Norges Bank

Organisation

Norges Bank's activities are regulated by the Act of 24 May 1985 relating to Norges Bank and the Monetary System etc. (the Norges Bank Act). The Act states that Norges Bank shall be an executive and advisory body for monetary, credit and foreign exchange policy.

The new Central Bank Act entered into force on 1 January 2020. An updated description of the organisation and governance structure is in preparation.

The highest decision-making bodies of Norges Bank are the Executive Board, the Monetary Policy and Financial Stability Committee and the Supervisory Council.

The Governor is responsible for the day-to-day management of the Bank, with the Deputy Governors as First Deputy Chair and Second Deputy Chair of the Executive Board.

The general manager of Norges Bank Investment Management (NBIM) is appointed by the Executive Board.

The Norges Bank Act (official Norwegian version at Lovdata) governs the relationship between Norges Bank and the authorities. The Act relating to the Government Pension Fund and the mandate for management of Government Pension Fund Global (GPFG) govern the division of responsibilities between Norges Bank and the Ministry of Finance with regard to the management of the GPFG.

Norges Bank Central Banking Operations comprises

In addition, the Bank has an Internal Audit unit.

At year-end 2018, there were 953 permanent employees at Norges Bank, of which 345 were employed by Norges Bank Central Banking Operations and 601 were employed by Norges Bank Investment  Management.

Management of Norges Bank applies the principles of management by objectives and results in combination with the principles of macromanagement. For Norges Bank Central Banking Operations, the primary management tools are strategic plans, objectives and guidelines and action plans. For Norges Bank Investment Management, the primary management tools are strategic plans, follow-up of investment mandates and performance reporting.

Edited 17 March 2019 17:32
Edited 17 March 2019 17:32