September 10, 2019 / 9:38 AM / 3 months ago

Norway FSA recommends tightening of mortgage lending rules

OSLO (Reuters) - Banks in Norway should tighten mortgage lending to households, the financial supervisory authority recommended on Tuesday.

The regulator proposed to the finance ministry that bank customers should only be allowed to borrow up to 4.5 times a household’s gross annual income, instead of 5 times previously, and that banks should only deviate from rules in 5% of cases.

The Nordic country has one of the highest rates of household debt in developed countries, according to the Organization for Economic Cooperation and Development.

Reporting by Gwladys Fouche, editing by Terje Solsvik

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