Norwegian Banks' Guarantee Fund
Encyclopedia
The Norwegian Banks' Guarantee Fund 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. 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.
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.
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. The organizational headquarters are in Oslo
.
Deposit insurance
Explicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due...
.
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. 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.
There is also a Government Bank Insurance Fund
Government Bank Insurance Fund (Norway)
The Government Bank Insurance Fund is a Norwegian fund for deposit insurance.It established on 15 March 1991 in a situation where the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund both struggled during the financial crisis in the years around 1990....
, established on 15 March 1991 in a situation where the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund both struggled.
The chief executive officer is Arne Hyttnes
Arne Hyttnes
Arne Hyttnes is a Norwegian banker.He hails from Lesjaskog, and graduated from the Norwegian School of Economics and Business Administration with the siv.øk. degree in 1975. He started his career in Arthur Andersen & Co in 1975, and was then hired in Den norske Creditbank in 1976. He was the...
, and the board consists of Finn Haugan (chair), Ottar Ertzeid (deputy chair), Kate Henriksen, Geir-Tore Nielsen, Gunn Wærsted
Gunn Wærsted
Gunn Wærsted is a Norwegian businessperson, with prominent positions in finance and banking.She was born in Vråliosen as a daughter of power plant manager Atle W. Wærsted and Ester Helgerud . The family moved to Drammen when Wærsted was six years old. She graduated with the siv.øk. degree from the...
, Bjørn Skogstad Aamo
Bjørn Skogstad Aamo
Bjørn Skogstad Aamo is a Norwegian economist and politician for the Labour Party. He was State Secretary for three non-consecutive terms between 1973 and 1993, and served as Director of the Financial Supervisory Authority of Norway from 1993 to 2011.-Political career:Born in Oslo, Aamo grew up in...
and Kristin Gulbrandsen. The organizational headquarters are in Oslo
Oslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
.