After the financial crisis in 2008, it became clear that there was a need for improved rules for bank crisis management and deposit guarantee schemes in Europe. During the financial crisis, several countries had opted for changes to existing guarantee schemes and issued government guarantees for bank liabilities. The EU consequently adopted a new set of regulations which was incorporated into Norwegian law in 2019.
The changes harmonized regulations across borders and strengthened consumer protection. Among other things, extended cover was introduced for up to 12 months for deposits linked to certain special life events, such as inheritance and insurance payments and deposits in connection with own property transactions.
The regulations for bank crisis management were also changed, with the purpose that losses in bank failures should be borne by shareholders and creditors, not by customers with guaranteed deposits or the government.