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Changes to the deposit guarantee for Norwegian banks

Publication date 13.11.2018 15.13
Press release

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).