Present:

Executive Board:

Øystein Olsen, Jon Nicolaisen, Egil Matsen, Kjetil Storesletten, Karen Helene Ulltveit-Moe (items 216-218), Kathryn M. Baker, Steinar Juel and Kristine Ryssdal

Alternates:

Arne Hyttnes

Employee representatives:

Kjersti-Gro Lindquist (items 219-220) and Mona H. Sørensen (items 219-220)

Apologies:

Kristine Landmark

Management:

Ida Wolden Bache (items 216-217), Henrik Borchgrevink (item 216), Olav Bø (items 216-217), Bjarne Gulbrandsen (items 216-220), Pål Haugerud (items 219-220), Torbjørn Hægeland (items 216-217), Per Espen Lilleås (items 216-217), Runar Malkenes (items 216-218), Nina L. Midthjell (items 216-217), Kyrre Nilsen (items 216-220), Arne Osnes (items 216-217), Ørjan Robstad (item 217), Ingrid Solberg (items 216-217), Sindre Weme (items 216-217)

There were no comments on the meeting notice and agenda.

Item 216/2018 Advice to the Ministry of Finance on the countercyclical capital buffer

Discussion document: STRICTLY CONFIDENTIAL memo of 30 November 2018

Torbjørn Hægeland and the Governor outlined the basis for the recommendation to the Ministry of Finance on the countercyclical capital buffer. The decision basis is to be published in Monetary Policy Report 4/18.

The Executive Board discussed the level of the countercyclical capital buffer for banks. In light of the Executive Board's discussions, a draft letter to the Ministry of Finance with a recommendation on the countercyclical capital buffer for the fourth quarter of 2018 is to be presented for final consideration at the Executive Board's meeting of 12 December.

Item 217/2018 Draft monetary policy report with financial stability assessment 4/18 – Monetary policy analysis and provisional assessments

Discussion document: STRICTLY CONFIDENTIAL memo of 30 November 2018

Ida Wolden Bache and the Governor presented the main elements of the draft monetary policy report, including the analyses and assessments of the economic situation and the outlook for monetary policy. They also referred to presentations and discussions at the seminar on the monetary policy situation.

The Executive Board discussed the economic outlook and the monetary policy stance. In light of the Executive Board's discussions and new information, a draft "Executive Board's Assessment" is to be presented for final consideration at the Executive Board's meeting of 12 December.

Item 218/2018 Briefing on relevant matters

The Governor gave a briefing on relevant matters.

Item 219/2018 Minutes of the Executive Board meeting of 21 November 2018

Discussion document: Draft minutes

The Executive Board approved the minutes of its meeting of 21 November 2018.

Item 220/2018 Any other business

The Executive Board discussed the annual operating plan for 2019, including work on a new strategy.

The following were distributed for information together with discussion documents:

• National report from the Regional Network 4/2018
  Memo from Monetary Policy of 29 November 2018
• Market Focus 4-2018
• Letter to the Ministry of Finance of 28 November 2018 – Consultation – NOU (Official Norwegian Reports) 2018:14 Energy Stocks in the Government Pension Fund Global