There are changes underway to legislation on the deposit guarantee for Norwegian banks, entering into force on 1 January 2019.
The key change from the perspective of Finnish clients concerns the maximum amount covered. The coverage level for Norwegian deposit banks that provide banking services as a cross-border activity to EU countries (for example Bank Norwegian and Instabank) decreases from NOK 2 million to EUR 100,000 for deposits made in EU countries. However, fixed-term deposits are subject to a transition rule providing that the current coverage level of NOK 2 million applies to the maturity date of the deposit.
More information on the change is available in a news release of the Norwegian deposit guarantee fund (Bankenes sikringsfond).
