Norway's Department of Finance has decided that the Financial Supervisory Authority of Norway will set the statutory late payment interest rate and the standard compensation for recovery costs under the Late Payment Interest Act, taking over a task previously handled by the ministry. The ministry has set the late payment interest rate and the standard compensation in regulations every six months, with effect from 1 January and 1 July, since 2003 and 2013 respectively. Under the act, the late payment interest rate is Norges Bank’s policy rate plus at least 8 percentage points, and parties can generally agree a different rate, but cannot agree a higher rate where the debtor is a consumer. The standard compensation for recovery costs is set alongside the late payment interest rate and corresponds to EUR 40, specified in Norwegian kroner. The Financial Supervisory Authority of Norway will set the rates that apply from 1 July 2025.
Department of Finance (Norway) 2025-06-18
Norway's Department of Finance delegates setting of the late payment interest rate and standard recovery-cost compensation to the Financial Supervisory Authority of Norway
Norway's Department of Finance has transferred responsibility for setting the statutory late payment interest rate and standard compensation for recovery costs under the Late Payment Interest Act to the Financial Supervisory Authority of Norway. Previously managed by the ministry, these rates will be determined by the authority starting 1 July 2025. The late payment interest rate is based on Norges Bank’s policy rate plus at least 8 percentage points, with a standard compensation of EUR 40.