum quota


                       4 800 000

                      1 400 000

            6 200 000

SpareBank 1 SMN

                          590 000

                         590 000

            1 180 000

SpareBank 1 Nord-Norge

                          590 000

                           80 000

               670 000

Danske Bank

4 800 000

                         100 000

            4 900 000

*Settlement banks are assigned a supplementary quota determined by the size of the settlement bank in relation to the size of the B-banks or equivalent banks for which it executes settlements (as measured by total assets). If the estimated quota for the settlement bank is initially NOK K billion, its total assets NOK X billion and the sum of total assets of the B-banks is NOK Y billion, the settlement bank will be assigned a supplementary quota equal to K x (Y/X), but with an upper limit equal to the sum of the quotas for the B-banks for which it executes settlements. The settlement bank’s total quota will normally be equal to K+K x (Y/X).

For a further description of the system for the management of bank reserves, see Management of bank reserves: The system in Norway.

For a further discussion of the background for the new system, see Background for the system for the management of bank reserves in Norway.

Published 1 September 2022 10:00
Published 1 September 2022 10:00