Update April 2009
COUNTRY PROFILE, NORWAY
Introduction and Country Background 2 Banking Environment 4 Financial Authorities 6 Legal & Regulatory Issues 8 Market Dominant Banks 11 Clearing Systems 14 Payments & Collections Methods & Instruments 16 Electronic Banking 19 Cash Pooling Solutions 21 Tax Issues 23 Source and Contacts 28
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Country profile, Norway
Introduction and Country Background
Norway’s rugged Key Facts coastline facing the North Atlantic sea Capital - Major Cities Oslo – Bergen, Trondheim, Stavanger stretches over 2,500 Area 324,220 km2 km Population 4.799 million (01-2009 estimate) Languages Norwegian Currency NOK (Norwegian Kroner) Telephone Code +47 National/ Bank 2009 — 1 Jan; 9-10, 13 Apr; 1, 17, 21 May; 1 Jun; 25- Holidays 26 Dec Bank Hours Generally from 8:15–15:30 Mon-Fri* Business Hours 10.00–17.00 Mon–Fri, to 19.00 Thu, 9:00–14.00 Sat Stock Exchange Oslo Børs (Oslo Stock Exchange) Leading Share Index OSEBX Overall Share Index OSEAX
There is usually a designated day during the week when business hours are ex- tended. However, this day varies from bank to bank.
Measured by per cap- Economic Performance ita GDP, Norway is among the wealthiest 2005 2006 2007 2008 countries in the Exchange Rate – NOK/EUR1 8.00 8.05 8.0153 8.2194 world, supported in Exchange Rate – NOK/USD1 6.4450 6.4180 5.8600 5.6361 large part by its ex- Money Market Rate (%)1 2.15 3.02 4.79 6.01 ploitation of oil and Consumer Inflation (%)2 1.6 2.3 0.8 3.2 gas reserves Unemployment Rate (%)3 4.6 3.4 2.5 2.5 GDP (NOK billions)4 1,946 1,995 2,068 2,119 GDP (USD billions)5 295.5 329.5 356.6 375.9 GDP Volume Growth (%)2 2.7 2.5 3,7 2.5 GDP Per Capita (USD) 64,193 71,674 76,442 78,343 Current Account (% of GDP) 16.2 17.2 15.4 19.1
Sources: International Monetary Fund, Statistics Norway, European Central Bank
1 Period average 2 Year on year 3 Per annum (seasons adjusted) 4 Constant prices: index, 2000=100 5 Per average exchange rate
Norway remains out- Government side of the EU but is a member of the Euro- Legislature Regime pean Economic Area Norway is a constitutional monarchy with a bi-cameral parliament: The Parliament (Stortinget) consists of 165 members elected for a four years
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Country profile, Norway
term via a proportional representation system. Lower house (Odelsting): Three-fourths of the members of Stortinget form the lower house of parliament Upper house (Lagting): One-fourth of the members of Stortinget form the up- per house of parliament. The members of the Lagting are elected by and among the members of Stortinget following each general election. The next election is due by September 2009.
Head of State King Harald V, since 1991
Political Leader The Prime Minister of Norway is Jens Stoltenberg, leader of the Norwegian Labour Party (social democratic), elected in September and appointed by the King in ses- sion of the Council of State on 17 October, 2005. Mr. Stoltenberg was previously Prime Minister from 2000-2001, and now leads a coalition government (the Red- Green Coalition), the first one that the Norwegian Labour Party has entered, form- ing a majority with the Socialist Left Party and the Centre Party (whose focus is on maintaining decentralized economic development and political decision-making).
European Union In referenda held in 1972 and 1994, Norway rejected joining the EU. The country is, however, a part of the European Economic Area (EEA).
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Banking Environment
The Norwegian bank- Overview ing sector is domi- nated by two large Introduction players and two ma- In the early 1990s the government acquired a significant share of the banking sec- jor savings bank alli- tor. During recent years, however, this pattern was reserved leading to subsequent ances privatisation. In January 2004 the biggest savings bank, Union Bank of Norway (Gjensidige NOR Sparebank) and Den norske Bank (DnB) merged forming by far the largest banking group in Norway, DnB NOR Bank. The other large bank (Nordea) is controlled by the major Nordic banking group and the mid-sized banks all belong to two major savings banks alliance, Sparebank 1 Alliance and Terra Banking Group, apart from Fokus Bank, part of the Danish-based Danske Bank Group.
Sector Figures The Norwegian banking sector, as of April 2009, consists of approximately 139 domestically incorporated banks, of which 16 are universal commercial and 123 are savings banks. Additionally there are 12 branches of foreign banks and 3 elec- tronic money institutions in Norway. Collectively the savings banks have around 50% of the market in terms of both lending and deposit taking. The two biggest commercial banks, DnB NOR Bank and Nordea, share around 30–40% of the mar- ket with the remainder divided amongst the remaining commercial banks. The total number of bank branches was 1,330, 784 of which are branches for the savings banks and the remaining belong to the commercial banks. Furthermore, there are 1,487 post branches with banking accessibility.
Recent Years To further consolidate their respective market shares, Den norske Bank (DnB Group) and the demutualised Union Bank of Norway (Gjensidige NOR), then the largest savings bank, merged in December 2004 to form DnB NOR. Other mergers included in 2005 Sweden‘s SEB acquired Privatbanken, Iceland‘s Islandsbanki ac- quired BNBank and in 2006 Spain‘s Santander purchased Bankia Bank.
Following on the heals of a coordinate eurozone bank bailout plan, Norway an- nounced in October 2008 that it will offer commercial banks as much as $55 bil- lion in government bonds in exchange for mortgage debt. Further, the Norwegian subsidiary of Kaupthing – the Iceland bank put under state administration – has had its assets frozen and shall be liquidated. Depositors in Norway are guaranteed up to 2 million Norwegian kroner.
Sector Wide Agreements The directive on capital-adequacy rules, known as Basel II, is implemented.
Norges Bank has an Central Bank investment manage- ment division re- Background sponsible for manag- The Central Bank of Norway, Norges Bank, was founded in 1816. The activities of
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ing its petroleum Norges Bank are regulated by Act no. 28 of 24 May 1985 relating to Norges Bank pension fund and the Monetary System (the Norges Bank Act). The management of the bank is executed through the Executive Board consisting of seven members appointed by the King. The Governor of Norges Bank, Mr. Svein Gjedrem, is chairman of the Ex- ecutive Board. The Supervisory Council ensures that the rules governing the Bank‘s activities are observed and adopts the Bank‘s budget. The Council comprises fif- teen members all elected by the Storting.
Currency Norges Bank is the sole supplier of banknotes and coins. In June 2003, the actual production of coins was, however, sold to a third party provider. In 2007 the bank expects to outsource the printing of bank notes as well. Since 1 September 2003 Norges Bank has outsourced the technical operation and administration of its clearing system to ErgoIntegration AS. Norges Bank still has the overall responsi- bility, and for the banks it is business as usual, although total settlement costs are expected to decline.
Responsibilities The overall objective of the bank is to ‗promote confidence in the Norwegian econ- omy and its financial system‘. The framework for achieving this is defined through the main tasks and responsibilities of the bank, which include: Price stability by means of a monetary policy that is oriented towards low and stable inflation. Financial stability: Responsibility for promoting efficient payment systems and financial markets and in this way contributing to financial stability. A sub- ordinate objective is the supply of credit. o The majority of all inter-bank clearing takes place via accounts with the bank through the Real Time Gross Settlement System, NBO. The bank on an ongoing basis assesses the risks of the financial infrastructure hereunder it oversees the functionality and risks in the BBS system (clearing of low-value payments). Added value in investment management: Ensuring efficient and secure man- agement of the central government's financial assets.
Other main responsibilities of Norges Bank include managing the gold and foreign exchange reserves, and ensuring efficient and secure management of the central government's financial assets (e.g., the petroleum pension fund).
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Financial Authorities
The legal framework Ministry of Finance for Norges Bank and the financial supervi- Within financial services the Ministry of Finance (the Financial Markets Depart- sory authority reside ment) is responsible for the monitoring and regulation of financial markets and within the Ministry of financial institutions. The principal objectives comprise: Finance Ensuring that the institutions are financially sound, and Securing a fair and transparent environment for competition
The Ministry drafts bills and regulations and also handles various tasks, like appli- cations for licenses, authorisations and exemptions. The legal framework that regu- lates the activities of Norges Bank is within the authority of the Ministry as well.
The Norwegian Financial Supervisory Authority is an institution under the authority of the Ministry.
The Norwegian FSA’s Norwegian Financial Supervisory Authority scope spans the en- tire financial sector The scope of the Norwegian Financial Supervisory Authority‘s (Kredittilsynet, which as well as securities shall changes its name to Finanstilsynet at the change of the year 2009/2010) markets, real estate oversight responsibilities is rather wide spanning from banks, insurance compa- agents and chartered nies and building societies to securities markets, real estate agents and chartered accounts accountants. The mission of Kredittilsynet is ―to ensure that financial institutions and markets function securely and efficiently in the best interest of society and users of financial services, and that service providers are afforded an appropriate framework for their operations‖. The work of the Norwegian FSA rests on the prin- ciple that the competitive conditions for the sector must be in line with the condi- tions, which institutions in other EEA countries profit from.
The main tasks of Kredittilsynet are: Oversight of the financial institutions and related companies and organisations Audit and on-site inspections of same Administration and review of laws and regulations Monitoring macroeconomic trends
Over 60 financial Norwegian Financial Services Association (FNH) organisations are represented by the The Norwegian Financial Services Association (Finansnæringens Hovedorganisas- Norwegian Financial jon, FNH) was formed on 1 January 2000 when the Norwegian Bankers‘ Associa- Services Association tion and the Norwegian Insurance Association combined. It represents the public interest of the industry, mainly against the authorities and the Government. FNH membership entails: 50 ordinary, 2 trade organisations, 4 associated, and 2 for- eign (cross-border) members.
The objectives of FNH include: Establishing a better understanding of the value-creation within the financial
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services industry Striving to ensure that the conditions of competition are fair Improving the quality of the industry‘s work, hereunder trying to impact a joint European regulatory framework.
The savings banks Norwegian Savings Banks’ Association maintain their own association The savings banks have their own organisation: The Norwegian Savings Banks As- sociation (Sparebankforeningen). This is the professional organisation for the sav- ings banks in Norway, with 121 members.
The main role of the organisation is to act as the spokesman for the savings banks toward the public as well as authorities, primarily on issues related to the financial infrastructure, payment systems etc.
Norway has a central Norwegian National Authority for Investigation and Prosecu- authority for investi- tion of Economic and Environmental Crime (ØKOKRIM) gating and prosecut- ing money laundering. Established in 1989 ØKOKRIM is Norway‘s central entity for investigation and prosecution of economic and environmental crime. It is both a national police unit and a prosecution authority.
Tasks related to The Banks’ Standardisation Bureau payment and informa- tion services in the The Bank‘s Standardisation Bureau‘s (Bankenes Standardiserings-kontor, BSK) banking infrastruc- objective is to administer tasks related to payment and information services in the ture are administered banking infrastructure. More specifically, this includes establishing, maintaining by the Banks’ Stan- and developing standards in support of the common financial infrastructure. BSK is dardisation Bureau funded by the banks and controlled jointly by the Norwegian Financial Services Association (FNH) and the Norwegian Savings Banks Association (Sparebankforen- ingen).
BSK is represented in EWA (Edifact Working Group) and ECBS (European Commit- tee for Banking Standards).
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Legal & Regulatory Issues
Generally Norwegian Introduction laws are in line with the EU due to it’s EEA The legal environment in Norway with regards to cash management, hereunder membership cash pooling, is rather liberal. Generally, laws and regulations are in line with those of the EU due to Norway‘s membership of the EEA. Still, payments between resi- dents and non-residents create a reporting obligation to the Directorate of Cus- toms and Excise (Toll og Avgiftsdepartementet, TAD).
Residency is deter- Resident and Non-Resident Status mined by location To be legally regarded as a resident company in Norway, a company must have its seat registered or a branch located in Norway.
Account ownership is Account Ownership not determined by residency Any type of account can be owned by a resident as well as a non-resident company.
Cash pooling regula- Cash Pooling Regulations tions are rather lib- eral Domestic and cross-border cash concentration is allowed. Notional pooling is al- lowed domestically and on a cross-border basis. The Norwegian banks are not al- lowed to off-set credit and debit balances for the purpose of calculating their Capi- tal Adequacy Ratio. Hence, a spread between the debit and credit interest rate is normally applied.
Cash pooling across legal entities, but within the same group, is permitted. Resi- dent and non-resident companies can participate in the same cash pool. It is a pre- requisite, though, that the legislation applying to the non-resident is at least as strict as the Norwegian rules and regulations, e.g., when it comes to lending rules (outside the Nordic area) and the company‘s obligation to ensure a sufficient cash flow to support its daily operation. The Norwegian legislation permits multicurrency cash pooling.
Accounts can be held Account Types and Charges in all tradable cur- rencies Current accounts can be held in all exchangeable currencies and are offered with or without overdraft limits. NOK accounts are convertible into foreign currency. Interest rates can be either fixed using a basic rate of the bank or based on a mar- ket rate - e.g. the inter-bank rate, NIBOR - less a spread. For larger corporations the latter method is the most common. Account maintenance fees will normally not apply. Lifting fees (per mille of transferred amount) does usually not apply.
Every corporate must by law establish a tax reservation account (Skattetrekks konto) and put aside funds for deferred taxes on behalf of employees. Disburse- ments from the tax reservation account are only allowed subject to an authorisa-
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tion by the tax authorities.
Payment Fees A flat fee will be charged for domestic payments as well as for foreign payments. Following the EU regulations on cross-border transfers in EUR, from 1 July 2003 the charge for a cross-border transfer of up to 12,500 EUR must be equivalent to the charge for a domestic payment in EUR. The increase to a maximum of €50,000 took effect on 1 January 2006. The payer must provide the receivers International Bank Account number (IBAN) and the receiving bank‘s Bank Identifier Code (BIC, the SWIFT code). If such information is not provided – or the information is wrong – an additional charge will be levied.
No FX controls FX Controls
The Norwegian Krone flows freely. Norges Bank can intervene in order to stabilise the exchange rate. There are no exchange controls.
Central Bank report- Central Bank Reporting Requirements ing still exists Payments between residents and non-residents must be reported by the banks to the TAD on a frequent basis.
Laws are in place to Money Laundering prevent money laun- dering according to Norway has set up a special financial intelligence unit, the National Authority for international stan- Investigation and Prosecution of Economic and Environmental Crime (ØKOKRIM), dards which deals with among other things money laundering offences. Established in 1989, the ØKOKRIM is both a national police unit and a prosecution authority.
The principles of the EC Money Laundering Directive (Council Directive 91/308/EEC of 10 June 1991 as amended by directive 2001/97/EC of 4 Decem- ber 2001) have been adopted in Norwegian Law. Generally, the legislation is based on the 40 recommendations of FATF (Financial Action Task Force on money laun- dering). The latest amendment of the Norwegian regulations came into force on 20 June 2003: The scope of the persons who are liable to report was expanded to include real estate agents, chartered accountants, auditors, lawyers and dealers of high-value goods.
Following the vote by the European Parliament on 26 May 2005, the Council reached an agreement on a text for a third directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the ―Third Directive). It builds on existing EU legislation and incorporates into EU law the June 2003 revision of the Forty Recommendations of the Financial Action Task Force (FATF). The Directive is applicable to the financial sector as well as lawyers, notaries, accountants, real estate agents, casinos, trust and company service providers. Its scope also encompasses all providers of goods, when pay- ments are made in cash in excess of 15.000 EUR. Those subject to the Directive need to:
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Country profile, Norway
Identify and verify the identity of their customer and of its beneficial owner, and to monitor their business relationship with the customer; Report suspicions of money laundering or terrorist financing to the public au- thorities -usually, the national financial intelligence unit; and Take supporting measures, such as ensuring a proper training of the personnel and the establishment of appropriate internal preventive policies and proce- dures.
The Directive introduces additional requirements and safeguards for situations of higher risk (e.g. trading with correspondent banks situated outside the EU). For the sake of clarity, the existing 1991 Directive, as amended in 2001, will be repealed and replaced by this Directive, upon its effective entry into force.
Electronic signature Regulations Applicable for Electronic Transactions and transaction legis- lation is in place As a member of the EEA, Norway has adopted similar regulations in national law as set out in the EC Directive on Settlement Finality in Payment and Securities Sys- tems. New legislation now permits electronic signatures to be a valid form of identi- fication evidence.
Likewise, electronic invoices and electronic signatures are allowed by law. In De- cember 2003 the Ministry of Finance granted the first licences to start e-money operations. Such operations are not covered by the banking law, i.e., the banks‘ collective deposit guarantee fund. Three e-money institutions are supervised by the Financial Supervisory Authority.
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Country profile, Norway
Market Dominant Banks
DnB NOR Bank and Introduction Nordea dominate the banking sector, with The Norwegian banking market is dominated by two large institutions, a few mid- the remaining banks sized and a number of smaller banks. The Norwegian State holds one third of the primarily belonging to shares in the biggest financial services group, DnB NOR Bank. two large savings groups Market Dominant Banks per 31 Dec. 2008 Bank Assets (USDm) DnB NOR 325,047 Nordea 697,290 Fokus Bank 695,033 Terra *82,979 Sparebank 1 n/a *2007
Note: Figures are total group consolidated assets in millions USD. Source: Banks‘ annual reports.
The market leader in DnB NOR Bank many segments Following the merger in December 2003 between Union Bank of Norway and Den norske Bank, DnB NOR Bank is the largest financial services group in Norway with 2.3 million retail customers and 200,000 corporate clients. Through a number of brands (DnB Nor, Vital, Nordlandsbanken, Cresco and Postbanken, DnB NORD, Carlson) the bank serves all market segments. In addition DnB NOR is the biggest domestic player within life insurance and asset management. The bank‘s business strategy is: "A local presence and a full range of services are our strengths. We will be the best financial partner"
Its stated international strategy implies that the Group will focus on selected areas and industries such as energy, fisheries and shipping, where it is one of the world‘s foremost. DnB NOR will also follow existing customers outside Norway. The bank presently handles payment flows for more than 50% of Norway‘s foreign trade. An increasing number of Norwegian companies are establishing themselves in Mur- mansk and the Barents region, which lead the bank on October 27, 2005 to acquire Monchebank, located near the Barrents Sea in Murmansk, Russia.
In 2006 DnB NOR and Norddeutsche Landesbank, NORD/LB, established a joint venture in the Baltic region, DnB NORD, with 176 branches in Denmark and Finland (corporate focused), Estonia, Latvia, Lithuania and Poland (corporate and retail). DnB NOR owns 51 per cent of the bank, which is headquartered in Copenhagen. As part of the agreement, DnB NOR took over the Swedish operations of NORD/LB in the third quarter of 2005 and thereby doubled the Group‘s bank operations in Sweden. DnB NOR Bank also has branches in all of the Nordic capitals as well as in
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the major financial centres of the world.
The Nordic’s largest Nordea banking group Nordea is the biggest Nordic banking group. It is the result of the successive merg- ers and acquisitions of the Swedish, Finnish, Danish and Norwegian banks of Nord- banken, Merita Bank, Unibank and Kreditkassen (Christiania Bank), respectively, that took place between 1999 and 2000. The bank‘s vision is ―to be the leading Nordic bank, acknowledge for its people, creating superior value for customers and shareholders‖ and its mission is ―making it possible‖. Nordea has approximately 10 million retail and 700,000 thousand corporate customers, and more than 1,400 branch offices. Over half of Nordea‘s customer base are electronic customers and actively use the bank‘s electronic tools and services.
In Norway, the bank targets most segments of the market from personal banking over private banking, to small and medium sized enterprises, larger corporations and institutions as well as asset management and life insurance. Nordea has an estimated 10-17% market share, depending on the product and business area.
Nordea is also present in Russia, the Baltic Sea countries (Estonia, Latvia, Lithua- nia) and Poland with a combined number of 260 branches. The bank expanded into the former in 1989 and then divested its minority stake in June 2006 in order to acquire a majority stake in Orgresbank in November of the same year. Nordea ex- panded into Poland in August 2005 through its purchase of Sampo's Polish life and pension companies, which was merged into Nordea's Polish life company. Besides banking it provides insurance, mortgage banking and real estate agency services to its customers.
The bank‘s largest shareholder, the Swedish state is expected to sell its 20% stake in 2008 putting the bank in play for either a Nordic or European acquisition. Fur- thermore, the Sampo Group, following its sale of its banking operations to Danske Bank in 2006, acquired 10% of Nordea in open-market operations. Sampo has continued to increase its stake in Nordea and owns some 15%. To date the stake is purely financial (e.g. eventual gain from future M&A activity) in purpose.
Present in both retail Fokus Bank and corporate seg- ments, and part of the Fokus Bank serves both retail and corporate customers through 49 branches. It is Danske Bank Group a part of the Danske Bank Group, via an acquisition in 1999 and has about a 5% local market share. Measured by total assets, the Danske Bank Group is the larg- est financial enterprise in Denmark and one of the largest in the Nordic region of- fering services in banking, mortgage finance, insurance, leasing, real-estate broker- age and asset management. The vision of the Group is ―One platform – exceptional brands‖ and its mission is to be ―the best local financial partner‖. In total, the Group serves 5 million retail customers and a large number of public sector and institu- tional organisations. Some 2 million customers use the Bank's online services.
In the mid 1990s it expanded its operations into the rest of Scandinavia, and in 2005 via acquisition in the Republic of Ireland and Northern Ireland, marking its
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first move out of Scandinavia. In November 2006, the Danske Bank Group acquired the Sampo Bank Group, for approximately USD 5 billion in cash. Sampo Bank is Finland‘s third-largest bank with a market share of 16% and 121 branches; sub- sidiaries in Estonia, Latvia and Lithuania; and a recently acquired bank in Russia.
The biggest savings Terra alliance Terra-Gruppen AS is a bank alliance and one of the dominant banking groups in Norway. It is owned by 78 independent and local savings banks. Terra-Gruppen, the financial group, offers financial services and products to Norwegian banks, mainly within the retail segment. The alliance has some 750,000 private customers. Terra-Gruppen‘s products are distributed through close to 189 offices in Norway. Terra-Gruppen is also responsible for the procurement of services and products within for instance IT and payment mediation for the Terra-banks.
A group of large sav- SpareBank 1 ings banks SpareBank 1 Gruppen (Sparebank 1 Alliance) was established in 1996 and is pri- marily owned by 5 savings banks and the Norwegian Federation of Trade Unions. It is an alliance between some 24 smaller savings banks. Within the framework of the alliance the savings banks co-operate to develop and promote joint products and services. The biggest real estate agency in Norway is also part of the alliance. The group has 350 branches and approximately half a million internet customers.
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Country profile, Norway
Clearing Systems
Two primary settle- Overview ment systems oper- ate in Norway, both Norges Bank plays an instrumental role in relation to settlement of payments; the owned by Norges majority of all inter-bank payments are executed via the commercial banks' ac- Bank counts with Norges Bank. High-value payments are settled through Norges Bank‘s own Real Time Gross Settlement (RTGS) system ‗NBO‘ and low-value payments are cleared in the ‗NICS‘ system (managed by the Banks‘ Central Clearing House – Bankenes BetalingsSentral, BBS), while the interbank settlement of such payments takes place via NBO. Approximately 23 banks participate directly in the Norges Bank‘s settlement, DnB NOR Bank is the largest provider of settlement services to (mainly savings) banks, who do not participate directly in Norges Bank‘s settlement. Swedbank provides these services to banks belonging to the Sparbank 1 Alliance.
Norges Bank is expected to replace the NBO with a new RTGS system in 2009, and is currently working in tandem with the provider to specify the requirements for its new system.
In addition, since the adoption of NOK in the Continuous Link Settlement (CLS) sys- tem in September 2003 – reducing the settlement risk for FX payments in the Norwegian payment system - the majority of all FX trading in NOK has been settled via the commercial banks‘ accounts with Norges Bank.
Other clearing systems, which all eventually settle through NBO, are the systems for securities and derivatives trades in the Norwegian Central Securities Deposi- tory (VPS) and the Norwegian Futures and Options Clearing House (NOS).
NBO is Norway’s real High Value Clearing NBO time gross settle- ment system NBO is short for Norges Bank‘s settlement system, the RTGS system of the coun- try. Participants: 23 banks participate directly. The largest provider of settlement services to some 104 (mainly savings) banks who do not participate directly NBO is DnB NOR Bank, who in turn settles through NBO. Swedbank also pro- vides this settlement service to banks belonging to the Sparbank 1 Alliance. Transaction types: Individual, urgent, same-day-value domestic payments in NOK unlimited in amount, but normally in excess of 25 million NOK Pricing indication: 1 NOK per transaction in the RTGS system owned by Norges Bank (NBO). The participating banks must also pay an annual fee for participat- ing in the system Operating hours: NBO operates around the clock Clearing cycle details: The clearing takes place with immediate finality for each payment instruction. Instructions are transmitted via SWIFT. The banks must have cover on their accounts with Norges Bank, if not, the bank can grant in- traday and / or overnight overdraft subject to the provision of collateral in form
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of approved securities. From mid-2004 the valuation of collateral is based on market values.
Scandinavian Cash Pool (SCP) In 2003, a Scandinavian agreement was made, allowing branches or subsidiaries in Norway of Swedish or Danish banks to use balances (in SEK or DKK) in the Central Banks of Sweden or Denmark as collateral for clearing in Norway.
Norges Bank entered into a contract with the Italian firm SIA S.p.A. on 2 March 2006 for the delivery of a new second generation RTGS system called Per- ago:RTGS (also currently being implemented in Sweden). The system is planned to go live in 2009, which will cause small changes for the banks but allow for new functionality compared with the present system.
Low value payments Low Value Clearing are cleared through NICS, operated by a Low value payments are cleared through the NICS system owned by Norges Bank company that is and operated by BBS. NICS is short for Norwegian Interbank Clearing System. BBS owned by the com- is owned by the commercial banks. The former competitor Postgiro was – after it mercial banks first was absorbed by Den norske Bank – acquired by BBS in 2001. Payments through NICS in 2005 totalled 7.7 billion USD.
Participants: all 139 Norwegian banks clear through NICS and in turn settle either via NBO or DnB NOR Bank/Swedbank. Transaction types: NICS processes low-value, non-urgent electronic giro trans- fers (credit transfers and direct debits) as well as cheque payments and card payments (bulk payments) in NOK through NICS Mass. High-value payments, e.g. settlement of loans between the banks and large customer payments, are cleared through NICS SWIFT Operating hours: NBO operates around the clock Clearing cycle details: The bulk payment instructions are cleared through 2 daily clearings with 2 daily settlements in Norges Bank via NBO. The 20 largest banks exchange their high-value payments through SWIFT. These payments are cleared 4 times a day through NICS SWIFT and settled through NBO. How- ever, single payments in excess of 25 million NOK or payments, which have been marked, are settled in NBO individually in real-time through NICS-SWIFT- RTGS until 15:30.
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Payments & Collections Methods & Instruments
Float is prohibited by Introduction law in Norway and pricing on different Norway‘s payment infrastructure is based on electronic means of payment. Debit payment instructions cards, in volume terms, are by farm the most common payment form, while elec- is therefore set indi- tronic credit transfers, in value terms, account for nearly 90% of all payments. It vidually should be noted that float is prohibited by law in Norway. Hence, the pricing on the different kind of payment instructions are set individually.
Banks in Norway have been implementing SEPA (Single Euro Payments Area) stan- dards for EUR-denominated payments. Banks now only issue SEPA-compliant debit cards (since 1 January 2008). They are preparing to offer pan-European SEPA credit transfers from 28 January 2008. SEPA direct debits however will not be available until 1 November 2009 at the earliest.
Volume of Transactions (millions) 2005 2006 2007 % change
Payment cards 864.4 965.1 1,007.5 5.2 Debit cards 811.4 904.2 1,000.4 10.6 Int‘l cards 21.1 35.4 20,5 15.8 Credit cards 31.9 25.5 50.6 41.7 Credit transfers 431.7 460.0 453,5 3.2 Direct debits 39.9 41.8 49.6 18.7 Cash pmts (giros) 8.9 7.8 7.6 -2.6 Cheques 0.8 0.7 0.5 -28.6 Total 1,345.7 1,475.4 1,518.7 4.9
Value of Transactions (NOK billions) 2005 2006 2007 % change Payment cards* 480.7 511.5 557.4 9.1 Debit cards 429.0 448.2 482.5 7.9 Int‘l cards 21.6 29.7 22.9 20.5 Credit cards 30.1 33.6 52.0 14.3 Credit transfers 7,945.5 8,841.6 10,149.4 17.7 Direct debits 212.9 223.5 219.7 -1.7 Cash pmts (giros) 83.9 57.3 59.7 5.7 Cheques 32.9 15.8 12.9 -18.4 Total 8,755.9 9,649.7 10,999.1 16.6
* Includes cash withdrawals without goods purchases Note: Percentage change calculated from 2006-2007 Source: Norges Bank, Annual Report on Payment Systems 2007 (released May 2008)
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Payment cards are Card Payments the dominant form of payment in volume Iceland is the only country where the inhabitants pay by card more than in Norway. terms This is primarily because Icelanders use credit cards more frequently than Norwe- gians. They have an equally high number of payments by debit card per inhabitant. In 2007, 207 payments by card (both debit and credit) per inhabitant were made in Norway. This is 13% more than in 2006.
In total, 15.34 million payment cards were issued in Norway as of year-end 2007. Some 10.5 million have debit functions, of which 5.5 million are BankAxept cards and nearly 5 million are payment cards issued by international card companies. Of the 4.3 million credit cards, 85% of them are issued by international card compa- nies.
Norwegians use payment cards for a greater share of trades than previously. More people also use cards to pay small amounts. In a survey conducted by TNS Gallup for BBS in October 2007, 33 per cent said that they habitually paid amounts under NOK 50 by card. This is 50 per cent more than in 2005 (BBS 2007). Cards are also increasingly used for online purchases.
Compared with other countries, a large share of card transactions in Norway are carried out by means of debit cards. The Norwegian national debit card scheme BankAxept has a dominant position. However, international payment card systems such as VISA and MasterCard have increased their market share in recent years. These card systems provide both debit and credit cards. Norwegian banks often issue bank cards combining the functionality of BankAxept and an international card. Norway migrated in 2004 to a Chip & Pin-code based system to enhance security. And as of January 2005, all ATM‘s have been migrated to read chip-based cards (smart cards).
At the end of 2007 there were 109.821 EFTPOS (payment terminals), of which 85,490 were dedicated BankAxept point of sales terminals. There were 2,272 ATMs and more than 97,767 point of sales terminals at year end 2006.
Electronic credit Credit Transfers transfers are by far the most important Urgent Credit Transfers (same-day settlement) means of payment Float is not allowed. Hence, seen from the customers perspective, how the individ- ual payment is settled is less relevant from an interest perspective. However, pay- ments in excess of 25 million NOK are settled in real-time.
Non-Urgent Credit Transfers (same-day settlement) Payment instructions (Giro transfers) without remittance advice (KID payments) are generally the cheapest form of cashless payment as such instructions allow for straight through processing. On the other hand, transfer forms (giro forms) allow for payments with reference. Both can still be carried out as paper-based giro pay- ments, which will then usually be sent by post directly from the paying customer to BBS.
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In addition, the banks offer a number of payments services with BBS as an underly- ing service provider, hereunder:
TeleGiro, where the customer will register the payment instruction via the phone eGiro, which is a payment and information solution allowing corporations to send and receive in EDIFACT format any kind of payment instructions elec- tronically. It should be noted that BBS is merely the sub-contractor. eGiro is imbedded in the offerings from the individual banks. Direct Remittance (Direkte remittering), a stand-alone payment transmission service, whereby (mostly small and medium-sized) corporations can send pay- ment instructions directly from their accounts payable system (mostly used for payment of wages).
Direct debits are Direct Debits available for both retail and corporates For person-to-business payments the direct debit service, AvtaleGiro, is the most widely used payment method for settling of recurrent payments like telephone and electricity bills. Almost two-third of all households use AvtaleGiro. The service can also be utilised for business-to-business transactions (AutoGiro). No float applies. At year end 2007 there were more than 8.54 million direct debit agreements (in- cluding both AvtaleGiro and AutoGiro), an increased of 14% from the previous year.
Cheque usage con- Cheques tinues to fall The volumes of cheque payments are immaterial and the usage continues to de- cline. Cheques are mainly used for person-to-person payments and the average transaction value is more than 35,000 NOK.
The very small number of checks issued (less than 0.1% of all non-cash payments) is primarily due to pricing aimed directly at minimising use of checks in Norway.
E-money is primarily E-money used for smaller payments Thee companies are authorised to issue e-money in Norway. E-money is primarily used for smaller payments such as parking, public transport, internet payments etc.
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Country profile, Norway
Electronic Banking
Electronic banking Introduction services are highly developed in Norway Electronic banking services are highly developed in Norway. Over the past few years almost all kinds of banking services suited for electronic processing have been migrated to the internet. At year-end 2007, there were more than 4.4 million internet banking agreements, of which slightly more than 4 million are retail agreements and nearly 350,000 are corporate.
With BankID, the country-standard digital signature (see E-invoice below), some banks now are provide full digital services completely online, e.g. loan origination and signing without any paperwork or post delays.
Banking services are General Functionality of EBS Offerings available via the web As Norway is quite well positioned within electronic developments in the banking sector it is only natural that the majority of banks have shifted the focus from PC based electronic banking systems to web-based platforms. For corporations the services offered through the World Wide Web will normally include payment transmission, end-of-day and intra-day account information, inter-company netting solutions, FX dealings and information etc. The web-based solutions are becoming more and more advanced, and in a short time PC-based tools are expected to play a minor role.
The banking sector in general has agreed to two standard formats for payment transmission, Telepay and BBS (Direct Remittance). Payment files in these for- mats, and for some banks Edifact (PAYMUL), can be transferred directly via the banks electronic banking systems.
In addition BBS offer a stand-alone payment transmission service (Direct Remit- tance), whereby corporations can send payment instructions directly from the ac- counts payable system.
Host-to-host solu- EDIFACT / Host-to-Host Solutions tions are available using industry ac- Central payment processing through ‗payment factories‘ is supported by a number cepted instructions of banks. Such solutions for direct transmission of payment and statement infor- mation between ERP-systems and the banks are provided for purely domestic as well as international payments. Usually, the major cash management banks will accept payment instructions in Telepay, Direct Remittance and in the EDIFACT format. Proprietary banking transmission formats are not widely used.
Norway has a number E-payments of domestic e- payment players In general, micro-payments (electronic purse) are offered by a number of ‗global‘
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Country profile, Norway
players. However, Norway also has a number of ‗domestic‘ players, among them: BuyPass, Contopronto, MobilHandel from the mobile company Telenor and Payex. The merchants offer to store the electronic purse either on a smart card or on a cell phone. Payments can then be made both via the internet and in retail stores (if hooked up).
Such solutions usually rest on two important prerequisites: 1) prepayment and 2) settlement via debit or credit cards. Some of the domestic solutions, though, offer settlement directly via a bank account.
E-faktura is the indus- E-invoice / EBPP try wide EBPP solu- tion An industry wide electronic bill present and payment (EBPP) solution is offered through BBS. The solution, e-faktura (e-billing) is integrated with the banks‘ web- based electronic banking solutions. Hence, the customer can receive and pay a bill electronically without involving too much effort.
While the extent of electronic invoicing is increasing – e.g. in 2007 over 500 enter- prises offer the e-faktura solution, more than 14 million such invoices were dis- patched, there were more than 800,000 unique users and nearly 3 million active bill agreements – BBS estimates that 75% of invoices are still sent by paper even though nearly all of them end up being paid electronically via a customer‘s netbank. The transition to electronic invoicing and direct debits is likely to gain speed in the years ahead. The services simplify payment of bills for the public and provide en- terprises with improved handling of their incoming and outgoing payments. These developments will further increase the efficiency of the payment system in Norway.
BankID is the industry backed solution for electronic signatures based on PKI, Pub- lic Key Infrastructure technology. The initiative was taken by the Norwegian Finan- cial Services Association (FNH) and the Norwegian Savings Banks Association (Sparebankforeningen). The development has been a joint effort between the BBS and a number of banks. BankID supports digital certificates and electronic signatu- res on the internet through a common infrastructure for mass market services such as e-banking, net payments, and electronic and mobile commerce. The system aims to eventually serve some 2.5 million e-bank users and is the most widespread electronic signature solution in Norway.
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Country profile, Norway
Cash Pooling Solutions
Although the legal Introduction environment for cash pooling is liberal, cen- The market dominant banks in Norway offer a number of different cash pooling tral bank reporting solutions. As the legal environment is rather liberal most prerequisites for an effi- must be observed ciently running cash pool solution are in place. Still, central bank reporting re- quirements apply and certain lending rules must be observed.
Domestic notional Notional Pooling pooling is only avail- able from the major Domestic notional pooling is offered by the major cash management banks only. cash management Such solutions, to avoid co-mingling of funds, comprise interest enhancement / banks interest apportionment schemes. Notional pooling retains the autonomy of the individual participant and distributes the benefit of the set-off of balances accord- ing to agreement with the bank. Under Norwegian Banking Law the bank cannot set-off the account balances in its own books due to Capital Adequacy Regulations. Hence, a spread between the debit interest rate and the credit interest rate will normally be charged and full interest netting rarely offered.
Cash concentration is Cash Concentration offered and widely used Domestic cash concentration in the form of zero or more rarely target balancing is offered and widely used in Norway.
Further, another instrument where funds physically are co-mingled is the Single Legal Account Pooling (or Balance Netting). This solution is based on a single, ex- ternal bank account (per currency) where all payments are mirrored. Each partici- pant (could be separate legal entities) will then have a virtual reference account, where the payments of that participant physically take place. Hence, each legal entity will perceive the solution as if they have had their own physical bank account. The advantage for the bank compared to notional pooling schemes is that balances can be off-set for the purpose of calculating capital adequacy ratios.
On top of these external bank accounts per currency, a multicurrency solution for reporting liquidity and managing group funding limit can be attached.
Various services for Multicurrency and Cross Border Pooling multicurrency and cross border pooling On a cross-border basis both notional and cash concentrating pooling schemes are are available offered on a single currency basis. If non-Nordic entities are involved, lending rules must be observed.
A few banks offer multi-currency solutions on a cross-border basis (no documenta- tion for inter-company loans and deposits though). In the same manner, multi- currency notional pooling schemes are provided. These highly sophisticated prod-
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Country profile, Norway
ucts will normally target the larger Nordic multinationals or subsidiaries to interna- tional corporations with a significant Nordic presence.
Other means of optimising liquidity is via inter-company netting, leading and lagging of supplier payments and – so far - more rarely via money market funds.
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Country profile, Norway
Tax Issues
Tax information is Introduction general and individual advice should be The following tax information, last updated by PricewaterhouseCoopers in April sought 2009, should be considered general and individual advice should always be sought.
Resident companies Tax Liability are subject to tax on their worldwide in- A company is considered resident and thus tax liable to Norway if as a main rule come the strategic management is carried out in Norway (the main emphasis being on where the effective management at board level is carried). Resident companies are subject to tax on their worldwide income whereas foreign, i.e. non-resident compa- nies are limited liable to tax on Norwegian sourced income only.
General partnerships and limited partnerships are treated as transparent entities for tax purposes.
The corporate tax Tax Base rate is 28% Annual depreciations on assets are generally made under the declining-balance method, but the straight-line method is used for some intangible assets. Trade- marks and other intangibles without any specific lifetime cannot be depreciated unless the decline in value is apparent. However, acquired goodwill may be depreci- ated with 20% under the declining-balance method.
For capital gains arising from the disposal of assets used in the normal course of business, there are rules allowing the seller to defer taxation of part of the gain to later years under certain conditions. For most types of assets this partial deferral is effected through the use of a gain and loss account (gevinst- og tapskonto, GTK). The net amount on the account is taken to income or expensed according to the declining-balance method. At the end of each tax year, a minimum of 20% of a posi- tive balance must be reported as income. A negative balance indicating losses could be reported with a maximum of 20%. Thus, at least 20% of a capital gain will have to be reported in the year of disposal.
The Norwegian corporate tax rate is 28%. Companies and permanent establish- ments (branches) are subject to the same tax rules, while shipping companies, oil companies and to some extent power plant companies are subject to special tax regimes.
The income year corresponds to the calendar year, but companies may choose a deviant income year if their foreign parent company/head office has a deviant in- come year. Limited liability companies are required to prepay the estimated income tax on 15 February and 15 April in the year after the income year. The difference between the paid tax and total payable tax presented on the tax statement received in October the year after the income year has to be paid within 2-3 weeks. To avoid
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Country profile, Norway
paying interest on the ―excess tax‖ levied in October the excess tax must be paid within 30 April.
Restructuring, i.e. mergers, demergers and transfers of assets may be carried out tax-free with continuity for tax purposes, provided that certain conditions are met.
Tax-losses can be carried forward for an unlimited period. They can only be for- feited if the loss-making entity is subject to a merger, demerger or other transac- tion and the main motive behind the transaction is to utilize the losses. A tax loss may be carried back for 2 years in connection with the closing down of a business.
Due to the financial crises certain tax favourable rules has been introduced in 2009 Tax-losses arising in income year 2008 and 2009 can be carried back and set off against taxable profits in 2006 and 2007. The taxes paid in 2006 or 2007 will be paid out to the company in connection with the tax settlement in October 2009 and 2010 instead of reducing the tax on future profits. The upper limit for the losses carried back is NOK 20 million annually.
Domestic tax con- Tax Consolidation solidation is permit- ted Norwegian tax law provides for domestic tax ―consolidation‖ with more than 90% owned subsidiaries through a so-called group contribution whereby one company surrenders profit to another group company. Group contributions may only be granted if the company could have distributed dividends, cf. the Norwegian Com- pany‘s Act Section. A Norwegian permanent establishment of an EEA company may under the circumstances give/receive group contributions.
Taxation of dividends Inbound and Outbound Taxation of Dividends depends on owner- ship percentages, Inbound holding periods and As of 7 October 2008 changes were made to the Norwegian participation exemp- country tion method whereas a Norwegian company will be taxed on 3% on net inbound dividends received on shares in a Norwegian company. The same rules apply for shares owned in companies resident in countries within the EEA provided that the company in question is actually established and is engaged in genuine economic activity there. There are no ownership requirements in order for the received divi- dends to be comprised by the participation exemption method.
A Norwegian company holding shares in companies‘ resident outside of the EEA will also only be taxed on 3% of net received dividends if it holds at least 10% of the shares and voting rights for a continuous period of 24 months.
However, dividends received on shareholdings in foreign companies in low-taxed countries are fully taxable, irrespective of participation.
Outbound In principle, dividend payments from Norwegian companies to foreign companies are subject to 25% withholding tax. However, if the foreign company is resident within the EEA, there will be no withholding tax on the dividend distribution if the
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Country profile, Norway
foreign receiving entity is comparable to a Norwegian entity qualifying for the par- ticipation exemption method. According to the Ministry of Finance certain condi- tions must be satisfied for an EU/EEA entity to benefit from the participation ex- emption method. The first condition is that the receiving company has to be resi- dent in an EU/EEA country and covered by the relevant tax treaty. The second con- dition is that the recipient of the dividends must be the ―real owner‖ (beneficial owner) of the distributed dividends. Thirdly it is a condition, according to the Minis- try of Finance, that the recipient of the dividends is subject to corporate income tax.
For companies resident in other jurisdictions, the withholding tax rate will usually be 15% or lower if a tax treaty is in force between Norway and the country in ques- tion.
Taxation of capital Taxation of Capital Gains and Losses on Shares, Bonds, Debts, gains and losses are Receivables and Financial Contracts depend on country A Norwegian company will be taxed on 3% of any capital gains on the transfer of shares and share derivatives in companies resident in EEA countries. Losses from the disposal of such shares are not deductible.
The same rules will apply for shareholdings in other countries if the Norwegian company has held at least 10% of the shares and voting rights in the foreign com- pany for the last 2 years.
However, any disposal of shares in foreign companies in low-taxed countries is fully taxable, irrespective of participation. Correspondingly, losses are deductible.
Capital gains and losses on bonds, debts, receivables and financial contracts other than on shares are taxed at the ordinary corporate tax rate of 28%. Losses on re- ceivables are normally only deductible if the receivable is connected to the credi- tor‘s own business activities.
CFC income is taxed CFC Taxation at a rate of 28% A Norwegian shareholder must include the income of a foreign subsidiary in its Norwegian income tax return, if
• The Norwegian shareholder alone or together with other Norwegian share- holders, directly or indirectly, holds at least 50% of the share capital or controls at least 50% of the voting rights in the foreign company, and • The foreign company is resident in a country where the general income tax level for that company is less than two third of the Norwegian tax level for such companies.
If Norway has signed a tax treaty with the other country, there will only be CFC taxation if the foreign company mainly has passive income (interest, etc).
In addition, if the other country is resident within the EEA, there will only be CFC taxation if the foreign company is not actually established or not genuinely engaged
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Country profile, Norway
in carrying out business within the EEA.
CFC income is taxed at a rate of 28% with relief for income taxes paid in the coun- try where the foreign company is resident.
No withholding taxes Withholding Tax apply for royalties or internet payments Norway has no withholding tax on royalty or interest payment from a Norwegian company to a foreign company.
All inter-company Transfer Pricing and Thin Capitalisation transactions must take place on an According to Norwegian transfer pricing rules, which are considered to be in ac- arm’s length basis cordance with the OECD guidelines, all inter-company transactions must take place on an arm‘s length basis. Written documentation substantiating that transactions have been performed at fair market value is mandatory from fiscal year 2008 with some exemptions. Already as of fiscal year 2007 Norwegian companies taking part in intra-group transactions and accounts outstanding over a certain amount were obliged to file an ―intra-group transaction‖ form together with the tax return.
The Norwegian thin capitalisation rules apply in principle to all related companies. There are no statutory rules except for petroleum companies. There are no safe harbour rules on the debt/equity ratio for Norwegian entities except for the said petroleum companies, even though 20 % equity is normally considered satisfying. The ratio must be considered on a case by case basis taking into consideration the actual business activities and risks carried out by the company. The benchmark will be whether or not an independent lender (such as a bank) would have lent money to the Norwegian company on the same conditions.
No capital or stamp Capital or Stamp Duties duties apply, except for real estate trans- There is no capital duty or stamp duty when establishing a Norwegian company or fers share transfer duty upon the transfer of shares in a Norwegian company. There is, however, a transfer duty of 2.5% of the market value of real estate if the change in ownership is registered with the Norwegian Land Register.
VAT is 25% VAT and Payroll Duty
VAT is generally levied on the supply of goods and services at a normal rate of 25%.
All companies with a VAT taxable turnover in Norway exceeding NOK 50,000 over a period of 12 months are required to register for VAT.
Certain services are VAT exempt, e.g. supply of financial services including insur- ance services, financing and credit services, execution of payment orders, valid means of payment, financial and similar instruments and managements of securi-
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Country profile, Norway
ties funds.
In addition, the following services are VAT exempt (not exhaustive): the sale and letting out of real property, healthcare services, social services and educational services. Hotel activity is not VAT exempt.
Employers withhold Employer Obligations – Tax and Social Security Withholdings income tax on a monthly basis Employers are required to withhold income tax including social security on em- ployees‘ wages on a monthly basis and according to tax withholding cards. The amounts are transferred bimonthly to the tax authorities along with the employer's part of the social security contributions. The employer's contributions are based on the total gross salary including taxable benefits in cash or in kind. In most cases the employer‘s contributions are levied at a rate of 14.1%, but lower in certain regions.
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Danske Bank
Country profile, Norway
Source and Contacts
Sources used for this Sources country profile Norges Bank (Central Bank) www.norges-bank.no Ministry of Finance www.odin.dep.no/fin Oslo Chamber of Commerce www.chamber.no Norwegian Financial Services Association www.fnh.no Norwegian Savings Banks Association www.sparebankforeningen.no BBS (Bankenes BetalingsSentral) www.bbs.no Norways FSA (Kredittilsynet) www.kredittilsynet.no Bank ID www.bankid.no eFaktura www.efaktura.no Statistics Norway www.ssb.no
Contact Danske Bank Danske Bank Contacts for cash management services Fokus Bank contact details: www.fokusbank.no See www.danskebank.com/corporate for contact persons for all countries.
Tax information pro- Tax Contacts vided by Pricewater- houseCoopers PricewaterhouseCoopers
Morten Beck Tax Partner +47 9526 0650 [email protected] Pål Senior Associ- +47 9526 0455 [email protected] Heggernes ate
Market research pro- Country Research vided by CaRisMa Consulting This country profile was researched CaRisMa Consulting. For contact information see www.carismaconsulting.dk
Disclaimer: This publication was prepared by Danske Bank and CaRisMa Consulting solely for information purposes.
The information, calculations, estimates and judgements in the publications do not replace the customer's own judgement of ho w and whether to act in the market/area concerned. In the Bank's opinion, the information in the publications is correct and fair. The Bank does not, however, accept any responsibility for how accurate or comprehensive the publications are. Furthermore, the Bank is not liable for any loss resulting from actions taken on the basis of the publications. Further and/or updated information can be requested from the Bank.
Danske Bank A/S holds the copyright to the publications, which are intended for the customer's personal use and may not be pu blished elsewhere.
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Danske Bank