Norges Bank has launched new webpages for central bank certificates and confirmed that the program, announced in autumn 2025 as a new liquidity management instrument, will start on 5 May 2026. The pages provide operational information on the auction calendar, auction results and loan terms, and the calendar now includes the ISIN for each auction. Certificates will be sold through approved primary dealers, with auctions in two ISIN held simultaneously each Tuesday. The bid deadline is 11:00 and results will be published at 11:10, with the first auction scheduled for 5 May 2026. Norges Bank has also updated its forecast for banks' liquidity with a new structural liquidity series that includes the certificates and assumes full allotment in the auctions listed in the calendar. The certificates are eligible as collateral for loans from Norges Bank, with no haircut on market value and no limit on pledging as a share of outstanding volume per ISIN. Further detail is set out in an updated circular.
Norges Bank 2026-04-29
Norges Bank publishes auction calendar and collateral terms ahead of 5 May launch of central bank certificates
Norges Bank has launched new webpages for central bank certificates and confirmed that the programme, announced in autumn 2025 as a new liquidity management instrument, will start on 5 May 2026. Certificates will be sold via approved primary dealers in weekly Tuesday auctions in two ISINs, are eligible as collateral for loans from Norges Bank with no haircut and no pledging limit per ISIN, and are reflected in an updated structural liquidity forecast assuming full allotment.