Norges Bank

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

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

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 calendar 2022

Auction type

Auction date

Bidding deadline

Settlement date

Maturity date


F-loan 29.09.2022 14.50 03.10.2022   Tax
F-loan** 30.09.2022 16:10 30.09.2022 03.10.2022 Quarter-end
F-loan 06.10.2022 14:50 10.10.2022   VAT
F-loan 20.10.2022 14:50 24.10.2022    
F-loan 28.10.2022 14:50 01.11.2022    
F-loan 11.11.2022 14:50 15.11.2022   Tax
F-loan 29.11.2022 14:50 01.12.2022   Tax
F-loan 08.12.2022 14:50 12.12.2022   VAT
F-loan** 30.12.2022 16:10 30.12.2022 02.01.2023 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 Allotted reserves will not be withdrawn.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 10 December 2021 15:15
Edited 10 December 2021 15:15