Norges Bank

Division of responsibilities between Norges Bank’s Executive Board and the Monetary Policy and Financial Stability Committee

The Committee is responsible for

  • policy rate decisions, advice and other monetary policy instruments (Section 2-7, Sub-section 1). This applies both in normal times and during financial crises, and also where the decisions affect Norges Bank’s balance sheet. In “special cases”, the Committee may deviate from guidelines laid down by the Executive Board, for example if it becomes relevant to use the foreign exchange reserves as an instrument (Section 2-7, Sub-section 3).
  • advice on the countercyclical capital buffer and advising on other macroprudential policy instruments (Section 2-7, Sub-section 2). This applies both in normal times and during financial crises.
  • reporting within its areas of responsibility

The Executive Board is responsible for

  • the management and operation of Norges Bank, including organisational and administrative matters related to the activities of both the Executive Board and the Committee (Section 2-4, Sub-section 1). The Executive Board shall supervise day-to-day management and the activities in general. The Executive Board shall not supervise the Committee’s exercise of its discretionary powers.
  • adopting plans and guidelines for the activities of Norges Bank, including in areas affecting the Committee’s duties and responsibilities (Section 2-4, Sub-section 2). The Committee shall be invited to offer its opinion prior to the Executive Board’s deliberation of matters pertaining to the duties and responsibilities of the Committee.
  • IMF-related tasks and tasks on behalf of the government, such as the central government’s consolidate account and management of government debt
  • Decisions on emergency liquidity assistance and responsibility for the Bank’s contribution to the recovery or resolution of individual institutions
  • advising and making decisions on the payment system and financial infrastructure and other matters falling outside the Committee’s remit
  • adoption of contingency plans (Section 2-4, Sub-section 8). The Committee shall be invited to offer its opinion prior to the adoption of financial crisis contingency plans. The Act does not clearly define what is to be reckoned as “financial crisis contingency plans”, but it is assumed that they involve procedures for and approval of the Bank’s contingency preparedness organisation.
  • reporting within its areas of responsibility


This document has been issued in Norwegian, and this is an unofficial translation. In the event of any inconsistency, the Norwegian version shall prevail.

Published 20 April 2021 18:02