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Norway wants banks to pay more into deposit guarantee fund
October 26, 2012 / 10:01 AM / 5 years ago

Norway wants banks to pay more into deposit guarantee fund

OSLO, Oct 26 (Reuters) - Norway’s government will ask banks to make more regular contributions to the bank deposit guarantee fund, scrapping the current system of exemptions, it said on Friday.

The fund, worth 22.7 billion crowns ($3.94 billion) at the end of 2011, needs to be raised to reduce systemic risk in the sector, the finance ministry said in a statement.

In the past banks only contributed to the fund when its size was below a certain level and received exemptions in 2011 and 2012, the government said.

Norway’s biggest banks include DNB and Nordea .

$1 = 5.7686 Norwegian krones Reporting By Victoria Klesty

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