Founded 2004 | ||
The Norwegian Banks' Guarantee Fund (Norwegian: Bankenes Sikringsfond) is a Norwegian fund for deposit insurance.
It was established on 1 July 2004, because of legislation that passed the Parliament of Norway one week before. It was a merger of the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund. The latter was established on 24 May 1961, itself a merger of Sikringsfondet for sparebanker, founded 1924, and the Garantikassen for sparebanker, founded 1932. The purpose of the organization is to provide a security for people who put their money in banks, and to replace that money if the bank loses it.
There is also a Government Bank Insurance Fund, established on 15 March 1991 in a situation where the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund both struggled.
The chief executive officer is Arne Hyttnes, and the board consists of Finn Haugan (chair), Ottar Ertzeid (deputy chair), Kate Henriksen, Geir-Tore Nielsen, Gunn Wærsted, Bjørn Skogstad Aamo and Kristin Gulbrandsen. The organizational headquarters are in Oslo.