Present:

Executive Board:
Øystein Olsen, Jon Nicolaisen, Egil Matsen, Kjetil Storesletten, Karen Helene Ulltveit-Moe, Kathryn M. Baker, Steinar Juel and Kristine Ryssdal

Alternates:
Arne Hyttnes and Kristine Landmark

Employee representatives:
Mona H. Sørensen (items 107-109) and Kjersti-Gro Lindquist (items 107-109)

Office of the Supervisory Council
Jan Frode Jakobsen (items 107-108)

Management
Ida Wolden Bache (items 102-104), Henrik Borchgrevink (items 102-103), Katrine Godding Boye (items 102-104), Anne Berit Chistiansen (item 104), Monique Erlandsen Erard (item 105), Bjarne Gulbrandsen (items 102-109), Lars Hammersbøen (items 107-108). Anne Kari Haug (item 104), Jane Haugland (items 107-108), Torbjørn Hægeland (items 102-105), Per Espen Lilleås (items 102-104) Runar Malkenes (items 102-104), Nina Larsson Midthjell (items 102-104), Bård Ove Molberg (item 105), Kyrre Nilsen (items 102-109), Arne Osnes (items 102-104), Ingvild Wold Strømsheim (item 104), Ylva Søvik (items 102-103 and 105), Jan Thomsen (items 107-108)

There were no comments on the meeting notice and agenda.

Item 102/2019  Response to interest rate decision – monetary policy meeting of 8 May 2019

Discussion document
Memo from Monetary Policy of 5 June 2019

Ida Wolden Bache presented the matter for discussion and the Executive Board took note of the matter.

Item 103/2019   Recommendation to the Ministry of Finance on the countercyclical capital buffer

Discussion document:
STRICTLY CONFIDENTIAL memo from Financial Stability (FST) of 7 June 2019

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 2/19.

The Executive Board discussed the level of the countercyclical capital buffer for banks. A draft letter to the Ministry of Finance with a recommendation on the countercyclical capital buffer for the second quarter of 2019 is to be presented for final consideration at the Executive Board’s meeting of 19 June.

Item 104/2019    Financial stability assessment 2/19 – Monetary policy analysis and provisional assessments

Discussion document:
STRICTLY CONFIDENTIAL memo from Monetary Policy of 7 June 2019

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. A draft “Executive Board’s Assessment” is to be presented for final consideration at the Executive Board’s meeting of 19 June.

Item 105/2019  Financial Stability Report for 2019 – memo

Discussion document
Memo from Financial Stability of 6 June 2019

Torbjørn Hægeland presented relevant topics for the Financial Stability Report 2019.

The Executive Board exchanged views and agreed to the proposed themes being explored in the work on Financial Stability Report 2019. The report is to be submitted for consideration at the Executive Board meeting of 23 October 2019.

Item 106/2019 Briefing on relevant matters for Norges Bank Central Banking Operations (NBCBO)

The Governor gave a briefing on relevant matters for NBCBO.

Item 107/2019   Minutes of the Executive Board meeting of 8 May 2019

Discussion document
Draft minutes

The Executive Board approved the minutes of its meeting of 8 May 2019.

Item 108/2019   Norges Bank’s pension fund – Annual report and accounts for 2018

Discussion document
Memo from Corporate and Shared Services of 5 June 2019

Jan Thomsen, chairman of the board of the pension fund, presented the main elements of the annual accounts for 2018.

The Executive Board took note of the annual report and accounts of Norges Bank’s pension fund for 2018. The annual report and accounts will be sent to the Supervisory Council for information.

Item 109/2019  Any other business

The Governor informed about the ongoing reorganisation of administrative functions.

The following were distributed for information together with the discussion documents:

• Organisation of administrative functions in Norges Bank
  Letter to the Ministry of Finance of 10 May 2019
• National report from the Regional Network 2/2019
  Memo from Monetary Policy of 6 June 2019
• Market Focus 2-2019
• NBIM Report GPFG Performance and Risk report - April 2019
• Minutes of the Supervisory Council meeting of 21 March 2019
• Minutes of the Ownership Committee meeting of 5 February 2019