Organisational changes at Norges Bank
Norges Bank has decided to establish a Department for Markets and Banking Services. The Financial Stability and Monetary Policy Departments will continue, focusing on policy formulation.
In the new organisational structure, Norges Bank’s core activities are divided into three departments, as against two today. A Markets and Banking Services Department will be established in addition to the Financial Stability and Monetary Policy Departments. The operational core functions will be integrated into the new department.
“The organisation functions smoothly today, but is being adapted to improve our capacity to perform our tasks and meet the challenges facing the Bank. It was time to reorganise,” says Governor Øystein Olsen.
Another new element in the new organisational structure is the Department for Strategy and Development at the staff level, which will be responsible for strategy and governance processes in the central bank operations of Norges Bank. The new organisational structure will apply as from 1 June 2012.
The reorganisation will entail the appointment of two new directors at Norges Bank to head the Financial Stability Department and the Monetary Policy Department respectively. These positions will be advertised shortly.
Norges Bank Investment Management (NBIM) will not be affected by the reorganisation.
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