(Press release, The Norwegian State finance fund, published May 8th 2009)
EFTA Surveillance Authority has today approved the capitalization scheme for Norwegian banks. The Norwegian State Finance Fund is currently developing reporting requirements for banks that will apply for capital injections. The reporting requirements will be published in the middle of May on the Fund’s home page (www.finansfondet.no).
The Norwegian State Finance Fund has established an administration, with financial and legal competence. The law firm Wikborg Rein has been appointed as legal advisor, while Pareto Securities has been selected as financial advisor. In addition, an international financial advisor will be appointed by the Norwegian State Finance Fund in the near future.
The Norwegian State Finance Fund is currently developing reporting requirements for banks applying for capital injections. The reporting requirements will be based on the third article of the regulation of the Norwegian State Finance Fund. The application shall among other things contain a confirmation from the Financial Supervisory Authority of Norway that the bank satisfies the minimum Tier 1 capital requirements by an acceptable margin, also based on an assessment of the likely development in the near future. The Fund will treat applications from banks on an ongoing basis. The deadline for applications is 30 September 2009.
The Norwegian State Finance Fund has started the process of designing the terms of the capital instruments to be made available for the banks. These terms will be reflected in a standardized agreement. The standardized agreement will be developed by the Fund and submitted for review to the Ministry of Finance later in May.
The Norwegian State Finance Fund will start discussions with the banks shortly after receiving complete applications. Systemically important banks will be given priority.
Contact persons:
Birger Vikøren +47 91 53 62 61
Managing Director
Endre Skjørestad +47 91 11 61 28
Chairman