§ 1 Establishment and membership
(1) The Norwegian Banks' Guarantee Fund (hereafter the “Guarantee Fund” or the “Fund”) was established pursuant to the Act of 25 June 2004 on Amendments to the Bank Guarantees Act through the merger of the Commercial Banks’ Guarantee Fund and the Savings Banks’ Guarantee Fund. The amended legislation came into force on 1 July 2004. The new Financial Institutions Act came into force on 1 January 2016. The activities of the Guarantee Fund are now regulated by the Financial Institutions Act (hereafter the “Act”).
(2) The Fund is headquartered in Oslo.
(3) Institutions entitled or required to join the Norwegian Banks' Guarantee Fund:
a. Banks headquartered in Norway must be members of the Guarantee Fund.
b. The Ministry of Finance (hereafter the “MoF”) may, by means of statutory regulations, determine that other financial institutions headquartered in Norway shall become members of the Guarantee Fund, and may determine specific regulations covering such members.
c. Credit institutions headquartered in other EEA states but receiving deposits from the general public through branches in Norway may become members of the deposit guarantee scheme if the deposit guarantee scheme in the branch’s home country is not deemed to give the branch’s depositors the same degree of protection as that afforded under Norwegian legislation.
d. The MoF may decide that branches of credit institutions headquartered in states outside the EEA are also required to join the deposit guarantee scheme.
(4) The MoF may issue statutory regulations regarding branches’ membership of the Guarantee Fund, including regulations enabling the Fund to examine the branches’ financial statements and audits, and assess their management practices, cf. Section 19-2(3) of the Act.
§ 2 Objectives of the Fund
(1) Through the deposit guarantee scheme, the Guarantee Fund shall secure its members’ deposit liabilities by means of the deposit guarantee, cf. § 15.
(2) In order to ensure that a member as mentioned in § 1(3)(a)(b) can fulfil its obligations or continue its operations, and, if necessary, have the business transferred to another institution, the Fund can also provide support in accordance with the rules set out in §§ 17 and 18.
(3) The Fund is a separate legal entity. No member has a propriety right to any part of the Fund. The Fund cannot open bankruptcy or composition proceedings.
§ 3 Right to inspect members
(1) The Guarantee Fund may impose on members such reporting obligation as is necessary to enable the Fund to calculate annual membership levy.
(2) The Fund may examine members' financial statements and audit practice, and assess their management practices. To this end the Fund can demand that a member presents any documents or information that the Fund deems necessary.