Owing to the market situation over the past few days, Norges Bank will offer extraordinary three-month NOK F-loans as from 13 March 2020. Norges Bank will offer extraordinary three-month F-loans for as long as is deemed appropriate. The loans are being offered to ensure that the policy rate passes through to money market rates.

The following conditions apply:

• The F-loan falls due after three months.
• The interest rate on the F-loan is the policy rate prevailing at any time.
• The F-loan will be fully allotted. All banks will receive the desired volume at the announced interest rate. The same collateral requirements will apply as for ordinary F-loans.
• Norges Bank will continue to aim to keep central bank reserves (banks' unrestricted bank deposits at the central bank) overnight at around NOK 35 billion (with a target range of plus/minus NOK 5 billion).
• Surplus liquidity will be withdrawn from the banking system using daily F-deposits with one-day maturity. Banks can then draw on the liquidity from the extraordinary F-loans on a daily basis.
• New three-month F-auctions will be held at least every week for four weeks ahead, see auction calendar. The calendar will be updated on a continuous basis. Norges Bank will offer extraordinary three-month F-loans for as long as is deemed appropriate.