December 19, 2016 / 9:51 AM / a year ago

Nordic countries to cooperate on cross-border banking regulation

OSLO, 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 (Reporting by Camilla Knudsen)

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