November 15, 2019 / 7:18 AM / a month ago

Norway will not tighten mortgage lending rules - ministry

OSLO, Nov 15 (Reuters) - Norway will not tighten existing rules for mortgage lending to households, the finance ministry said on Friday, going against advice from the Nordic country’s Financial Supervisory Authority.

The regulator, aiming to bring down high household debt, proposed in September that bank customers should be allowed to borrow only up to 4.5 times a household’s gross annual income, instead of five times previously, among other proposals.

The finance ministry’s decision followed advice by the Norwegian central bank in October that there was no need to tighten rules as growth in household debt was easing and house price growth was also moderating. (Reporting by Gwladys Fouche Editing by Andrew Heavens)

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