Norway’s cbank recommends adopting Basel rules
OSLO: Norway's banks should seek to comply with new rules dictating capital and liquidity requirements sooner than current guidelines suggest, the central bank said.
"The Basel Committee on Banking Supervision has provided banks with a long transition period for introducing the new capital and liquidity requirements," Governor Svein Gjedrem said in a statement accompanying the central bank's bi-annual financial stability report today. "Norwegian banks are faring well and growth in the Norwegian economy now seems to have gained some footing. The new standards can therefore be introduced somewhat faster here." The new set of Basel rules is due to be enforced by 2018. Norway's mainland economy, which excludes revenue from oil, gas and shipping, has expanded for five consecutive quarters as government stimulus measures helped keep unemployment at the lowest level in Europe and buoyed consumer spending. -PB News