Report of the Commission on the Act relating to Norges Bank and the Monetary System
The Commission has today submitted its Report to the Ministry of Finance. The Commission was mandated to consider the Norges Bank Act and the organisation of Norges Bank.
"The Commission's Report is an important milestone for Norges Bank. The Act was last subject to a comprehensive review more than 30 years ago. The activities of the central bank have since changed considerably. Inflation targeting for the conduct of monetary policy and new instruments in the area of financial stability have been introduced," said Governor Øystein Olsen.
The Commission was further mandated to consider a new organisation for the Government Pension Fund Global. Since the first capital transfer in 1996, investment management has grown to become a substantial part of Norges Bank's activities.
"In the light of the Fund's development and importance for the Norwegian economy ahead, it is now natural to reassess the organisation of the Fund. I want to emphasise what I have said previously, which is that Norges Bank has been a good home for the Fund. Norges Bank has built a professional investment management organisation that is well equipped to perform its task ahead, irrespective of the organisational structure that the Storting may decide," said Governor Olsen.
The Commission's Report will be circulated for comment, and Norges Bank will participate in the consultation round.
"The Commission emphasises the importance of maintaining the prevailing credibility and legitimacy of Norges Bank and the Fund. Norges Bank shares this view and looks forward to examining the Commission's Report and recommendations, and will submit its comments to the Ministry of Finance," said the Governor.
For further information on the Commission's Report and submission, see the website of the Ministry of Finance.