Norway

Adoption date

Type of measure

Beneficiaries' sector specification

Description of measure

02/04/2020

Public guarantees

Non-financial corporations

Amendment to state guarantee scheme for new bank loans to SMEs. The amendment opened the scheme for loans also to large enterprises. The conditions are mostly the same, but large enterprises must pay higher guarantee premiums and may be granted larger loasn

07/04/2020

Direct grants

Non-financial corporations

Enterprises with a least a 30 percent of drop in revenue as a result of the virus outbreak will receive government support to cover a share of the lost revenue. The amount of support will depend, among other things, on the amount of lost revenue, the size of the enterprise’s unavoidable fixed costs and whether the enterprise has been ordered by the government to close.

16/03/2020

Tax deferrals

Non-financial corporations

Suspend the tax on air passengers for flights in the period from 1 January 2020 until 31 December 2021.

16/03/2020

Tax deferrals

Non-financial corporations

Suspend the tax on air passengers for flights in the period from 1 January 2020 until 31 December 2021.

13/03/2020

CCyB

Banking sector

The Ministry of Finance (MoF) decided to follow Norges Bank’s advice to reduce the countercyclical capital buffer from 2.5 to 1 percent with immediate effect.

23/03/2020

Borrower-based measure

Households

The borrower based tools are subject to a "flexibility quota" which allow the institutions to deviate from the requirements in the regulation. The flexibility quota is temporary increased from 10 per cent (8 per cent in Oslo) to 20 per cent. The Ministry of Finance has also stated that the banks may also grant deferment on interest rate and principle payments for 6 months.

13/03/2020

Reporting requirements

All financial sectors

Postponed deadline for reporting from all financial institutions

13/03/2020

Internal models

Banking sector

Planned circular on IRB requirements postponed

12/03/2020

Credit facilities

Banking sector

Offer of extraordinary three-month NOK F-loans to ensure that the policy rate passes through to money market rates.

19/03/2020

Credit facilities

Banking sector

Offer of extraordinary F-loans with a maturity of one week, one month, three months, six months and twelve months.

19/03/2020

Swap lines

All financial sectors

The Federal Reserve announced the establishment of temporary U.S. dollar liquidity arrangements (swap lines) with Norges Bank (among others)

21/03/2020

Asset purchase programme

All sectors

Reinstate the Government Bond Fund to increase liquidity and access to capital in the Norwegian bond market, where larger companies typically raise their funding. The Fund will provide up to NOK 50 billion, to be invested in bonds issued by Norwegian companies.

24/03/2020

Credit facilities

Banking sector

Norges Bank offered banks an F-loan in US dollars with a maturity of three months 

16/03/2020

Other labour market measure

Non-financial corporations

Reduce the number of days that employers are obliged to pay salary to workers at temporary lay-offs, from 15 to 2 days.

16/03/2020

Other labour market measure

Non-financial corporations

Remove the three waiting days between the period when employers have to provide salary to workers in temporary layoffs and the period when the workers are entitled to daily unemployment benefits.

16/03/2020

Other measure

Non-financial corporations

Postpone the deadline for payment of employers' contributions from 15 May to 15 August 2020.

21/03/2020

Other measure

Non-financial corporations

Purchase of home transport by air of Norwegians on travel and special shipping, NOK 100 million

21/03/2020

Other measure

Non-financial corporations

Purchase of domestic air routes where there is no basis for commercial operations, NOK 1,000 million.

01/02/2021

Credit facilities

Banking sector

Further reversals of the revisions to Norges Bank’s Guidelines for pledging securities for loans from Norges Bank that was introduced 18.03.2020. Securities in NOK with a guarantee from a Norwegian local government authority will continue to be exempt from the credit rating requirement.

07/05/2020

Credit facilities

Banking sector

Offer of extraordinary F-loans with a maturity of one week, one month, three months, six months and twelve months until end August.

14/08/2020

Credit facilities

Banking sector

For securities other than Norwegian government securities, a borrower may not pledge more than 50 percent of the issue’s (ISIN) volume outstanding.

29/07/2020

Swap lines

All financial sectors

The Federal Reserve announced the establishment of temporary U.S. dollar liquidity arrangements (swap lines) with Norges Bank (among others)

14/08/2020

Credit facilities

Banking sector

Offer of extraordinary monthly F-loans with a maturity of three months until end 2020.

31/03/2020

Credit facilities

Banking sector

Norges Bank offered banks an F-loan in US dollars with a maturity of three months 

14/04/2020

Credit facilities

Banking sector

Norges Bank offered banks an F-loan in US dollars with a maturity of three months 

05/05/2020

Credit facilities

Banking sector

Norges Bank offered banks an F-loan in US dollars with a maturity of three months 

26/05/2020

Credit facilities

Banking sector

Norges Bank offered banks an F-loan in US dollars with a maturity of three months 

16/06/2020

Credit facilities

Banking sector

Norges Bank offered banks an F-loan in US dollars with a maturity of three months 

16/12/2020

Swap lines

All financial sectors

The Federal Reserve announced the establishment of temporary US dollar liquidity arrangements (swap lines) with Norges Bank (among others)

18/03/2020

Credit facilities

Banking sector

Norges Bank’s Guidelines for pledging securities for loans from Norges Bank was temporarily revised. The required outstanding volumes of securities was reduced.