The Norwegian Parliament has decided amendments to the Financial Institutions Act, implementing the EU directive on Deposit Guarantee Schemes into Norwegian law, without changing the coverage level. The coverage level is therefore still NOK 2 million per depositor per member bank after the new law entered into force January 1, 2019.

Will there be changes in the future?

According to the EU directive, the coverage level in EU and EEA countries should amount to 100 000 Euro. For countries with a higher coverage level a transitional period was established, applicable until the end of 2018. The Norwegian authorities are still working towards EU on keeping the NOK 2 million level, possibly extending the transitional period beyond 2018. Any change in the coverage level will require another amendment to the Financial Institutions Act. Until a possible amendment in the Financial Institution Act the coverage level will be NOK 2 million.

For further information, please contact the authorities (Ministry of Finance).