In 2025, Norges Bank decided to introduce central bank certificates as a new liquidity management instrument and asked for input from market participants on the design of the short-term paper programme. See the consultation note and consultation responses.

In order to make the central bank certificates available to a broad set of investors, Norges Bank intends to issue short-term paper via primary dealers. Norges Bank's assessment is that this gives banks and other investors access to participate in auctions of central bank certificates on as equal terms as possible. Norges Bank intends to conduct auctions on Bloomberg's auction platform with primary dealers as counterparties in the auctions.

Primary dealers in central bank certificates will assume the following overall obligations and rights:

• Right to participate in auctions
• Obligation to submit bids on behalf of customers
• Responsibility for ensuring that resale takes place in accordance with relevant regulations

Further details of the primary dealer arrangement will be regulated through a primary dealer agreement.

Investment firms that wish to become primary dealers in central bank certificates are asked to contact Norges Bank at likviditet@norges-bank.no