Norges Bank

Norges Bank
Type	Government agency
Industry	Central bank
Founded	14 June 1816
Headquarters	Oslo, Norway
Area served	Norway
Key people	Øystein Olsen (Chairman)
Number of employees	590 (2010)
Parent	Ministry of Finance
Website	www.norges-bank.no

Norges Bank

Norges Bank / Noregs Bank is the central bank of Norway. Apart from having traditional central bank responsibilities such as financial stability and price stability, it manages The Government Pension Fund of Norway, a stabilization fund that may be the world's largest sovereign wealth fund.^[1] The limited transparency of some SWFs makes it difficult to make accurate assessments of their assets under management.^[2]

On 31 December 2010, the bank had 590 employees. All Executive Board appointments are made by the King of Norway, after a decision by the Council of State. The Chairman of the Executive Board, Øystein Olsen, who presides over the Bank, is also the acting Central Bank Governor. Both the Governor and the Deputy Governor make speaking appearances across the country on a number of occasions each year.

History

The history of the central bank of Norway can be easily traced back to 1816, when, two years after the separation from Denmark and the union with Sweden, Norges Bank was established by Act of the Storting (the Norwegian parliament) on 14 June. The bank then decided that the monetary unit was to be the speciedaler (rixdollar), divided into 120 skillings or five ort ("rigsort") of 24 skillings each.^[3]

The Money Act of 17 April 1875 discontinued the terms daler and skilling, and it was decided that the monetary unit should be a krone, divided into 100 øre. This was done to prepare for Norway's entry, on 16 October that year, into the Scandinavian Monetary Union. This union had been established between Denmark and Sweden in 1873 on the recommendation of a joint commission (in which Norway participated) to establish a common Scandinavian coin based on gold. It meant that the other countries' coins were to be legal tender on the same basis as those struck at home. The union functioned until 1914; thereafter it lacked all practical significance, but was not formally abolished until 1972.^[3]

On 1 January 1897 the seat of Norges Bank was moved to Kristiania (Oslo), and in 1906 a new headquarters building on Bankplassen was opened - for 80 employees including the workers in the banknote printing plant.^[3]

During the second world war, the seat of Norges Bank was temporarily moved to London in 1940, in that the Norwegian government-in-exile established a new board. The bank's gold reserves were evacuated via Åndalsnes, Molde and Tromsø to London, and from there to New York and Ottawa. This gold and the bank's other currency reserves were under the control of the London board. At the same time, the bank continued its operations in Norway under the direction of the Nazis until the war was over and the London board stepped down. A commission of inquiry after the war concluded that the Bank's Oslo management had taken a firm and correct attitude towards the Nazi authorities.^[3] In 1962, the Mint Supervisory Authority and the Royal Mint were transferred from the state to Norges Bank.^[3]

Norges Bank Investment Management

NBIM is a separate part of Norges Bank and is responsible for the operational management of the Government Pension Fund - Global. NBIM also manages Norges Bank's foreign exchange reserves. NBIM invests the fund's assets and the foreign exchange reserves in international equities and fixed income instruments, money market instruments and derivatives.

List of Central Bank Governors

Karl Gether Bomhoff (1893–1920)
Nicolai Rygg (1920–1946)
- Arnold C. Ræstad (head of the London branch 1940–1945)
Gunnar Jahn (1946–1954)
Erik Brofoss (1954–1970)
Knut Getz Wold (1970–1985)
Hermod Skånland (1985–1993)
Torstein Moland (1994–1995)
Kjell Storvik (1996–1998)
Svein Gjedrem (1999–2010)
Øystein Olsen (2011–present)

^[4]

References

↑ Monitor Group - SWF AUM 2011
↑ IFSWF Report on Compliance with the Santiago Principles: Admirable but Flawed Transparency
1 2 3 4 5 Norges Bank. "Norge Bank’s History". Norges Bank.
↑ Official site: History of the bank

External links

Official site: Norges Bank (Norwegian)
Official site: Norges Bank (English)

Norwegian state banks

State banks	Educational Loan Fund Housing Bank Norges Bank Public Service Pension Fund

Shared ownership	DnB NOR Kommunalbanken

Heritage	Agriculture Bank Den norske Bank Kredittkassen Norges Hypotekbank Postbanken

Norway articles

Society

Crime Demographics Education Ethnic groups Immigration Languages Norwegians Pensions Religion

Culture	Architecture Art Bunad (clothing) Cinema Cuisine Jante law Jul (season) Music Norwegian language Literature Media Prostitution Public holidays Sport Romantic nationalism

Symbols	Anthem Coat of arms Flags national flag Mottos Name of Norway

Outline

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Central banks

Global

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Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Coordinates: 59°54′31.07″N 10°44′36.66″E / 59.9086306°N 10.7435167°E / 59.9086306; 10.7435167

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Norges Bank

History

Norges Bank Investment Management

List of Central Bank Governors

See also

References

External links