Sparebankenes sikringsfond (The Savings Banks' Guarantee Fund) has a history dating back to 1921, when the guarantee scheme was a voluntary offer. The scheme was established approximately 100 years after the first savings bank, Christiania Sparebank, was established in 1822. A mandatory guarantee fund was established for the commercial banks in 1961 with the introduction of the Forretningsbankloven (Commercial Banking Act).

Below is a brief overview of the history of the deposit guarantee schemes in Norway.

1921
Sparebankenes sikringsfond (The Savings Banks' Guarantee Fund) is established as a voluntary scheme. The scheme was established approximately 100 years after the first savings bank, Christiania Sparebank, was established in 1822.

1924
A statutory and mandatory guarantee fund for savings banks was established in 1924. The scheme is named Sikringsfondet for Sparebanker (the Guarantee Fund for Savings Banks).

1932 
In the 1930s, the savings banks had financial difficulties and existing guarantee funds were not sufficient. Garantikassen for sparebanker was established in 1932. Garantikassen was a supplement to the guarantee fund. The purpose was to provide a guarantee for loans or support measures that were provided to savings banks in difficulty. In 1934, a temporary loan fund for the savings banks was established. 

From 1924 to1939, between 8 and 43 banks received annual support from the Guarantee Fund. Most of the support measures were provided in the period 1932-37.

1938
A voluntary guarantee fund for commercial banks is established.

1957-1958 
The Guarantee Fund for Commercial Banks changes its name to Norske Forretningsbankers Garantifond (Norwegian Commercial Banks Guarantee Fund). The scheme is still voluntary.

In 1958, the Money- and Banking Committee (Penge- og Bankkomitéen) recommended a proposal for a mandatory guarantee fund for commercial banks in order to build confidence in Norwegian commercial banks.

1961
Mandatory guarantee fund schemes for both savings banks and commercial banks with the introduction of sparebankloven og forretningsbankloven (the Savings Banks Act and the Commercial Banks Act) in 1961.

Forretningsbankenes sikringsfond (The commercial banks' guarantee funds) is established. At the same time, Sparebankenes sikringsfond (the Savings Banks 'Guarantee Fund) is established by a merger of the Sikringsfondet for sparebanker (Guarantee Fund for Savings Banks), established in 1924, and Garantikassen for sparebanker, established in 1932. The purpose of the guarantee funds is to support the member banks' activities and ensure that they fulfil their obligations to depositors.

1988-1991
Sparebankenes og Forretningsbankenes sikringsfond (The Savings Banks 'and Commercial Banks' Guarantee Funds) provided NOK 7.9 billion in support and equity deposits in crisis-stricken banks in the period. More than 20 banks received support from the two guarantee funds. Norion Bank was the only bank that was placed under public administration and wound up as a result of the crisis.

1991
Statens banksikringsfond (The Government Bank Guarantee Fund) is established. As a result of the crisis, there were few funds left in the established guarantee funds and they no longer represented credible protection for depositors. In addition to a government bank guarantee fund, Statens Bankinvesteringsfond (the Government Bank Investment Fund) was established. The funds were established to create confidence in the banking industry and were administered by Norges Bank (The central bank of Norway).

Through the Statens Banksikringsfond (The Government Bank Guarantee Fund) and Statens Bankinvesteringsfond (the Government Bank Investment Fund), the state took over the shares in the three largest commercial banks in Norway, Den Norske Bank, Fokus Bank and Kreditkassen.

1996
The Act on Guarantee Schemes for Banks and Public Administration of Financial Institutions is passed. There are still two guarantee funds, but a special law is passed on guarantee schemes and public administration of financial institutions. 

2002
Statens banksikringsfond (The Government Bank Guarantee Fund) is wound up.

2004
As a result of an amendment to the law on July 1, 2004 Bankenes sikringsfond (The Norwegian Banks' Guarantee Fund) is created by merging Sparebankenes and Forretningsbankenes sikringsfond (the guarantee funds of the Savings Banks and Commercial Banks). There is now a joint guarantee fund for commercial banks and savings banks.

2008 
Kredittilsynet (Financial Supervisory Authority) considered the Norwegian branch of the Icelandic Kaupthing Bank not to be able to repay deposits. This meant that the deposit guarantee from the Banks' Guarantee Fund was triggered. In total, about NOK 1.1 billion was paid out to the depositors.

Glitnir Bank ASA received liquidity support from the Norwegian Banks' Guarantee Fund. The bank received loans with a limit of NOK 5 billion. Glitnir Bank ASA was taken over by a association of SpareBank 1 banks in the autumn of 2008.

The Norwegian Banks' Guarantee Fund became a member of European Forum of Deposit Insurers (EFDI).

2014
The Norwegian Banks' Guarantee Fund became a member of International Association of Deposit Insurers (IADI).

2018-2020
On March 23, 2018 the Norwegian Parliament decided to change the deposit guarantee regulations. The background for the new regulations was a revised EU Directive (Deposit Guarantee Schemes Directive, DGSD) and subsequent amendments to the Financial Institutions Act's provisions on the deposit guarantee. The purpose of the changes is to harmonize the regulations across national borders and to strengthen consumer protection. The change came into force on January 1, 2019.

On December 20, 2018 the Ministry of Finance appointed new members to the Board of Directors of the Norwegian Banks' Guarantee Fund, effective from January 1, 2019.

On January 16, 2020 the Board of Directors appointed the CEO.


Sources: NOU 1995: nr. 25. Lov om sparebanker og lov om forretningsbanker (lovene er opphevet og ble erstattet med finansforetaksloven fra 1. januar 2016). Forandring og forankring. Sparebankene i Norge 1822-2014. Lars Thue. Universitetsforlaget.