Norwegian Banks' Guarantee Fund

Norwegian Banks' Guarantee Fund

The Norwegian Banks' Guarantee Fund (Norwegian: Bankenes Sikringsfond) is a Norwegian fund for deposit insurance.

It was established on 1 July 2004, because of legislation that passed the Parliament of Norway one week before. It was a merger of the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund.[1] The latter was established on 24 May 1961, itself a merger of Sikringsfondet for sparebanker, founded 1924, and the Garantikassen for sparebanker, founded 1932. The purpose of the organization is to provide a security for people who put their money in banks, and to replace that money if the bank loses it.[2]

There is also a Government Bank Insurance Fund, established on 15 March 1991 in a situation where the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund both struggled.[3]

The chief executive officer is Arne Hyttnes, and the board consists of Finn Haugan (chair), Ottar Ertzeid (deputy chair), Kate Henriksen, Geir-Tore Nielsen, Gunn Wærsted, Bjørn Skogstad Aamo and Kristin Gulbrandsen.[4][5] The organizational headquarters are in Oslo.

References

  1. ^ "About us". Norwegian Banks' Guarantee Fund. http://www.bankenessikringsfond.no/en/Main/About-us/. Retrieved 20 November 2010. 
  2. ^ Henriksen, Petter, ed (2007). "Sparebankenes sikringsfond" (in Norwegian). Store norske leksikon. Oslo: Kunnskapsforlaget. http://www.snl.no/Sparebankenes_sikringsfond. Retrieved 20 November 2010. 
  3. ^ Henriksen, Petter, ed (2007). "Statens Banksikringsfond" (in Norwegian). Store norske leksikon. Oslo: Kunnskapsforlaget. http://www.snl.no/Statens_Banksikringsfond. Retrieved 20 November 2010. 
  4. ^ "Administrasjon" (in Norwegian). Norwegian Banks' Guarantee Fund. http://www.bankenessikringsfond.no/no/hoved/om-oss/administrasjon/. Retrieved 20 November 2010. 
  5. ^ "Styre" (in Norwegian). Norwegian Banks' Guarantee Fund. http://www.bankenessikringsfond.no/no/hoved/om-oss/styre/. Retrieved 20 November 2010. 

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