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UPDATE 1-Nordic countries to cooperate on cross-border banking regulation
December 19, 2016 / 1:11 PM / 9 months ago

UPDATE 1-Nordic countries to cooperate on cross-border banking regulation

(Adds Swedish regulator’s comment)

OSLO/STOCKHOLM, Dec 19 (Reuters) -

* Norway, Finland, Denmark and Sweden have signed a Memorandum of Understanding (MoU) to facilitate cooperation on cross-border banking groups containing one or more significant branches, Norway’s Ministry of Finance said in a statement on Monday

* “The MoU establishes the principle of full reciprocity for macro-prudential measures. This will contribute to a level playing field in the Nordic financial market,” Norway’s Minister of Finance Siv Jensen said

* “It is a common objective to contribute to a level playing field in the Nordic market and ensure effective and efficient supervision of significant branches located within the signatory countries”, the Ministry said

* The MoU will not affect capital requirements, a spokeswoman for the Swedish financial watchdog said

* “It will not affect banks’ capital requirements,” said Victoria Ericsson at Sweden’s Financial Supervisory Authority (Reporting by Camilla Knudsen and Daniel Dickson, editing by Terje Solsvik)

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