Norway's Ministry of Finance has set 1 April 2025 as the effective date for changes to Norwegian bank capital requirements implementing the amended EU Capital Requirements Regulation (CRR3), including Norway’s amendment regulation to the CRR/CRD framework. CRR3 (Regulation (EU) 2024/1623), adopted in the EU on 31 May 2024, updates the EU capital rules and introduces, among other changes, a new standardised approach for credit risk that lowers capital requirements for certain exposures such as low loan-to-value mortgages and is mainly used by smaller banks. The EEA Joint Committee decision incorporating CRR3 into the EEA Agreement was adopted on 6 December 2024 but did not enter into force due to Liechtenstein’s constitutional reservation; with that reservation now lifted, the EEA decision and Norway’s implementing amendment regulation will both enter into force on 1 April 2025.
Department of Finance (Norway) 2025-03-03
Norway's Ministry of Finance confirms 1 April 2025 entry into force of CRR3 capital requirements for banks
Norway's Ministry of Finance will implement changes to bank capital requirements on 1 April 2025, aligning with the amended EU Capital Requirements Regulation (CRR3). CRR3 introduces a new standardised approach for credit risk, reducing capital requirements for certain exposures, such as low loan-to-value mortgages, primarily benefiting smaller banks. The EEA Joint Committee's decision to incorporate CRR3 into the EEA Agreement will also take effect on the same date, following the lifting of Liechtenstein’s reservation.