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Norges Bank Norway Norges Bank Norway Active This profile is actively maintained Send feedback on this profile Created before Nov 2016 Last update: Mar 23 2021 About Norges Bank Norges Bank, established in 1816, is the central bank of Norway. The bank does not offer any banking services to the general public. Its mandate is to promote economic stability in Norway. Norges Bank has executive and advisory responsibilities in the area of monetary policy and is responsible for promoting robust and efficient payment systems and financial markets. Norges Bank, via its subsidiary Norges Bank Investment Management, manages Norway's foreign exchange reserves and the Government Pension Fund Global, also known as the Oil Fund, which was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. This is the largest sovereign wealth fund in the world. Website http://www.norges-bank.no Headquarters Bankplassen 2 0151 Oslo Norway CEO/chair Øystein Olsen Chairman Supervisor Annual report Annual report 2020 Ownership Norges Bank is owned by the Norwegian state. Complaints and grievances Sustainability Voluntary initiatives Norges Bank has committed itself to the following voluntary standards: Extractive Industries Transparency Initiative Principles for Responsible Investment (PRI) United Nations Global Compact Investment policies Norges Bank Investment Management's webpage on corporate social responsibility can be accessed here. Exclusion of companies Elco, Ashtrom Group, Electra and Oil & Natural Gas Corp. Exclusion due to unacceptable risk that the companies contribute to systematic violations of individuals’ rights in situations of war or conflict Sep 2 2021 | Norges Bank Investment Management Observation and exclusion of companies Mar 3 2021 | Norges Bank Investment Management Climate change - expectations of companies Apr 16 2020 | Norges Bank Investment Management Human rights policy Date listed represents date as accessed on website Apr 16 2020 | Norges Bank Investment Management Water management - expectations of companies Mar 31 2020 | Norges Bank Investment Management Children's rights - expectations of companies Jan 29 2020 | Norges Bank Investment Management Tax transparancy - expectations of companies Jan 29 2020 | Norges Bank Investment Management Anti-corruption - expectations of companies Jan 29 2020 | Norges Bank Investment Management Ocean sustainability - expectations of companies Jan 29 2020 | Norges Bank Investment Management Divestments policy Jan 3 2019 | Norges Bank Investment Management Guidelines for observation and exclusion of companies (ethical guidelines from the Norwegian Ministry of Finance) Feb 10 2017 | Norges Bank Good moves 2021 Norges Bank has decided to exclude four companies from the Government Pension Fund Global Related Dodgy Deals Norges Bank has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal. Projects There are no projects active for Norges Bank now. Israeli illegal settlements Israel on record Construction Companies Sime Darby Malaysia active Agriculture for Palm Oil Marfrig Brazil active Beef Industry | Commodities Trading RWE Germany on record Biomass Electric Power Generation | Coal Electric Power Generation | Coal Mining | Commodities Trading | Nuclear Electric Power Generation | Solar Electric Power Generation | Wind Electric Power Generation Eletrobras Brazil on record Biomass Electric Power Generation | Coal Electric Power Generation | Electric Power Distribution | Hydroelectric Power Generation | Nuclear Electric Power Generation | Solar Electric Power Generation | Wind Electric Power Generation Orano France on record Mining | Nuclear Electric Power Generation BHP Billiton Australia on record Coal Mining | Mining | Oil and Gas Extraction Coal of Africa Australia on record Coal Mining.
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  • Strategy 2022 Strategy 2022 Laid Down by the Executive Board
    STRATEGY 2022 STRATEGY 2022 LAID DOWN BY THE EXECUTIVE BOARD One Bank The strategy for the period to 2022 marks a new contribute to cost-efficient solutions and under- chapter in Norges Bank’s more than 200-year- line the Bank as a single organisation. At the long history. The Storting (Norwegian parliament) same time, the two operational areas will retain has passed a new central bank act, thereby their distinctive professional characteristics and establishing the framework for the Bank’s tasks responsibility for performance. and activities ahead. In following up these changes, it is now natural The main features of Norges Bank’s activities are for the Executive Board to present a compre- retained in the new act. While our mission hensive strategy for the whole of Norges Bank remains the same, the Bank’s independence has that provides guidance for the organisation over been more clearly defined. Our responsibility as the next three years. In addition, the Executive manager of the Government Pension Fund Global Board has approved a strategy for management (GPFG) is now enshrined in law. At the same time, of the GPFG, in accordance with the Bank’s the governance structure of Norges Bank has mandate. been changed as the Storting has established by statute an expert committee for monetary policy As a nation, we increasingly depend on the world and financial stability. The Executive Board will around us. The global backdrop is characterised continue to be responsible for overall governance by turbulence and uncertainty associated with of the Bank, tasks within the payment system, trade barriers, the risk of a global downturn and and management of the GPFG and the Bank’s geopolitical instability.
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    ON INSTITUTIONs – FUNDAMENTALS of CONFIDENCE AND TRUST A COLLECTION of ARTICLES BASED ON PRESENTATIONS AT A SEMINAR ARRANGED BY NoRGES BANK AND THE NoRWEGIAN ACADEMY of SCIENCE AND LETTERS ON 12 NoVEMBER 2013 NoRGES BANKS SKRIFTSERIE OCCASIONAL PAPERS NO. 47 Norges Banks skriftserie / Occasional Papers can be ordered by e-mail: [email protected] or from Norges Bank, Subscription Service P.O.Box 1179 Sentrum N-0107 Oslo ©Norges Bank 2013 The text may be quoted or referred to, provided that due acknowledgement is given to the authors and Norges Bank. Views and conclusions expressed in this paper are the responsibility of the authors alone. Previously issued in this series: (Prior to 2002 this series also included doctoral dissertations written by staff members of Norges Bank. These works are now published in a separate series: ”Doctoral Dissertations in Economics”.) Nr. 1 Leif Eide: Det norske penge- og kredittsystem, Oslo 1973, No. 25 Ingunn M. Lønning: Controlling Inflation by use of the utgått, erstattet med nr. 23 Interest Rate: The Critical Roles of Fiscal Policy and No. 1 Leif Eide: The Norwegian Monetary and Credit System, Government Debt, Oslo 1997 (Doct.d.) Oslo 1973, replaced by No. 23/24 No. 26 ØMU og pengepolitikken i Norden, Oslo 1998 Nr. 2 En vurdering av renteutviklingen og rentestruk turen i No. 27 Tom Bernhardsen: Interest Rate Differentials, Capital Norge, Oslo 1974 Mobility and Devaluation Expectations: Evidence from No. 3 Arne Jon Isachsen: The Demand for Money in Norway, European Countries, Oslo 1998 (Doct.d.) Oslo 1976 No. 28 Sentralbanken i forandringens tegn.
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  • Innhold • Karl Johan • Nei, TUBFRIM Er Ikke Nedlagt • 3
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  • The Petroleum Fund Mechanism and Norges Bank's Foreign Exchange Purchases for the GPFG
    No. 14 | 2012 Economic commentaries Market Operations and Analysis The petroleum fund mechanism and Norges Bank’s foreign exchange purchases for the GPFG Ellen Aamodt* *The views expressed in this article are the views of the author and do not necessarily reflect the views of Norges Bank The petroleum fund mechanism and Norges Bank's foreign exchange purchases for the GPFG Ellen Aamodt, Market Operations and Analysis, Norges Bank Markets and Banking Services. The Norwegian government receives substantial revenues from the petroleum sector. These revenues are in both foreign currency and Norwegian kroner. Some of the oil revenues are absorbed in the Norwegian economy by being used to finance the non­oil budget deficit. The remainder is transferred to the Government Pension Fund Global (GPFG). Because the GPFG is invested in its entirety in foreign currency, the government's NOK revenues for the GPFG must be exchanged for foreign currency. Norges Bank performs the task of purchasing foreign exchange for the GPFG for the Ministry of Finance. This commentary describes how the government's revenues from the petroleum sector are channelled to the GPFG, how portions of these revenues are phased into the Norwegian economy and how Norges Bank calculates the foreign exchange purchases for the GPFG. The commentary also shows the relationship between the petroleum fund mechanism and the NOK exchange rate, and the level of reserves in the Norwegian banking system. What is the petroleum fund mechanism? The Government Pension Fund Global (GPFG) was established in 1990, then under the name “Government Petroleum Fund”. The first transfer to the fund took place in 1996, and as at February 2012, the fund had increased in size to over NOK 3.4 trillion.
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  • STATE-OWNED ENTERPRISES in BRAZIL: HISTORY and LESSONS by Aldo Musacchio and Sergio G
    Workshop on State-Owned Enterprises in the Development Process Paris, 4 April 2014 OECD Conference Centre, Room 4 STATE-OWNED ENTERPRISES IN BRAZIL: HISTORY AND LESSONS by Aldo Musacchio and Sergio G. Lazzarini This paper serves as background material for the Workshop on SOEs in the Development Process taking place in Paris on 4 April 2014. It was prepared by Aldo Musacchio and Sergio G. Lazzarini working as consultants for the OECD Secretariat. The opinions and views expressed and arguments employed herein are those of the author and do not necessarily reflect or represent the official views of the OECD or of the governments of its member countries. STATE-OWNED ENTERPRISES IN BRAZIL: HISTORY AND LESSONS Aldo Musacchio Harvard Business School and NBER Sergio G. Lazzarini Insper Prepared for The Working Party on State-Ownership and Privatisation Practices OECD (Revised version, February 28, 2014) INTRODUCTION Despite decades of liberalization and privatization in many countries, state ownership and state-led business activity remains widespread (Christiansen, 2011). Governments still often use state-owned enterprises (SOEs) to promote local development and invest in sectors in which private investment is scant. Many SOEs endured over the years and turned into large corporations partnering with market investors and competing on a global scale against private multinationals. The forms of ownership and control governments use in the set of surviving SOEs is, however, poorly understood. Beyond the traditional wholly-owned SOEs, governments also intervene to support specific industries by propping up privately held enterprises (i.e., “national champions”). These private firms receive government support in the form of minority equity investments, direct subsidized loans from development banks, and equity and debt purchases by sovereign wealth funds.
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  • U.S. Companies That Are Combating the Impacts of Covid-19 in Brazil 2 U.S
    U.S. COMPANIES THAT ARE COMBATING THE IMPACTS OF COVID-19 IN BRAZIL 2 U.S. Companies Combating the Impacts of COVID-19 in Brazil U.S. COMPANIES AND INITIATIVES combating the impacts of the pandemic in Brazil The COVID-19 crisis has mobilized the whole world, and many U.S. companies are engaged in initiatives to help com- bat the impacts of the pandemic globally. Some of them are present in Brazil and have partnered with local governments and organizations to implement campaigns and make dona- tions in money, services and equipment. The aim is to help enhance the Brazilian healthcare system capacity and sup- port the most vulnerable population to cope with their chal- lenges in following measures of social distancing, hygiene and protection, as well as economic insecurity. Here are some of these initiatives, compiled by the U.S. Mission in Brazil in partnership with the American Chamber (Amcham) and the NGO +Unidos: The information in this Fact Sheet was received directly from the companies featured, or from public sources. 3M ACCENTURE The company donated 1 million N95 masks The company is donating a total of R$ 13.7 million to hospitals, policemen, firemen and the Red to Brazil. It created 6 digital platforms for social Cross, and also respirators to more than 20 wellbeing for free, and gave R$ 1 million to an hospitals in vulnerable communities, in a total NGO that trains refugees, micro-entrepreneurs of US$ 186,265. It is also donating raw materials and youth apprenticeship. It created an app that to other firms who are producing alcohol gels, helped the NGO Gerando Falcões disburse R$ 8 providing meals to truck drivers and channeling million to over 130,000 people across 70 favelas.
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  • The Krone and the Interest Rate
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  • Consolidated 1Q21 Highlights Operating Highlights Financial
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  • International Corporate Bonds Brazil: May, 2019
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  • Essays on the Microstructure of Stock Markets : Empirical Evidence From
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