Norway's Ministry of Finance proposes Central Bank Act amendments including a 90-day emergency credit facility from Norges Bank to the state

Norway's Ministry of Finance has presented proposed amendments to the Central Bank Act spanning emergency state liquidity, oversight arrangements for Norges Bank, and clarifications linked to Norges Bank’s management of the Government Pension Fund Global (GPFG). A central proposal would create an exception to the Act’s ban on Norges Bank providing direct credit to the state, allowing the state to require Norges Bank to extend credit for up to 90 days, within the framework set out in section 7(3) of the Government Pension Fund Act, when other funding sources are difficult to access. The package also proposes changes to the regulation of oversight, including publication of dialogue between the Executive Board and the Supervisory Council and publication of the Supervisory Council’s reports to the Storting. Further elements include targeted adjustments to rules on who may not serve on the Executive Board, the Committee for Monetary Policy and Financial Stability, or the Supervisory Council, and clarifications on which Chapter 1 provisions do not apply to Norges Bank’s GPFG management, including the Executive Board’s role in appointing the chief executive for GPFG management. In addition, Norges Bank would be allowed to obtain information from the National Population Register where necessary to fulfil the purposes of central banking, with an explicit requirement to assess proportionality and privacy impacts before imposing any duty to provide information. The proposals are set out in a legislative bill submitted for consideration by the Storting.