Norwegian Banks' Guarantee Fund
What is the Norwegian Banks' Guarantee Fund?
The Norwegian Banks' Guarantee Fund covers deposit insurance in the European country of Norway. It was created to ensure that people depositing money into Norwegian banks would have a security if their bank lost their money or could not pay its debts.
Where have you heard about the Norwegian Banks' Guarantee Fund?
You’ll likely know about the Norwegian Banks' Guarantee Fund if you’ve ever had a bank account in Norway. Most countries across the world will offer their own form of deposit insurance, and they will all have funds that operate in a similar manner.
What you need to know about the Norwegian Banks' Guarantee Fund.
The fund was created as a merger of the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund, and it was established in 2004. The fund currently covers deposits up to NOK 2 million per depositor for each bank, as long as that bank is a member of the fund. All Norwegian banks are members; however, fund membership is optional for foreign banks operating in Norway. The guarantee will be triggered if one of the member banks fails and begins bankruptcy proceedings. The fund may also grant support to member banks, for example in the form of a loan.
Find out more about the Norwegian Banks' Guarantee Fund.
To better understand the Norwegian Banks' Guarantee Fund, it’s helpful to learn about deposit insurance.