Norges Bank and Finanstilsynet (Financial Supervisory Authority of Norway) have decided to draw up a proposal for a framework for testing the cyber resilience of the banking and payment system in Norway. The framework will build on the TIBER-EU framework designed by the European Central Bank.
In a letter to the Ministry of Finance, Finanstilsynet has asked the Ministry to adopt regulations that require banks and insurance undertakings not to pay dividends etc. for 2019 until further notice.
Finanstilsynet expects the institutions’ boards of directors to review the distribution of profits as a result of the crisis and the uncertain economic outlook.
The Ministry of Finance decided today to reduce the countercyclical capital buffer requirement from 2.5 per cent to 1.0 per cent.
Norwegian financial institutions are required to maintain a liquidity coverage ratio (LCR) in order to be able to cover net liquidity outflows during periods with limited access to market funding.
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