Norges Bank

Auction calendar for F-auctions with non-standard settlement dates (t+2)* and/or non-standard terms

Norges Bank undertakes market operations, F-loans and F-deposits, to steer the level of central bank reserves. The aim is to keep the total sum close to the target rate of NOK 35 billion. Norges Bank publishes a forecast of the development of structural liquidity over the year, which is continuously updated.

The majority of Norges Bank’s market operations are announced and conducted on the same day as settlement. The auction calendar is an overview of a minority of market operations, which have non-standard settlement dates and/or non-standard terms.

Auction calendar for extraordinary F-loans

For more information see the press release 14 August 2020

Bids must be submitted by 15:00 pm

Auction type Auction date Settlement date Maturity date Comment
F-loan 1 week 19.08.2020 19.08.2020 26.08.2020 Policy rate + 0 %
F-loan 1 year 26.08.2020 26.08.2020 26.08.2021 Policy rate + 0,3 %
F-loan 3 mnd. 11.09.2020 11.09.2020 11.12.2020 Policy rate + 0,15 %
F-loan 3 month 14.10.2020 14.10.2020 13.01.2021 Policy rate + 0,15 %
F-loan 3 month 11.11.2020 11.11.2020 10.02.2021 Policy rate + 0,15 %
F-loan 3 month 11.12.2020 11.12.2020 12.03.2021 Policy rate + 0,15 %

Auction calendar

The calendar indicates when Norges Bank plans to undertake F-loans with settlement two days later (T+2). Norges Bank offers such F-loans ahead of days where structural liquidity will be significantly reduced, such as days with tax or VAT payments. The aim is to ensure predictability for banks’ liquidity positions. The maturity of these F-loans will depend on the forecasted development in structural liquidity. Changes in this forecast may result in changes in the auction calendar. The calendar may be updated over the year, if necessary.

The calendar also provides an overview of F-loans with full allotment at a fixed rate. Norges Bank undertakes such F-loans at quarter- and year-end, disregarding the level of structural liquidity. The aim of these is to ensure access to NOK at a price close to the policy rate on these dates. These F-loans mature on the first trading day of the following quarter.

Auction Type  Auction date Settlement date Maturity date Comment
F-loan 08.12.2020 10.12.2020   VAT
F-loan** 31.12.2020 31.12.2020 04.01.2021 Year-end

Auction calendar 2021

Type of auction

Auction date

Bidding deadline

Settlement date

Maturity date

Comment

F-loan

08.02.2021

Kl 14:50

10.02.2021

 

VAT

F-loan

11.02.2021

Kl 14:50

15.02.2021

 

Tax

F- loan

11.03.2021

Kl 14:50

15.03.2021

 

Tax

F- loan **

31.03.2021

Kl 16:10

31.03.2021

06.04.2021

Quarter-end

F- loan

08.04.2021

Kl 14:50

12.04.2021

 

VAT

F- loan

13.04.2021

Kl 14:50

15.04.2021

 

Tax

F- loan

12.05.2021

Kl 14:50

18.05.2021

 

Tax

F- loan

08.06.2021

Kl 14:50

10.06.2021

 

VAT

F- loan **

30.06.2021

Kl 16:10

30.06.2021

01.07.2021

Quarter-end

F- loan

13.07.2021

Kl 14:50

15.07.2021

 

Tax

F- loan

13.09.2021

Kl 14:50

15.09.2021

 

Tax

F- loan **

30.09.2021

Kl 16:10

30.09.2021

01.10.2021

Quarter-end

F- loan

07.10.2021

Kl 14:50

11.10.2021

 

VAT

F- loan

11.11.2021

Kl 14:50

15.11.2021

 

Tax

F- loan

08.12.2021

Kl 14:50

10.12.2021

 

VAT

F- loan **

31.12.2021

Kl 16:10

31.12.2021

03.01.2022

Year-end

* Subject to change. The auction calendar is based on the annual structural liquidity forecast. Due to considerable uncertainty regarding the forecast, the auction calendar may be changed throughout the year.

**The interest rate is the key policy rate plus 15 basis points. Norges Bank will fully allot all bids. Allotted reserves will not be withdrawn. All other market operations will be conducted as normal.

Edited 8 December 2020 14:15
Edited 8 December 2020 14:15