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Norway bank regulator proposes cap on consumer credit
March 28, 2017 / 10:36 AM / 9 months ago

Norway bank regulator proposes cap on consumer credit

OSLO, March 28 (Reuters) - Norway’s Financial Supervisory Authority (FSA) proposed regulations on Tuesday to limit the amount of credit card debt and other high-interest loans that banks can grant to individuals, the regulator said in a statement.

** These forms of consumer debt grew by 15 percent in 2016

** The rules compliment recent changes in regulations intended to limit the rise of Norwegian mortgage debt

** The FSA proposal would cap overall loans, including consumer loans and mortgage debt, at five times the gross annual income of the borrower

** The guidelines will apply to Norwegian banks as well as to units of foreign banks operating in Norway

** The proposal will now be sent for a round of consultations, with an April 19 deadline, the FSA added (Reporting by Terje Solsvik, editing by Camilla Knudsen)

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