The main rule is that the guarantee scheme is obliged to cover losses incurred by a depositor on deposits in a member institution. This will also apply foreign citizens with deposits in a Norwegian bank.
The Norwegian guarantee scheme applies for deposits in branches established by Norwegian banks abroad. For deposits in Norwegian banks’ branches in EU countries the maximum covered amount is limited to the deposit guarantee scheme in the branch’s host country. Within the EU the guaranteed amount is EUR 100,000. This applies for example, to the customers in the branches established by DNB and Norwegian Santander Consumer Bank AS in Sweden and Denmark.
Some Norwegian banks have organized their foreign operations 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). The legislative changes are discussed in further detail.
Regarding branches in Norway of foreign banks that have branch membership in the Norwegian Guarantee Fund, the rule is somewhat different. This follows a regulation on branch membership § 2, second paragraph: "As depositors in branches in this country is considered depositor who has made deposits, and which have a natural affiliation to the branch." The Financial Supervisory Authority of Norway (FSA) may issue further rules on who should be regarded as depositor in the branch.