Norges Banks vitenarkiv
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Prosessen for stemmegivning
No full textVoting at shareholder meetings is a key component in the well-functioning of financial markets and provides important opportunities for investors to exercise ownership rights and hold company boards accountable. For shareholder voting to have the intended effect, the process needs to be efficient. Well-functioning markets allow for capital to be allocated efficiently across national borders. The framework for exercising shareholders’ voting rights varies between markets, with significant differences in how shareholder meetings and voting processes are organised. Many markets operate with manual processes, introducing uncertainty as to whether votes have been duly registered and counted. There has been progress by regulators in some markets to address these challenges, but there is little international co-ordination. We have gathered data from 66 markets to analyse the shareholder voting process and present the key findings in this paper. Our findings confirm the lack of a uniform framework across markets. Few markets have end-to-end electronic voting systems or vote confirmations. On this basis, we consider what should be the main features of an efficient voting process, and the role of key stakeholders - including the issuers, investors, industry participants and regulators - in promoting necessary improvements.publishedVersio
20 år med aksjeinvesteringer
No full textThe fund was set up to shield the Norwegian economy from ups and downs in oil revenue. This book tells the story of how we started buying shares two decades ago and gradually built the world’s largest single owned global portfolio of listed companies.publishedVersio
Central bank digital currency and real-time payments
Get PDFSpeech by Deputy Governor Ida Wolden Bache at Finance Norway's Payments Conference, 5 November 2020publishedVersio
Forvaltningen av Statens pensjonsfond utland
Get PDFDirektør Nicolai Tangen. Innledning til høring om forvaltningen av Statens pensjonsfond utland i Stortingets finanskomité.publishedVersio
Pengepolitisk rapport med vurdering av finansiell stabilitet 3/20
Get PDFPå møtene 4. og 15. september drøftet komiteen de økonomiske utsiktene, innretningen av pengepolitikken og nivået på bufferkravet. På grunnlag av drøftingene og en anbefaling fra bankens administrasjon fattet komiteen på møtet 23. september vedtak om styringsrenten. Komiteen vedtok også rådet
til Finansdepartementet om nivået på bufferkravet.publishedVersio
Status report – Norges Bank’s central bank digital currency project
Get PDFA central bank digital currency (CBDC) is a digital form of central bank money denominated in the official unit of account for general purpose users. It is a claim on the central bank, in the same way that banknotes and coins are today. By comparison, bank deposits are claims on private banks. Owing to declining cash usage and the possibility of major structural changes in the monetary and payment system, Norges Bank is assessing whether it is appropriate also to issue a digital form of central bank money to ensure that members of the public are able to pay efficiently and securely in Norwegian kroner also in the future. In Norges Bank (2018), a Norges Bank working group presented an overview of factors that should be given weight in an assessment of whether Norges Bank should issue a CBDC in addition to cash. In Norges Bank (2019), the working group took a closer look at possible objectives of a CBDC and alternative designs for achieving these objectives. The CBDC project is now in its third phase. The purpose of publishing this status report is to provide information about the work, disseminate knowledge and invite stakeholders to a dialogue.publishedVersio
Effekter av IRB-metoden på bankenes utlån til norske foretak
Get PDFI dette memoet analyserer vi hvordan innføringen av IRB-metoden kan ha påvirket bankenes utlån til foretak, utlånsmarginer og porteføljekvalitet i Norge. Våre resultater viser at IRB-bankene reduserte utlånsmarginene relativt til standardmetodebankene etter innføringen av IRB-metoden. De første årene etter innføringen vokste dessuten IRB-bankene mer enn standardmetodebankene i næringsmarkedet. Vi kan imidlertid ikke utelukke at dette skyldes andre forhold enn IRB-metoden. Analysene indikerer ikke at IRB-metoden har ført til mer finmasket prising av foretakslån. Vi finner noe støtte for at IRB-metoden kan ha bedret porteføljekvaliteten til bankene.publishedVersio
Effects of the IRB approach on bank lending to Norwegian enterprises
Get PDFThis paper analyses how the introduction of the IRB approach may have affected banks' lending to enterprises, lending margins and portfolio quality in Norway. Our results show that the IRB banks' lending margins decreased compared with the standardised approach banks following the introduction of the IRB approach. Growth in lending to the corporate market was also higher for the IRB banks than for the standardised approach banks during the first years after the introduction. However, this may be the result of factors other than the IRB approach. Our analyses do not indicate that the IRB approach has led to finer granularity in the pricing of corporate loans. We find some support for the hypothesis that the IRB approach may have improved the quality of banks' portfolios.publishedVersio
Rapporteringsplikt ved eierendringer - sett fra et forvalterperspektiv
No full textShareholding disclosure and market transparency rules aimed at shareholders of public companies are essential to the well-functioning of financial markets, providing benefits to shareholders, listed issuers and regulatory authorities. Various types of shareholding disclosure rules exist to offer insight into the ownership levels of large shareholders and their behaviour in the market. While providing clear benefits, some shareholding disclosure practices can bring a unique set of challenges. In this Asset Manager Perspective, we leverage our experience as a large, long-term investor in over 70 jurisdictions to discuss the practical aspects of the disclosure process from a shareholder’s point of view. We outline various disclosure types and challenges associated with the disclosure process. We also address other disclosure related themes, such as securities lending and collateral, as well as interaction with market regulators. From a practitioner’s perspective we discuss best practices for well-functioning disclosure regulations and processes.publishedVersio