Changes to the Norwegian guarantee deposit scheme

Bilde av Stortingsbygningen

The guarantee is strengthened by the fact that depositors may in certain cases receive a higher amount than the ordinary coverage level of NOK 2 million.


The Norwegian Parliament decided on March 23, 2018 to change the deposit guarantee regulations. The amendments in Finansforetaksloven (Financial Institutions Act) regarding the Norwegian Banks’ Guarantee Fund are a result of a revised EU directive aimed at harmonising and improving the protection of depositors. The changes will take effect on January 1, 2019. The regulations entail among other things:

  • The coverage level for depositors in Norway will still be NOK 2 million per depositor per member bank.
  • The reimbursement deadline will be seven business days from the day the member bank was placed under public administration.
  • Bank deposits resulting from certain life events are protected for a period of up to 12 months, even when the amount exceeds NOK 2 million. Examples of certain life events include the sale of residential and holiday real estate, divorce, inheritance and insurance payments. For such deposits an extended reimbursement deadline of up to three months applies.

Norwegian banks' operations abroad 

  • Norwegian banks’ branches in the EU: The coverage level is EUR 100,000 for customers who have deposits in Norwegian banks' branches in EU countries, such as the branches of DNB and Santander in Sweden and Denmark. The coverage level will still be EUR 100,000 after 1 January 2019.
  • Cross border activity: Some Norwegian banks have organized their foreign operations within the EU as cross-border activity. This means that the business abroad is operated by the organization in Norway. This applies for example to Bank Norwegian, Instabank, Monobank and BN Bank. The coverage level for Norwegian banks with cross border activity is currently NOK 2 million. From 1 January 2019, the coverage level of EUR 100,000 will apply to all customers with deposits in Norwegian banks’ operations in EU countries, regardless of organization (branch or cross-border activity). 
    • Transition rule: Some of the banks with cross-border activity within the EU countries have offered fixed interest deposits. The coverage level of such deposits will still be NOK 2 million until the expiration of the fixed rate period.


The banks' contributions to the Deposit Guarantee Fund

The annual contributions to the Banks' Guarantee Fund will to a greater degree depend on the bank's business model. Banks with a riskier business model will have to pay relatively more than banks with lower risk. The contributions to the Norwegian Banks' Guarantee Fund will be calculated based on new regulations, most likely from 2019.