{"id":678,"date":"2026-08-17T14:21:25","date_gmt":"2026-08-17T14:21:25","guid":{"rendered":"https:\/\/baarda.ch\/?page_id=678"},"modified":"2026-09-29T08:59:05","modified_gmt":"2026-09-29T08:59:05","slug":"could-you-name-the-3-banking-ways-richard-werner-mentions","status":"publish","type":"page","link":"https:\/\/baarda.ch\/?page_id=678","title":{"rendered":"Norwegian banking"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">-to the world: Banking is a godly business. Also the Norwegian banking business. Here is a page about it. Reint J. Baarda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kj\u00e6re folk. Denne artikkelen dekker noe av min forskning p\u00e5 KI, Google Gemini, om hvordan nordmenn driver med banktjenester. Det ser ut til at kravet om 1 % reservekrav fra Den europeiske sentralbanken (ECB) ikke er aktivt, og at det dermed bare er Basel III-avtalene som gjelder. Og en siste ting, jeg tror heller at p\u00e5 en m\u00e5te foreg\u00e5r alle de tre bankmetodene Richard Werner beskriver samtidig, b\u00e5de i den p\u00e5 mange m\u00e5ter lignende eurosonen og i USA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Just gem, i want to know. When there is a transaction of norwegian kroner from one norwegian bank to another. does it work the same as in the eurozone that it then costs a bank &#8218;God tier&#8216; money at the national bank?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Google Gemini: Yes, it operates under the exact same fundamental mechanism of <strong>two-tier money<\/strong> and <strong>central bank settlement<\/strong>, even though Norway is outside the Eurozone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When a transaction occurs between two Norwegian banks in Norwegian kroner (NOK), the receiving bank does not settle the transaction using commercial bank deposits (&#171;bank money&#187;). Instead, the payment requires <strong>central bank reserves<\/strong>\u2014the ultimate &#171;God-tier&#187; money issued directly by Norges Bank.<sup><\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Balance Sheet Mechanics<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When Customer A at DNB sends 1,000 NOK to Customer B at SpareBank 1, the transfer manifests across balance sheets as follows:<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;DNB]\nAssets:                              Liabilities:\n- 1,000 NOK Central Bank Reserves    - 1,000 NOK Customer A Deposit\n\n&#91;SpareBank 1]\nAssets:                              Liabilities:\n+ 1,000 NOK Central Bank Reserves    + 1,000 NOK Customer B Deposit\n\n&#91;Norges Bank (Central Bank)]\nAssets:                              Liabilities:\n  (No change)                          - 1,000 NOK (DNB Reserve Account)\n                                       + 1,000 NOK (SpareBank 1 Reserve Account)\n<\/code><\/pre>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Commercial Level:<\/strong> DNB destroys (debits) 1,000 NOK of customer deposit liabilities, and SpareBank 1 creates (credits) 1,000 NOK of customer deposit liabilities.<\/li>\n\n\n\n<li><strong>Central Bank Level:<\/strong> DNB must transfer 1,000 NOK of its reserve balance at Norges Bank to SpareBank 1&#8217;s reserve balance.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">2. Infrastructure: NBO vs. T2<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>In the Eurozone:<\/strong> Interbank reserve transfers settle through <strong>T2<\/strong> (formerly TARGET2), managed by the Eurosystem using central bank euros.<\/li>\n\n\n\n<li><strong>In Norway:<\/strong> Interbank reserve transfers settle through <strong>NBO<\/strong> (<em>Norges Banks oppgj\u00f8rssystem<\/em>), managed directly by Norges Bank using central bank kroner.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Just like Eurosystem banks, Norwegian banks hold accounts directly at the central bank. High-value or netted retail payments are settled in real-time gross settlement (RTGS) or batch netting cycles over subaccounts (LOM accounts) at Norges Bank.<sup><\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Tiering and Intraday Liquidity<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The structural constraints faced by banks remain identical:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Liquidity Cost:<\/strong> A paying bank must either possess sufficient central bank reserves in its account or borrow them.<\/li>\n\n\n\n<li><strong>Intraday Credit:<\/strong> If a bank lacks immediate reserves, Norges Bank provides intraday borrowing facilities against eligible collateral (bonds\/securities) to ensure liquidity flow.<\/li>\n\n\n\n<li><strong>Direct vs. Indirect Participants:<\/strong> Smaller local banks (like small <em>Sparebanker<\/em>) do not settle directly in NBO. Instead, they use a larger correspondent bank (e.g., DNB or Eika Gruppen) to clear and settle their central bank reserves on their behalf\u2014the exact same correspondent structure found across European banking.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>When a Norwegian bank makes a loan, does it then create the money, and when a customer pays with that with someone or a shop at a different bank it then costs the bank part of their god tier money?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yes, exactly.<\/strong> Your understanding of the mechanics is spot on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This process illustrates the fundamental duality of modern banking: money creation happens locally on commercial bank balance sheets via lending, but settlement between competing banks requires central bank money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here is the exact step-by-step breakdown of how this plays out across balance sheets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Step 1: Making the Loan (Money Creation)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When a commercial bank (e.g., <strong>DNB<\/strong>) approves a 1,000,000 NOK loan for Customer A, DNB does not pull existing funds from a vault or transfer another customer\u2019s savings. Instead, DNB expands both sides of its balance sheet simultaneously:<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;DNB]\nAssets:                              Liabilities:\n+ 1,000,000 NOK Loan (Asset)          + 1,000,000 NOK Customer A Deposit\n<\/code><\/pre>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Commercial Level:<\/strong> DNB creates 1,000,000 NOK of brand-new &#171;bank money&#187; (commercial deposit liability).<\/li>\n\n\n\n<li><strong>Central Bank Level:<\/strong> At this precise instant, <strong>zero &#171;God-tier&#187; money<\/strong> (Norges Bank central bank reserves) has moved or been created. The money creation is strictly an expanded commercial balance sheet.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Step 2: Spending the Money at Another Bank<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Customer A now uses that 1,000,000 NOK loan to buy a car or house from Seller B, who holds an account at <strong>SpareBank 1<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because SpareBank 1 will not accept DNB&#8217;s IOUs (commercial deposit liabilities) as ultimate payment, the transfer must be settled at Norges Bank using central bank reserves (<em>Norges Banks oppgj\u00f8rssystem<\/em>, NBO).<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;DNB]\nAssets:                              Liabilities:\n- 1,000,000 NOK Norges Bank Reserves  - 1,000,000 NOK Customer A Deposit\n\n&#91;SpareBank 1]\nAssets:                              Liabilities:\n+ 1,000,000 NOK Norges Bank Reserves  + 1,000,000 NOK Customer B Deposit\n\n&#91;Norges Bank (Central Bank)]\nAssets:                              Liabilities:\n  (No change)                          - 1,000,000 NOK DNB Reserve Account\n                                       + 1,000,000 NOK SpareBank 1 Reserve Account\n<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">When Customer A initiates the transfer:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>DNB destroys<\/strong> 1,000,000 NOK of Customer A&#8217;s deposit liability on its books.<\/li>\n\n\n\n<li><strong>DNB loses<\/strong> 1,000,000 NOK of its &#171;God-tier&#187; central bank reserves at Norges Bank.<\/li>\n\n\n\n<li><strong>SpareBank 1 gains<\/strong> 1,000,000 NOK of central bank reserves at Norges Bank.<\/li>\n\n\n\n<li><strong>SpareBank 1 creates<\/strong> 1,000,000 NOK of new deposit liability for Customer B.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">The Key Takeaways<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Unconstrained Creation vs. Settlement Constraint:<\/strong> A bank can technically create deposit liabilities (loans) with the stroke of a key, but its limit is dictated by its ability to settle outgoing payments in <strong>central bank reserves<\/strong>.<\/li>\n\n\n\n<li><strong>Interbank Clearing &amp; Netting:<\/strong> In practice, DNB does not transfer reserves for every single retail transaction individually throughout the day. Interbank transactions are netted against incoming flows from other banks (e.g., SpareBank 1 customers paying DNB customers). Only the <strong>net imbalance<\/strong> at the end of a settlement cycle costs the bank its &#171;God-tier&#187; reserves.<\/li>\n\n\n\n<li><strong>Borrowing Reserves:<\/strong> If DNB ends the day with a deficit in central bank reserves due to heavy outgoing loans\/transfers, it must borrow reserves overnight from other banks on the interbank market (NOWA rate) or post collateral at Norges Bank to access intraday or overnight liquidity facilities.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Norske forretningsbanker f\u00e5r ikke direkte \u00abkontantst\u00f8tte\u00bb i form av gratis sentralbankreserver (\u00abGod-tier\u00bb-penger). Likevel tilbyr Norges Bank jevnlig <strong>likviditetsordninger, strukturelle subsidier og implisitte garantier<\/strong> som reduserer kostnadene bankene har ved \u00e5 skaffe og holde p\u00e5 disse reservene.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sentralbanken oppn\u00e5r dette i hovedsak gjennom tre mekanismer:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Gratis intradag-reserver (Intradag D-l\u00e5n)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Gjennom arbeidsdagen trenger bankene enorme mengder sentralbankreserver for \u00e5 oppgj\u00f8re betalinger i sanntid (som straksoppgj\u00f8r, kortkj\u00f8p og interbankoppgj\u00f8r).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ordningen:<\/strong> Norges Bank tilbyr <strong>intradag D-l\u00e5n<\/strong>.<\/li>\n\n\n\n<li><strong>\u00abSubsidien\u00bb:<\/strong> Bankene kan l\u00e5ne nesten ubegrensede mengder sentralbankreserver i l\u00f8pet av dagen til <strong>0 % rente<\/strong>.<\/li>\n\n\n\n<li><strong>Betingelsen:<\/strong> L\u00e5nene m\u00e5 ha sikkerhet (pant) i godkjente papirer (som obligasjoner med fortrinnsrett eller statspapirer) og m\u00e5 tilbakebetales f\u00f8r oppgj\u00f8rsdagen er omme.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Dette rentefrie intradagl\u00e5net fungerer som en operasjonell subsidie som holder betalingssystemet flytende uten \u00e5 belaste bankene med l\u00e5nekostnader mens oppgj\u00f8rene p\u00e5g\u00e5r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Ekstraordin\u00e6r likviditet og terminl\u00e5n (F-l\u00e5n)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e5r den strukturelle likviditeten i bank-systemet faller (for eksempel n\u00e5r skatteinnbetalinger trekker reserver ut av bankene og inn p\u00e5 statens konto i Norges Bank), griper Norges Bank inn og tilf\u00f8rer nye reserver via <strong>F-l\u00e5n<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ordin\u00e6re operasjoner:<\/strong> Norges Bank auksjonerer ut tidsavgrensede reserver (F-l\u00e5n) mot sikkerhet, til en rente som ligger n\u00e6r styringsrenten.<\/li>\n\n\n\n<li><strong>Kriseh\u00e5ndtering og gunstige betingelser:<\/strong> Under kriser (som finanskrisen i 2008 eller pandemien i 2020) utvider Norges Bank listen over godkjent pant, forlenger l\u00f8petidene og senker l\u00e5nemarginene. Dette gj\u00f8r at bankene f\u00e5r tilgang p\u00e5 \u00abGod-tier\u00bb-penger langt billigere enn det det private markedet ville krevd i en krisesituasjon.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Kvotesystemet (Rente p\u00e5 reserver)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I motsetning til sentralbanker som bruker et rent \u00abgulvsystem\u00bb (hvor det betales full styringsrente p\u00e5 alle reserver), begrenser Norges Bank hvor mye reserver hver enkelt bank f\u00e5r full rente p\u00e5. Dette gj\u00f8res for \u00e5 forhindre at bankene bare sitter p\u00e5 likviditeten.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hver bank blir tildelt en <strong>reservekvote<\/strong> basert p\u00e5 bankens st\u00f8rrelse og rolle i oppgj\u00f8rssystemet (<em>NBO<\/em>).<\/li>\n\n\n\n<li>Reserver <strong>innenfor kvoten<\/strong> forrentes til styringsrente.<\/li>\n\n\n\n<li>Reserver <strong>utover kvoten<\/strong> f\u00e5r en lavere reserve-rente (d\u00f8gnl\u00e5nsrente).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Dette systemet gj\u00f8r at banker med overskuddslikviditet heller l\u00e5ner ut reserver natten over til banker med underskudd (via interbankmarkedet til NOWA-rente), i stedet for \u00e5 la dem st\u00e5 uvirksomme hos Norges Bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Implisitte statlige garantier (\u00abToo Big to Fail\u00bb)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Den st\u00f8rste \u00f8konomiske subsidien for systemviktige banker (som DNB) er ikke en direkte overf\u00f8ring fra sentralbanken, men <strong>den implisitte statlige garantien<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fordi private l\u00e5ngivere og markedet vet at Norges Bank og Finansdepartementet vil tr\u00e5 til med n\u00f8dlikviditet for \u00e5 hindre at en systemviktig bank bryter sammen, kan disse bankene l\u00e5ne penger i det private markedet til lavere rente enn det deres frittst\u00e5ende kredittrisiko tilsier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And Gem, banks are not able to create God tier money?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>No, commercial banks cannot create &#171;God-tier&#187; money (central bank reserves).<\/strong> Only Norges Bank has the legal and technical authority to issue, create, or destroy central bank money in Norwegian kroner.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commercial banks and central banks operate at entirely different levels of the monetary hierarchy:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Monetary Hierarchy<\/h3>\n\n\n\n<pre class=\"wp-block-code\"><code>   \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\n   \u2502        Norges Bank (Central Bank)       \u2502\n   \u2502   Creates \"God-Tier\" Money (Reserves)   \u2502  \u25c4\u2500\u2500 Monopoly on Creation\n   \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u252c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\n                        \u2502\n                        \u25bc\n   \u250c\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2510\n   \u2502       Commercial Banks (e.g. DNB)       \u2502\n   \u2502     Create Commercial \"Bank Money\"      \u2502  \u25c4\u2500\u2500 Created via Lending\n   \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\n<\/code><\/pre>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Top Tier (Central Bank Money):<\/strong> Reserves held in accounts at Norges Bank (and physical cash notes\/coins). This is the ultimate settlement asset. Commercial banks cannot produce this money out of thin air.<\/li>\n\n\n\n<li><strong>Bottom Tier (Commercial Bank Money):<\/strong> Deposit accounts, digital bank balances, and loans. This is what commercial banks create when they issue a loan.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Why Banks Can&#8217;t Create Reserves<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When a bank creates a 1,000,000 NOK loan, it creates an <strong>IOU payable in central bank money<\/strong>. It does not create the central bank money itself.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If a commercial bank attempts to write code or enter a digital balance into its own account at Norges Bank, it would be committing fraud. Norges Bank alone maintains the ledger for bank reserve accounts (<em>NBO<\/em>).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To acquire more &#171;God-tier&#187; money, a commercial bank has only four options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Earn it:<\/strong> Receive transfers from other banks (e.g., when a customer from SpareBank 1 transfers money to a DNB customer).<\/li>\n\n\n\n<li><strong>Borrow it from another bank:<\/strong> Borrow excess reserves on the interbank market (at the NOWA rate).<\/li>\n\n\n\n<li><strong>Borrow it from Norges Bank:<\/strong> Post eligible collateral (like government bonds) to receive an F-loan or intraday D-loan.<\/li>\n\n\n\n<li><strong>Sell assets to Norges Bank:<\/strong> Sell government bonds or other qualifying securities directly to Norges Bank in exchange for reserve balances.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Summary<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Commercial banks can expand the supply of <strong>commercial bank money<\/strong> (deposits) by making loans, but every commercial bank payment to another bank ultimately requires <strong>central bank money<\/strong> (reserves) to settle. Because commercial banks cannot create reserves, their ability to create loan-money is bounded by their access to central bank liquidity and regulatory capital requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So Gem, let me know, so you say it is just the money creation theory going on in norway and the eurozone, but like when a bank has savings from one customer they have more god tier money available to create loans, so in a way the financial intermediary theory is also going on<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The financial intermediary model accurately describes <strong>individual balance sheet constraints<\/strong>, while the credit creation theory describes <strong>systemic money creation<\/strong>. You are spot-on that a single commercial bank cannot create loans out of thin air without consequences\u2014it relies on high-powered &#171;god tier&#187; central bank money (reserves) and customer deposits to settle outgoing payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here is how both mechanisms operate simultaneously in practice:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. The Individual Level: Intermediary Constraints<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When a single bank (e.g., ABN AMRO or DNB) issues a loan, it creates a new deposit in the borrower&#8217;s account. However, borrowers rarely keep their loan proceeds sitting in that bank\u2014they transfer the funds to pay for real estate, business expenses, or goods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When those funds leave the bank:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interbank Settlement:<\/strong> The lending bank must transfer an equal amount of <strong>central bank reserves<\/strong> (the &#171;god tier&#187; money) to the receiving bank via the real-time gross settlement system (such as TARGET2 in the Eurosystem or NBO in Norway).<\/li>\n\n\n\n<li><strong>The Reserve Bottleneck:<\/strong> If a bank does not hold sufficient central bank reserves or incoming customer deposits to cover these outgoing transfers, it must borrow reserves on the interbank market (paying the prevailing interbank rate, like ESTER or NIBOR) or pull in retail savings.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In this sense, customer deposits provide a lower-cost, stable source of liquidity to back up interbank clearing. An individual bank <em>is<\/em> constrained like an intermediary because it needs reserve capacity to settle net outflows.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. The Systemic Level: Collective Credit Creation<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While a single bank must worry about liquidity clearing, the commercial banking system <strong>as a aggregate whole<\/strong> operates via credit creation.<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91; Bank A Creates Loan ] \u2500\u2500&gt; &#91; Funds Transferred ] \u2500\u2500&gt; &#91; Bank B Receives Deposit ]\n         \u2502                                                      \u2502\n         \u2514\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 Systemic Reserves Remain \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2518\n                        Inside the Central Bank\n<\/code><\/pre>\n\n\n\n<ul class=\"wp-block-list\">\n<li>When Bank A transfers central bank reserves to Bank B during settlement, <strong>no reserves leave the banking system<\/strong>. The reserves simply move from Bank A&#8217;s account at the central bank to Bank B&#8217;s account at the central bank.<\/li>\n\n\n\n<li>Bank B now holds excess reserves and new customer deposits, expanding its capacity to issue loans.<\/li>\n\n\n\n<li>Central banks operate an <strong>elastic supply of reserves<\/strong>: through open market operations and standing facilities, central banks provide whatever liquidity is necessary to ensure the payments system functions and short-term interest rate targets are maintained.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">How the Theories Synthesize<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Perspective<\/th><th>Core Focus<\/th><th>Mechanism<\/th><\/tr><\/thead><tbody><tr><td><strong>Financial Intermediary Model<\/strong><\/td><td>Individual Bank Risk &amp; Liquidity<\/td><td>Focuses on how an individual bank must attract deposits and reserve assets to satisfy daily interbank settlement and regulatory ratios (Basel III LCR\/NSFR).<\/td><\/tr><tr><td><strong>Credit Creation Model<\/strong><\/td><td>Aggregate Money Supply<\/td><td>Focuses on how commercial bank lending generates new purchasing power (broad money M2\/M3) prior to securing reserve backstops from the central bank.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than mutually exclusive laws, they represent two vantage points of the same engine: <strong>banks create new bank money (deposits) through credit generation, but rely on central bank money (reserves) and customer savings to manage the liquidity transfers that follow.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">About those 3 money theories of richard werner, would you say they are all three going on at the same time in Norway, please answer in norwegian<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nei, i henhold til Richard Werners egen definisjon og empiriske forskning foreg\u00e5r de <strong>ikke<\/strong> samtidig.<sup><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I sin kjente forskningsartikkel fra 2014 (<em>\u00abCan banks individually create money out of nothing?\u00bb<\/em>) argumenterer Werner for at disse tre teoriene er <strong>gjensidig utelukkende beskrivelser<\/strong> av hvordan bankutl\u00e5n fungerer.<sup><\/sup> Hans konklusjon \u2014 som st\u00f8ttes av b\u00e5de Norges Bank og andre sentralbanker \u2014 er at <strong>kredittskapelsesteorien (<em>Credit Creation Theory<\/em>) er den eneste som faktisk er mekanisk og regnskapsmessig korrekte i praksis.<sup><\/sup><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hvorfor foreg\u00e5r de ikke samtidig i Norge?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Werner skiller mellom teorienes regnskapsmessige mekanismer. Ser vi p\u00e5 hvordan norske banker fungerer i dag, ser bildet slik ut:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Finansiell intermediasjon (Intermediation Theory) \u2013 <em>FEIL<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Teorien p\u00e5st\u00e5r:<\/strong> Banken samler inn innskudd fra sparere f\u00f8rst, for deretter \u00e5 l\u00e5ne ut de samme pengene til l\u00e5ntakere.<\/li>\n\n\n\n<li><strong>I Norge i dag:<\/strong> Dette skjer <strong>ikke<\/strong> n\u00e5r en norsk bank innvilger et l\u00e5n. Banken krever ikke at noen andre har satt inn penger p\u00e5 en konto f\u00f8rst for at du skal f\u00e5 boligl\u00e5n.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Br\u00f8kreserveteorien \/ Pengemultiplikatoren (Fractional Reserve Theory) \u2013 <em>FEIL<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Teorien p\u00e5st\u00e5r:<\/strong> \u00c9n enkeltbank kan ikke skape penger alene, men banksystemet kollektivt skaper penger ved at reserver sirkulerer og multipliseres opp basert p\u00e5 et reservekrav.<\/li>\n\n\n\n<li><strong>I Norge i day:<\/strong> Norges Bank har <strong>ikke noe formelt reservekrav<\/strong> for forretningsbanker (minstereservekravet er satt til 0 %). Norske banker er alts\u00e5 ikke begrenset av en multiplikator fra sentralbankens reserver n\u00e5r de beslutter \u00e5 l\u00e5ne ut penger.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Kredittskapelsesteorien (Credit Creation Theory) \u2013 <em>RIKTIG<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Teorien p\u00e5st\u00e5r:<\/strong> Hver enkelt bank skaper nye penger (\u00abfra intet\u00bb) i det \u00f8yeblikket den godkjenner et l\u00e5n og krediterer l\u00e5ntakerens konto.<\/li>\n\n\n\n<li><strong>I Norge i dag:<\/strong> Dette er den faktiske mekanismen. N\u00e5r DNB eller SpareBank 1 gir deg l\u00e5n, \u00f8ker de sine eiendeler (fordring p\u00e5 deg) og sine forpliktelser (innskudd p\u00e5 din konto) samtidig. Nye kontanter\/innskudd (M2) oppst\u00e5r i \u00f8konomien.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Nyansen: Hva skjer i praksis etter at l\u00e5net er skapt?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Grunnen til at noen opplever at alle tre teoriene virker \u00abaktive\u00bb, er at man blander sammen <strong>\u00f8yeblikket pengene skapes<\/strong> med <strong>prosessen for \u00e5 finansiere banken i etterkant<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Kredittskapelsen (Selve l\u00e5neprosessen):<\/strong> Her gjelder udelukkende <em>Kredittskapelsesteorien<\/em>.<\/li>\n\n\n\n<li><strong>Innl\u00e5nsbehovet (Etter at pengene flyttes):<\/strong> N\u00e5r du bruker l\u00e5net og overf\u00f8rer pengene til en annen bank, m\u00e5 banken din skaffe sentralbankreserver for \u00e5 dekke oppgj\u00f8ret. For \u00e5 dekke dette m\u00e5 banken hente inn innskudd eller markedsfinansiering.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">I etterkant av kredittskapelsen <em>ser<\/em> banken derfor ut som en \u00abfinansiell intermediary\u00bb fordi den m\u00e5 konkurrere om innskudd og reserver for \u00e5 opprettholde sin likviditet.<sup><\/sup> Men selve pengene ble skapt fra intet i utgangspunktet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Her er forklaringen p\u00e5 hvordan Basel III-regelverket p\u00e5virker kredittskapelsen p\u00e5 norsk:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norske banker m\u00e5 f\u00f8lge <strong>Basel III-regelverket<\/strong> til punkt og prikke (gjennomf\u00f8rt i norsk rett via EU\/E\u00d8S-direktiver som CRD\/CRR og h\u00e5ndhevet av Finanstilsynet).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Basel III tvinger imidlertid <strong>ikke<\/strong> bankene til \u00e5 fungere som tradisjonelle mellomledd som m\u00e5 samle inn sparepenger <em>f\u00f8r<\/em> de kan gi ut l\u00e5n. I stedet fungerer Basel III som et sett med <strong>fartsgrenser og rekkverk<\/strong> for <em>hvor mye<\/em> penger en bank kan skape, og <em>hvordan<\/em> l\u00e5net m\u00e5 finansieres og sikres i etterkant.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Does it in Norway, like in the Eurosystem, work with NETTING &#8211; that the amounts banks owe eachother in God-tier cancels each other out at the end of each day. so that newly created money &#8211; a loan &#8211; cancels out newly created money<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yes, exactly.<\/strong> Just like the Eurosystem, Norway relies heavily on <strong>multilateral netting<\/strong> for retail payments, meaning newly created loan money cancels out newly created loan money across the banking system without wiping out all the banks&#8216; &#171;God-tier&#187; money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How Interbank Netting Works in Norway<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">In Norway, retail payments (card transactions, Vipps transfers, bill payments, and bank transfers) are processed through an automated clearing system managed by <strong>NICS<\/strong> (<em>Norwegian Interbank Clearing System<\/em>).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Throughout the day, millions of transactions flow back and forth between commercial banks. Rather than moving central bank reserves for every single customer payment, NICS nets these transactions across fixed settlement cycles each day.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The Balance Sheet Cancellation Effect<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Imagine a day in Norway where only two major credit-creation events occur across two different banks:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>DNB<\/strong> approves a <strong>1,000,000 NOK loan<\/strong> for Customer A, who pays <strong>1,000,000 NOK<\/strong> to Customer B at <strong>SpareBank 1<\/strong>.<\/li>\n\n\n\n<li>Simultaneously, <strong>SpareBank 1<\/strong> approves a <strong>950,000 NOK loan<\/strong> for Customer C, who pays <strong>950,000 NOK<\/strong> to Customer D at <strong>DNB<\/strong>.<\/li>\n<\/ol>\n\n\n\n<pre class=\"wp-block-code\"><code>    &#91;DNB]  \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 1,000,000 NOK (Loan Payment) \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u25ba &#91;SpareBank 1]\n    &#91;DNB]  \u25c4\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500 950,000 NOK (Loan Payment) \u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500  &#91;SpareBank 1]\n<\/code><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">At the clearing cycle, NICS calculates the <strong>net difference<\/strong>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Net&nbsp;Obligation=1,000,000&nbsp;NOK\u2212950,000&nbsp;NOK=50,000&nbsp;NOK<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The Final Settlement at Norges Bank<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Only the netted <strong>50,000 NOK<\/strong> in central bank reserves (&#171;God-tier&#187; money) actually moves over Norges Bank\u2019s settlement system (<em>NBO<\/em>):<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;DNB Ledger at Norges Bank]       &#91;SpareBank 1 Ledger at Norges Bank]\n  - 50,000 NOK Reserves               + 50,000 NOK Reserves\n<\/code><\/pre>\n\n\n\n<h3 class=\"wp-block-heading\">The Economic Takeaway<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>1,950,000 NOK of brand-new money<\/strong> was created out of thin air by commercial banks making loans.<\/li>\n\n\n\n<li><strong>1,950,000 NOK of goods\/services<\/strong> were successfully bought and sold by customers.<\/li>\n\n\n\n<li><strong>Only 50,000 NOK of central bank reserves<\/strong> actually left DNB&#8217;s account at Norges Bank.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Netting acts as a massive liquidity multiplier.<\/strong> Because all commercial banks are expanding credit and creating money at roughly the same pace across the economy, their incoming customer transfers broadly cancel out their outgoing customer transfers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As long as a bank grows its loan book at a pace similar to its competitors, it only needs a small fraction of &#171;God-tier&#187; money to settle the net residual imbalances at the central bank at the end of each clearing cycle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Are Norwegian banks required to hold a certain amount of NOK for every amount of NOK that is under their custody, or is it just BASEL 3 in Norway?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>No, Norwegian banks are not required to hold a minimum percentage of central bank reserves (&#171;God-tier&#187; money) for every kroner of customer deposits.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank does <strong>not<\/strong> employ a mandatory reserve requirement framework (unlike historical reserve requirements in the US or the 1% minimum reserve requirement set by the ECB for Eurozone commercial banks).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, bank liquidity and balance sheet expansion in Norway are strictly governed by <strong>Basel III regulations<\/strong> combined with Norges Bank\u2019s <strong>quota-based system<\/strong>.<sup><\/sup><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Reserve Requirements: Zero-Percent System<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank does not mandate that a bank hold, for example, 1 NOK of central bank reserves for every 100 NOK of customer deposits on its books.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A bank does not need reserves to <em>create<\/em> or <em>hold<\/em> customer deposits. It only needs central bank reserves to <strong>settle net outgoing payments<\/strong> to other banks at Norges Bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than forcing banks to lock up reserves, Norges Bank steers the total liquidity in the system toward a target level (around 35 billion NOK total across the entire banking system).<sup><\/sup> It manages this using:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Reserve Quotas:<\/strong> Each bank is assigned a specific quota of reserves it can park overnight at Norges Bank to earn the full policy rate. Reserves <em>above<\/em> the quota earn a lower interest rate, incentivizing banks to lend excess reserves to each other in the interbank market rather than hoarding them.<\/li>\n\n\n\n<li><strong>Market Operations (F-loans \/ F-deposits):<\/strong> Norges Bank injects or drains central bank reserves via term loans to keep short-term interbank interest rates aligned with its policy rate.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. How Basel III Constrains Norwegian Banks<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Because there is no direct central bank reserve ratio, the actual limits on how much commercial bank money a Norwegian bank can create come entirely from the <strong>Basel III framework<\/strong> (enforced by the Norwegian Financial Supervisory Authority, <em>Finanstilsynet<\/em>):<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">A. The Liquidity Buffer (LCR &amp; NSFR)<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">While banks don&#8217;t have mandatory <em>central bank reserve ratios<\/em>, Basel III requires them to maintain sufficient high-quality liquid assets:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Liquidity Coverage Ratio (LCR):<\/strong> Banks must hold enough High-Quality Liquid Assets (HQLA)\u2014which includes central bank reserves alongside government bonds and high-grade covered bonds (<em>omsettelige obligasjoner med fortrinnsrett<\/em>)\u2014to survive a 30-day severe liquidity stress scenario.<\/li>\n\n\n\n<li><strong>Net Stable Funding Ratio (NSFR):<\/strong> Ensures banks maintain a stable funding profile (such as long-term debt and customer deposits) relative to the composition of their long-term loans.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">B. Capital Adequacy Ratios (The Ultimate Constraint)<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The main structural limit on loan creation is not liquidity, but <strong>regulatory capital<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Common Equity Tier 1 (CET1):<\/strong> Norway applies strict capital requirements under Basel III, including systemically important bank (SIFI) buffers and countercyclical capital buffers. A bank must hold a specific percentage of loss-absorbing equity against its risk-weighted assets (loans).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Summary<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Metric<\/th><th>Eurozone<\/th><th>Norway<\/th><\/tr><\/thead><tbody><tr><td><strong>Mandatory Reserve Ratio<\/strong><\/td><td>1% of specific liabilities (ECB)<\/td><td><strong>0%<\/strong> (No mandatory reserve ratio)<\/td><\/tr><tr><td><strong>Reserve Management<\/strong><\/td><td>Floor system<\/td><td>Quota-based system (<em>NBO<\/em>)<\/td><\/tr><tr><td><strong>Liquidity &amp; Capital Controls<\/strong><\/td><td>Basel III (CRR \/ CRD)<\/td><td>Basel III (via <em>Finanstilsynet<\/em>)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A Norwegian bank can expand its loan book without having to deposit a proportional slice of &#171;God-tier&#187; money into Norges Bank. Its expansion is constrained by its <strong>capital buffer<\/strong> (equity vs. risk-weighted loans) and its ability to obtain enough reserves to settle <strong>net payment deficits<\/strong> when those loans are spent.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hvordan Basel III m\u00f8ter kredittskapelsesteorien<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e5r en norsk bank skaper et nytt boligl\u00e5n ut av intet, utvides balansen deres umiddelbart:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Eiendeler (Aktiva):<\/strong> $+\\text{NOK } 4\\text{ 000 000}$ (L\u00e5neavtalen \/ fordringen p\u00e5 kunden)<\/li>\n\n\n\n<li><strong>Forpliktelser (Passiva):<\/strong> $+\\text{NOK } 4\\text{ 000 000}$ (Det nye innskuddet p\u00e5 kundens konto)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">I samme sekund som denne regnskapsf\u00f8ringen skjer, sl\u00e5r tre sentrale Basel III-krav umiddelbart inn:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Kapitaldekning (CET1 og risikovektede eiendeler)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Basel III krever at ethvert nytt l\u00e5n m\u00e5 v\u00e6re dekket av en minsteprosent <strong>egenkapital<\/strong> (opptjente midler eller aksjekapital) \u2014 ikke kundeinnskudd.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Regelen:<\/strong> Banken m\u00e5 ha en viss andel ren kjernekapital (<em>Common Equity Tier 1<\/em> \/ CET1) i forhold til sine risikovektede eiendeler. I Norge, p\u00e5 grunn av norske bufferkrav og systemrisikobuffer, m\u00e5 store banker som DNB holde en CET1-dekning p\u00e5 rundt <strong>15\u201318 %<\/strong>.<\/li>\n\n\n\n<li><strong>Begrensningen:<\/strong> Hvis en bank har 10 milliarder kroner i egenkapital, setter det et absolutt tak for hvor mange nye boligl\u00e5n den kan skape. Banken trenger ikke at noen setter inn penger p\u00e5 konto f\u00f8rst, men den <em>m\u00e5<\/em> ha nok egenkapital til \u00e5 t\u00e5le et fremtidig tap dersom l\u00e5ntakeren misligholder l\u00e5net.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Likviditetsindikatoren (LCR \u2013 Liquidity Coverage Ratio)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Denne regelen handler om hva som skjer <strong>etter<\/strong> at l\u00e5net er skapt og kunden bruker pengene.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Regelen:<\/strong> Banken m\u00e5 sitte p\u00e5 nok likvide eiendeler av h\u00f8y kvalitet (som reserver i Norges Bank eller statsobligasjoner) til \u00e5 overleve en 30-dagers periode med akutt likviditetsflukt.<\/li>\n\n\n\n<li><strong>Begrensningen:<\/strong> N\u00e5r boligkj\u00f8peren overf\u00f8rer de 4 millionene til selgerens bank, m\u00e5 banken levere fra seg tilsvarende sentralbankreserver i oppgj\u00f8ret. For \u00e5 oppfylle LCR-kravet kan ikke banken bare skape ubegrenset med l\u00e5n; den m\u00e5 sikre at den har nok likviditet til \u00e5 dekke utg\u00e5ende overf\u00f8ringer.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Stabil finansieringsindikaor (NSFR \u2013 Net Stable Funding Ratio)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dette er kravet flest forveksler med \u00abat banken m\u00e5 ha innskudd f\u00f8rst\u00bb.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Regelen:<\/strong> Kravene til NSFR p\u00e5legger bankene \u00e5 ha en stabil finansieringsprofil over en ett\u00e5rig horisont. Langsiktige eiendeler (som 30-\u00e5rige boligl\u00e5n) m\u00e5 v\u00e6re dekket av \u00abstabil finansiering\u00bb.<\/li>\n\n\n\n<li><strong>Begrensningen:<\/strong> Kundeinnskudd og langsiktige obligasjoner med fortrinnsrett (OMF) regnes som stabil finansiering. Banken kan skape l\u00e5net umiddelbart, men for \u00e5 oppfylle NSFR m\u00e5 den i etterkant hente inn samsvarende stabil finansiering (enten ved \u00e5 tiltrekke seg innskudd eller ved \u00e5 utstede obligationer i kapitalmarkedet) for \u00e5 beholde l\u00e5net p\u00e5 balansen over tid.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Oppsummering: Skapelse vs. Regulering<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Selve pengeskapelsen:<\/strong> Begrenses <strong>ikke<\/strong> av eksisterende innskudd. Banken skaper nye penger umiddelbart n\u00e5r l\u00e5neavtalen signeres.<\/li>\n\n\n\n<li><strong>Basel III-reguleringen:<\/strong> Begrenser <strong>volumet og farten<\/strong> p\u00e5 pengeskapelsen ved \u00e5 kreve tilstrekkelig <strong>egenkapital<\/strong> og tvinge banken til \u00e5 ha en <strong>ordnet likviditets- og finansieringsstruktur<\/strong> etter at l\u00e5net er gitt.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Kort sagt: Basel III hindrer ikke bankene i \u00e5 skape penger ut av intet \u2014 det hindrer dem i \u00e5 skape <em>for mye<\/em> penger i forhold til sin egenkapital og sine likviditetsreserver.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ja, Norges Bank har rollen som <strong>langiver i siste instans<\/strong> (<em>lender of last resort<\/em>) i det norske finansielle systemet.<sup><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Form\u00e5let med denne rollen er \u00e5 tilf\u00f8re ekstraordin\u00e6r likviditet for \u00e5 forhindre at likviditetsproblemer i \u00e9n eller flere banker sprer seg og truer den finansielle stabiliteten i Norge.<sup><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Would it cost banks God-tier money when it comes out of an atm machine as cash?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Yes, absolutely.<\/strong> When cash comes out of an ATM, it directly costs the commercial bank its &#171;God-tier&#187; money (central bank reserves).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Physical paper banknotes and coins are the physical form of central bank money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Balance Sheet Mechanics of an ATM Withdrawal<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">When a customer at <strong>DNB<\/strong> withdraws 1,000 NOK in cash from an ATM, DNB\u2019s balance sheet shrinks, and its central bank reserve balance decreases dollar-for-dollar (or krone-for-krone):<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;DNB]\nAssets:                               Liabilities:\n- 1,000 NOK Vault Cash (Physical)     - 1,000 NOK Customer Deposit\n\n&#91;Customer]\nAssets:                               Liabilities:\n+ 1,000 NOK Physical Cash             (No change)\n<\/code><\/pre>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Commercial Liability Destroyed:<\/strong> DNB cancels (debits) 1,000 NOK of customer deposit liabilities.<\/li>\n\n\n\n<li><strong>Physical &#171;God-Tier&#187; Asset Lost:<\/strong> DNB hands over 1,000 NOK of physical central bank money out of its vault\/ATM asset inventory to the customer.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">How Central Bank Reserves Become Vault Cash<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">An ATM doesn&#8217;t generate physical banknotes internally\u2014DNB must buy those banknotes from Norges Bank using electronic &#171;God-tier&#187; reserves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When DNB needs physical cash to stock its ATM network:<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>&#91;Norges Bank (Central Bank)]\nAssets:                               Liabilities:\n  (No change)                          - 10,000,000 NOK DNB Electronic Reserve Account\n                                       + 10,000,000 NOK Banknotes in Circulation\n\n&#91;DNB]\nAssets:                               Liabilities:\n- 10,000,000 NOK Electronic Reserves   (No change)\n+ 10,000,000 NOK Physical Vault Cash\n<\/code><\/pre>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>DNB orders physical cash from Norges Bank (or its central cash distributor, <em>Nokas<\/em>).<\/li>\n\n\n\n<li>Norges Bank debits DNB\u2019s <strong>electronic central bank reserve account<\/strong> by 10,000,000 NOK.<\/li>\n\n\n\n<li>Norges Bank credits <strong>banknotes in circulation<\/strong> and delivers 10,000,000 NOK in physical paper notes to DNB.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Key Takeaway<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Electronic central bank reserves and physical cash are two sides of the exact same coin: both are <strong>liabilities of Norges Bank<\/strong> (&#171;God-tier&#187; money).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether a bank settles an outgoing payment to another bank via NBO or dispenses physical paper notes out of an ATM screen, it is paying out central bank money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Can you tell me in Norwegian all the national bank get for &#8211; I believe it&#8217;s called seignorage &#8211; the seignorage on the cash distribution of the Norwegian Kroner<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I Norges Bank kalles denne inntekten p\u00e5 norsk for <strong>seigniorasje<\/strong> (eller <em>myntherreinntekt<\/em> \/ <em>seddelinntekt<\/em>).<sup><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inntjeningsmekanismen fungerer p\u00e5 f\u00f8lgende m\u00e5te i det norske systemet:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Hva seigniorasje faktisk er i praksis<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e5r Norges Bank trykker opp en 500-kroneseddel eller sl\u00e5r en mynt, koster produksjonen (papir, sikkerhetselementer, preging) bare noen f\u00e5 kroner eller \u00f8rer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e5r forretningsbanker (som DNB) bestiller fysiske kontanter til sine minibanknettverk og hvelv, betaler de Norges Bank full p\u00e5lydende verdi ved at <strong>deres elektroniske reserver (\u00abGod-tier\u00bb-penger) hos Norges Bank blir trukket<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Eksempel:<\/strong> DNB kj\u00f8per fysiske sedler for 1 milliard NOK. Norges Bank trekker 1 milliard NOK fra DNBs reservekonto.<\/li>\n\n\n\n<li><strong>Resultat:<\/strong> Norges Bank mottar 1 milliard NOK i rentefrie \u00abl\u00e5n\u00bb fra publikum\/bankene i bytte mot papir- og metallstykker som koster nesten ingenting \u00e5 lage.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Hvordan seigniorasjen beregnes (Renteavkastningen)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I moderne sentralbank\u00f8konomi defineres seigniorasje prim\u00e6rt som <strong>renteavkastningen Norges Bank tjener p\u00e5 eiendelene de kj\u00f8per med disse pengene<\/strong>:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Passivsiden (Gjeld):<\/strong> Fysiske kontanter i oml\u00f8p st\u00e5r som en rentefri passivpost p\u00e5 Norges Banks balanse (Norges Bank betaler 0 % rente til deg for at du holder en 500-kroneseddel i lommeboka).<\/li>\n\n\n\n<li><strong>Aktivasiden (Eiendeler):<\/strong> Norges Bank plasserer de motposterte reservene i renteb\u00e6rende eiendeler (som statsobligasjoner eller valutareserver).<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Seigniorasje = (Rentekrav p\u00e5 eiendeler \u00d7 Kontanter i oml\u00f8p) \u2212 Produksjons- og h\u00e5ndteringskostnader.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Fallet i seigniorasje i Norge<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Norge er et av verdens mest kontantl\u00f8se samfunn. Dette har hatt en stor effekt p\u00e5 seigniorasjen:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mindre kontanter i oml\u00f8p:<\/strong> Mengden fysiske sedler og mynter i Norge har falt kraftig de siste ti\u00e5rene (utgj\u00f8r n\u00e5 bare en sv\u00e6rt liten prosentandel av den totale pengemengden M2).<\/li>\n\n\n\n<li><strong>Lavere gevinst:<\/strong> Fordi publikum i overveldende grad bruker digitale kontopenger (forretningsbankpenger) fremfor fysiske sedler, har Norges Banks inntekter fra ren seigniorasje p\u00e5 kontanter blitt marginale sammenlignet med tidligere tider.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Hvem f\u00e5r pengene?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank er en statlig institusjon. Det \u00e5rlige overskuddet til Norges Bank\u2014som inkluderer seigniorasjen fra kontanter samt renteinntekter fra likviditetsstyringen\u2014overf\u00f8res etter faste retningslinjer til <strong>Overf\u00f8ringsfondet<\/strong>, hvorfra en andel sluses videre inn i <strong>statsbudsjettet<\/strong> (den norske stat).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Seigniorasje fungerer dermed i praksis som en statlig inntekt som reduserer statens behov for ordin\u00e6r beskatning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank ut\u00f8ver denne rollen p\u00e5 to hovedm\u00e5ter:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Likviditet til hele banksystemet<sup><\/sup> Norges Bank<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dersom det oppst\u00e5r en generell svikt i pengemarkedet (som under finanskrisen i 2008 eller pandemien i 2020), kan Norges Bank tilf\u00f8re ekstra likviditet til hele systemet.<sup><\/sup> Dette gj\u00f8res vanligvis gjennom <strong>ekstraordin\u00e6re F-l\u00e5n<\/strong> (faste l\u00e5n mot sikkerhet) med lengre l\u00f8petid eller lempeligere krav til sikkerhet.<sup><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Finansavisen+ 1<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Likviditet til enkeltbanker (S-l\u00e5n \/ ELA)<sup><\/sup> Norges Bank<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dersom en enkeltbank opplever akutte likviditetsproblemer, men ellers vurderes som solvent (levedyktig p\u00e5 sikt), kan Norges Bank innvilge <strong>l\u00e5n p\u00e5 spesielle vilk\u00e5r (S-l\u00e5n)<\/strong>, internasjonalt kjent som <em>Emergency Liquidity Assistance<\/em> (ELA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hjemmelen for dette ligger i <strong>sentralbankloven \u00a7 3-1 fjerde ledd<\/strong>.<sup><\/sup><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Strenge betingelser for S-l\u00e5n (ELA)<sup><\/sup> Norges Bank<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">For \u00e5 unng\u00e5 <em>moral hazard<\/em> (at banker tar uforsvarlig risiko i troen p\u00e5 at sentralbanken alltid reddet dem), gjelder gjerne f\u00f8lgende prinsipper:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trussel mot finansiell stabilitet:<\/strong> S-l\u00e5n innvilges kun dersom det er fare for den overordnede finansielle stabiliteten om l\u00e5net ikke gis. Norges Bank+ 1<\/li>\n\n\n\n<li><strong>Strafferente:<\/strong> Renten p\u00e5 et S-l\u00e5n settes h\u00f8yere enn den normale markedsrenten for \u00e5 gj\u00f8re det uattraktivt \u00e5 bruke ordningen utover det absolutt n\u00f8dvendige. Norges Bank<\/li>\n\n\n\n<li><strong>Krav om betryggende sikkerhet:<\/strong> Etter sentralbankloven \u00a7 3-1 femte ledd m\u00e5 banken stille betryggende sikkerhet (pant) for l\u00e5net. Hvis banken mangler ordin\u00e6re verdipapirer \u00e5 pantsette, kan Norges Bank akseptere andre typer aktiva (som f.eks. utl\u00e5nsportef\u00f8ljer). Norges Bank+ 1<\/li>\n\n\n\n<li><strong>Solvens, ikke insolvens:<\/strong> Sentralbanken gir i utgangspunktet kun likviditetsst\u00f8tte til <em>illikvide<\/em>, men <em>solvente<\/em> banker. Dersom en bank er reelt insolvent (har tapt sin egenkapital), er det kriseh\u00e5ndteringsregimet via Finanstilsynet, Bankenes sikringsfond og staten som m\u00e5 overta. Finansavisen<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ja, Norge har formelt utpekte systemviktige finansinstitusjoner, i det europeiske regelverket omtalt som <strong>O-SII-er<\/strong> (<em>Other Systemically Important Institutions<\/em>) eller innenlandske systemviktige banker (D-SIB-er).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hvert \u00e5r vurderer Finanstilsynet finansinstitusjonene i Norge og gir r\u00e5d til Finansdepartementet om hvilke banker som utgj\u00f8r en risiko for det finansielle systemet og real\u00f8konomien dersom de skulle f\u00e5 problemer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Utpekte systemviktige institusjoner<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Finansdepartementet har utpekt fire institusjoner som systemviktige i Norge:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>DNB Bank ASA<\/strong>\n<ul class=\"wp-block-list\">\n<li>Norges st\u00f8rste bank. P\u00e5 grunn av sin dominerende posisjon i b\u00e5de person-, bedrifts- og interbankmarkedet har DNB det h\u00f8yeste O-SII-pufferkravet p\u00e5 <strong>2,0 %<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Kommunalbanken AS<\/strong>\n<ul class=\"wp-block-list\">\n<li>En statseid kredittinstitusjon som er helt avgj\u00f8rende for finansieringen av norske kommuner og fylkeskommuner. Er ilagt et O-SII-pufferkrav p\u00e5 <strong>1,0 %<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Nordea Eiendomskreditt AS<\/strong>\n<ul class=\"wp-block-list\">\n<li>Det prim\u00e6re kredittforetaket for boligl\u00e5n i Nordea sin norske virksomhet, med en betydelig markedsandel innenfor norsk boligl\u00e5nsfinansiering. Er ilagt et O-SII-pufferkrav p\u00e5 <strong>1,0 %<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>SpareBank 1 S\u00f8r-Norge ASA<\/strong>\n<ul class=\"wp-block-list\">\n<li>Etablert gjennom fusjonen mellom SpareBank 1 SR-Bank og SpareBank 1 S\u00f8r\u00f8st-Norge, noe som skapte det st\u00f8rste regionale bankkonsernet i S\u00f8r- og Vestlandet. Er ilagt et O-SII-pufferkrav p\u00e5 <strong>1,0 %<\/strong>.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Kriterier for \u00e5 bli utpekt<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Finanstilsynet benytter spesifikke kvantitative terskler for \u00e5 vurdere om en bank er systemviktig for den norske \u00f8konomien:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Markedsandel:<\/strong> En bank som har en markedsandel p\u00e5 <strong>\u2265 10 %<\/strong> av utl\u00e5n til personmarkedet, n\u00e6ringslivet eller totale innskudd i Norge.<\/li>\n\n\n\n<li><strong>St\u00f8rrelse:<\/strong> Totale forvaltningskapital (balanse) som utgj\u00f8r <strong>\u2265 10 %<\/strong> av Fastlands-Norges bruttonasjonalprodukt (BNP).<\/li>\n\n\n\n<li><strong>Sammenkobling og erstatbarhet:<\/strong> Institusjoner som leverer kritiske tjenester eller infrastruktur det er vanskelig \u00e5 erstatte p\u00e5 kort sikt (som Kommunalbanken for kommunel\u00e5n, eller DNB for betalings- og oppgj\u00f8rssystemer).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Regulatoriske konsekvenser<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Banker som utpekes som systemviktige underlegges strengere krav til kapital og kriseh\u00e5ndtering:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>O-SII-kapitalpuffer:<\/strong> Systemviktige banker m\u00e5 holde en ekstra buffer med ren kjernekapital (CET1) p\u00e5 1,0 % til 2,0 % utover de vanlige minstekravene, den systemrisikobufferen og den motsykliske kapitalpufferen.<\/li>\n\n\n\n<li><strong>Skjerpede krav til kriseh\u00e5ndtering (MREL):<\/strong> De har strengere krav til ansvarlig kapital og m\u00f3takelige kriseh\u00e5ndteringsinstrumenter (<em>Minimum Requirement for Own Funds and Eligible Liabilities<\/em>), samt detaljerte kriseplaner (<em>testamenter<\/em>) godkjent av Finanstilsynet for \u00e5 sikre at de kan krisel\u00f8ses uten bruk av skattebetalernes penger.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Could you name the 3 banking ways richard werner mentions?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gemini: \u00d8konom professor Richard A. Werner er s\u00e6rlig kjent for sin typologi som deler synet p\u00e5 bankvirksomhet inn i <strong>tre ulike modeller eller teorier<\/strong>. I sine empiriske studier tester han disse tre forklaringene mot hverandre for \u00e5 vise hvordan det moderne bank- og pengesystemet faktisk fungerer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. The Financial Intermediation Theory (<em>Finansiell intermediasjonsteori<\/em>)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Konsept:<\/strong> Bankene fungerer kun som rene mellommenn (intermedi\u00e6rer) mellom spagere og l\u00e5ntakere.<\/li>\n\n\n\n<li><strong>Mekanisme:<\/strong> Banken m\u00e5 f\u00f8rst samle inn innskudd fra kunder f\u00f8r den kan l\u00e5ne ut disse pengene videre til andre. Banken skaper ikke nye penger, men omfordeler eksisterende kj\u00f8pekraft.<\/li>\n\n\n\n<li><strong>Werners syn:<\/strong> Werner avviser denne teorien som feilaktig n\u00e5r det gjelder forretningsbanker, selv om det er den tradisjonelle forklaringen som ofte l\u00e6res bort i innf\u00f8ringskurs i \u00f8konomi.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. The Fractional Reserve Theory (<em>Br\u00f8kdelsreserve-teorien<\/em>)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Konsept:<\/strong> Bankene fungerer kollektivt som pengerskapere gjennom den s\u00e5kalte <em>pengerelaterte multiplikatoren<\/em> (<em>money multiplier<\/em>).<\/li>\n\n\n\n<li><strong>Mekanisme:<\/strong> \u00c9n enkeltbank kan bare l\u00e5ne ut en andel av innskuddene den mottar (basert p\u00e5 reservekravet satset av sentralbanken). N\u00e5r disse pengene brukes og settes inn i nye banker, skapes det nye innskudd og utl\u00e5n i det samlede banksystemet over tid.<\/li>\n\n\n\n<li><strong>Werners syn:<\/strong> Werner mener denne modellen ogs\u00e5 er misvisende, fordi den antar at enkeltbanker er begrenset av innskudd og sentralbankreserver <em>f\u00f8r<\/em> de kan gi et l\u00e5n.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. The Credit Creation Theory (<em>Kredittskapelsesteorien<\/em>)<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Konsept:<\/strong> Bankene skaper nye penger direkte n\u00e5r de innvilger utl\u00e5n (\u00about of thin air\u00bb).<\/li>\n\n\n\n<li><strong>Mekanisme:<\/strong> N\u00e5r en bank godkjenner et l\u00e5n, kreves det hverken at den har tilsvarende innskudd p\u00e5 forh\u00e5nd eller at den venter p\u00e5 reserver. Banken f\u00f8rer ganske enkelt l\u00e5net som en eiendel (fordring) og krediterer l\u00e5ntakerens innskuddskonto som en gjeldspost. Slik utvides bankens balanse, og nye bankinnskudd (penger) oppst\u00e5r i samme \u00f8yeblikk.<\/li>\n\n\n\n<li><strong>Werners syn:<\/strong> Werner konkluderer med at dette er den eneste teorien som stemmer overens med virkeligheten og bankenes faktiske regnskapsf\u00f8ring.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank holder <strong>ikke<\/strong> gull som en del av sine offisielle valutareserver.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Salget i 2004<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I starten av 2004 valgte Norges Bank \u00e5 fjerne gull fra valutareservene og selge nesten alt sitt fysiske gull (rundt 33,5 tonn gullbarrer) i London-markedet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sentralbankens begrunnelse var f\u00f8lgende:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>L\u00f8nnsomhet og likviditet:<\/strong> Gull gir hverken renter eller utbytte. Norges Bank vurderte det som en lite effektiv eiendel sammenlignet med utenlandsk valuta, obligasjoner og aksjer.<\/li>\n\n\n\n<li><strong>Mangel p\u00e5 spredningseffekt:<\/strong> Med Norges enorme utenlandske formue (spesielt Statens pensjonsfond utland, Oljefondet) ga fysisk gull minimal ekstra risikoavlastning for statens samlede balanse.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Hva er igjen i Norge?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Norges Bank beholdt kun en liten mengde fysisk gull til <strong>historiske og museumsform\u00e5l<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>7 gullbarrer<\/strong> som brukes til utstilling.<\/li>\n\n\n\n<li><strong>3,5 tonn historiske gullmynter<\/strong>, hovedsakelig 10- og 20-krone-mynter preget p\u00e5 Kongsberg p\u00e5 1800- og tidlig 1900-tall. Disse har enorm historisk verdi som en del av den ber\u00f8mte <strong>Gulltransporten i april 1940<\/strong>, da 53 tonn norske gullreserver ble smuglet ut av landet under den tyske invasjonen for \u00e5 sikre eksilregjeringen i Storbritannia og Canada.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">I motsetning til naboland som Sverige (~125 tonn) og Danmark (~60 tonn), er Norge et unntak blant vestlige land ved \u00e5 ha tiln\u00e6rmet null monet\u00e6re gullreserver.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ja, Norges Bank holder valutareserver i amerikanske dollar (USD).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sentralbankens valutareserver er delvis plassert i USD p\u00e5 tvers av sine portef\u00f8ljer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Rente- og sertifikatportef\u00f8ljen:<\/strong> Valutareservene investeres blant annet i amerikanske statsgjeldspapirer (<em>Treasury bills<\/em> og <em>Treasury bonds<\/em>) utstedt i USD, samt i bankinnskudd i dollar.<\/li>\n\n\n\n<li><strong>Aksjeportef\u00f8ljen:<\/strong> Aksjedelen av valutareservene omfatter b\u00f8rsnoterte aksjer denominert i flere globale valutaer, deriblant amerikanske dollar.<\/li>\n\n\n\n<li><strong>Petroleumsbufferportef\u00f8ljen:<\/strong> Denne kortsiktige likviditetsbufferen kan ogs\u00e5 holdes i USD.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">I tillegg forvalter Norges Bank Investment Management (NBIM) Statens pensjonsfond utland (Oljefondet), der en betydelig andel av fondets samlede eiendeler er investert i dollardenominerte aksjer og obligasjoner i det amerikanske markedet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the Kredittskapelsesteorien can you explain how it costs a Norwegian bank money when the money leaves the bank and goes to another bank(account)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I <em>Kredittskapelsesteorien<\/em> (kredittsakapelsesteorien eller <em>endogen pengeteori<\/em>) skaper en forretningsbank nye penger (innskudd) helt ut av intet (\u00abfra tynn luft\u00bb) i det \u00f8yeblikket den innvilger et l\u00e5n. Banken trenger alts\u00e5 <strong>ikke<\/strong> \u00e5 ha eksisterende innskudd eller sentralbankreserver p\u00e5 konto p\u00e5 forh\u00e5nd for \u00e5 gi ut l\u00e5net.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kostnaden oppst\u00e5r imidlertid i det sekundet l\u00e5ntakeren faktisk <strong>bruker pengene<\/strong> og overf\u00f8rer dem til en konto i en annen bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hvorfor koster det banken penger?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">N\u00e5r kunden i Bank A overf\u00f8rer 1 million kroner til en selger som har konto i Bank B, skjer det to ting parallelt:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Innskuddet flyttes:<\/strong> Kundens konto i Bank A debiteres, og selgerens konto i Bank B krediteres.<\/li>\n\n\n\n<li><strong>Sentralbankpenger (reserver) m\u00e5 overf\u00f8res:<\/strong> Bank B godtar ikke at Bank A bare sier \u00abvi skylder dere 1 million\u00bb. Oppgj\u00f8r mellom forretningsbanker skjer utelukkende i <strong>sentralbankpenger<\/strong> (bankenes egne penger som st\u00e5r p\u00e5 konto hos Norges Bank). Bank A m\u00e5 derfor overf\u00f8re 1 million kroner fra sin reservetank hos Norges Bank til Bank B sin reservetank via oppgj\u00f8rssystemet (NBO).<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Det er her den faktiske kostnaden oppst\u00e5r for Bank A, gjennom tre hovedmekanismer:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Tap av likviditet (og tapt renteinntekt)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Sentralbankreserver er en begrenset og verdifull ressurs for banken.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>N\u00e5r Bank A sender reserver til Bank B, mister Bank A reserver som ellers kunne st\u00e5tt hos Norges Bank og avkastet styringsrente (eller foliorente).<\/li>\n\n\n\n<li>Bank A mister likviditet og sitter igjen med en ren fordring p\u00e5 l\u00e5ntakeren (l\u00e5net), men mindre umiddelbart tilgjengelige sentralbankpenger.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Kostnad ved \u00e5 l\u00e5ne nye reserver (Interbankmarkedet)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dersom Bank A ikke har nok reserver p\u00e5 sin konto hos Norges Bank til \u00e5 dekke overf\u00f8ringen til Bank B, oppst\u00e5r en umiddelbar kostnad:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bank A m\u00e5 l\u00e5ne reserver over natten fra andre banker i interbankmarkedet (eller benytte Norges Banks utl\u00e5nsordninger som D-l\u00e5n).<\/li>\n\n\n\n<li>Bank A m\u00e5 betale interbankrente (f.eks. NIBOR-basert rente) for \u00e5 l\u00e5ne disse reservene. Dette er en direkte finansiell utgift (rentekostnad) for banken.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Refinansieringskostnad (Tiltrekke seg nye innskudd)<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">For \u00e5 slippe \u00e5 g\u00e5 med varig underskudd p\u00e5 sin reservekonto hos Norges Bank, m\u00e5 Bank A \u00abhente inn igjen\u00bb likviditeten. Det gj\u00f8r de p\u00e5 to m\u00e5ter:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Innskuddsrente:<\/strong> Bank A m\u00e5 tilby konkurransedyktig innskuddsrente for \u00e5 tiltrekke seg innskudd fra publikum (som bringer med seg reserver inn i banken).<\/li>\n\n\n\n<li><strong>Markedsfinansiering:<\/strong> Bank A m\u00e5 utstede obligasjoner (f.eks. OMF\/kredittforetak) i kapitalmarkedet for \u00e5 finansiere sine utl\u00e5n varig, noe som medf\u00f8rer direkte renteutgifter og utstedelseskostnader.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Oppsummering<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Innl\u00e5ns-\/skapelses\u00f8yeblikket:<\/strong> \u00c5 opprette l\u00e5net og innskuddet koster banken nesten ingenting utover administrativ risiko.<\/li>\n\n\n\n<li><strong>Overf\u00f8rings\u00f8yeblikket:<\/strong> \u00c5 overf\u00f8re pengene ut av banken tvinger banken til \u00e5 levere fra seg tilsvarende verdi i likviditet (<strong>Norges Bank-reserver<\/strong>).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Renten banken m\u00e5 betale for \u00e5 skaffe disse reservene (enten via interbankl\u00e5n, kundeinnskudd eller obligasjonsmarkedet) utgj\u00f8r bankens <strong>innl\u00e5nskostnad<\/strong> (<em>cost of funds<\/em>). Fortjenesten til banken blir differansen mellom renten de krever fra l\u00e5ntakeren og kostnaden ved \u00e5 skaffe reservene som forlater banken.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The top 25 Norwegian banks, ranked primarily by total balance sheet assets (<em>forvaltningskapital<\/em>) and lending volume:<sup><\/sup><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Rank<\/th><th>Bank Name<\/th><th>Type \/ Note<\/th><\/tr><\/thead><tbody><tr><td><strong>1<\/strong><\/td><td><strong>DNB Bank ASA<\/strong><\/td><td>Largest commercial bank in Norway<\/td><\/tr><tr><td><strong>2<\/strong><\/td><td><strong>Nordea Bank Abp (Filial i Norge)<\/strong><\/td><td>Major Nordic bank operating via branch<\/td><\/tr><tr><td><strong>3<\/strong><\/td><td><strong>SpareBank 1 S\u00f8r-Norge ASA<\/strong><\/td><td>Formed by SR-Bank &amp; S\u00f8r\u00f8st-Norge merger<\/td><\/tr><tr><td><strong>4<\/strong><\/td><td><strong>Sparebanken Norge<\/strong><\/td><td>Formed by Sparebanken Vest &amp; Sparebanken S\u00f8r merger<\/td><\/tr><tr><td><strong>5<\/strong><\/td><td><strong>Handelsbanken Norge<\/strong><\/td><td>Major Swedish bank operating via branch<\/td><\/tr><tr><td><strong>6<\/strong><\/td><td><strong>SpareBank 1 SMN<\/strong><\/td><td>Regional bank (Tr\u00f8ndelag \/ Central Norway)<\/td><\/tr><tr><td><strong>7<\/strong><\/td><td><strong>SpareBank 1 \u00d8stlandet<\/strong><\/td><td>Regional bank (Eastern Norway)<\/td><\/tr><tr><td><strong>8<\/strong><\/td><td><strong>Santander Consumer Bank AS<\/strong><\/td><td>Specialized retail &amp; vehicle finance subsidiary<\/td><\/tr><tr><td><strong>9<\/strong><\/td><td><strong>Kommunalbanken AS (KBN)<\/strong><\/td><td>State-owned credit agency for municipal funding<\/td><\/tr><tr><td><strong>10<\/strong><\/td><td><strong>SpareBank 1 Nord-Norge<\/strong><\/td><td>Regional bank (Northern Norway)<\/td><\/tr><tr><td><strong>11<\/strong><\/td><td><strong>Storebrand Bank ASA<\/strong><\/td><td>Banking subsidiary of Storebrand Group<\/td><\/tr><tr><td><strong>12<\/strong><\/td><td><strong>Sparebanken M\u00f8re<\/strong><\/td><td>Independent regional bank (M\u00f8re og Romsdal)<\/td><\/tr><tr><td><strong>13<\/strong><\/td><td><strong>KLP Banken AS<\/strong><\/td><td>Municipal pension provider&#8217;s banking arm<\/td><\/tr><tr><td><strong>14<\/strong><\/td><td><strong>Landkreditt Bank AS<\/strong><\/td><td>Agricultural cooperative bank<\/td><\/tr><tr><td><strong>15<\/strong><\/td><td><strong>Sparebank 1 Ringerike Hadeland<\/strong><\/td><td>Regional SpareBank 1 alliance member<\/td><\/tr><tr><td><strong>16<\/strong><\/td><td><strong>OBOS-banken AS<\/strong><\/td><td>Specialized housing &amp; member bank<\/td><\/tr><tr><td><strong>17<\/strong><\/td><td><strong>BN Bank ASA<\/strong><\/td><td>Commercial bank owned by SpareBank 1 members<\/td><\/tr><tr><td><strong>18<\/strong><\/td><td><strong>Bank Norwegian AS<\/strong><\/td><td>Digital consumer\/retail bank (NOBA Bank Group)<\/td><\/tr><tr><td><strong>19<\/strong><\/td><td><strong>Fana Sparebank<\/strong><\/td><td>Independent local bank (Bergen region)<\/td><\/tr><tr><td><strong>20<\/strong><\/td><td><strong>SpareBank 1 Helgeland<\/strong><\/td><td>Regional SpareBank 1 alliance member<\/td><\/tr><tr><td><strong>21<\/strong><\/td><td><strong>SpareBank 1 Gudbrandsdal<\/strong><\/td><td>Regional SpareBank 1 alliance member<\/td><\/tr><tr><td><strong>22<\/strong><\/td><td><strong>Sparebanken Sogn og Fjordane<\/strong><\/td><td>Local regional bank (Western Norway)<\/td><\/tr><tr><td><strong>23<\/strong><\/td><td><strong>Haugesund Sparebank<\/strong><\/td><td>Independent regional bank<\/td><\/tr><tr><td><strong>24<\/strong><\/td><td><strong>Pareto Bank ASA<\/strong><\/td><td>Specialized commercial &amp; real estate lender<\/td><\/tr><tr><td><strong>25<\/strong><\/td><td><strong>Spareskillingsbanken<\/strong><\/td><td>Independent regional savings bank<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Structural Context<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Consolidation:<\/strong> The Norwegian savings bank (<em>Sparebank<\/em>) sector has seen significant consolidation, creating mega-regional players like <strong>SpareBank 1 S\u00f8r-Norge<\/strong> and <strong>Sparebanken Norge<\/strong> that rank right behind DNB.<\/li>\n\n\n\n<li><strong>Foreign Branches:<\/strong> Major Nordic institutions like <strong>Nordea<\/strong> and <strong>Handelsbanken<\/strong> operate significant market shares via branches rather than separate Norwegian subsidiaries.<\/li>\n\n\n\n<li><strong>Alliance Networks:<\/strong> Most independent regional savings banks operate under two primary shared-infrastructure alliances: <strong>SpareBank 1-alliansen<\/strong> and <strong>Eika Alliansen<\/strong>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>-to the world: Banking is a godly business. Also the Norwegian banking business. Here is a page about it. Reint J. Baarda. Kj\u00e6re folk. Denne artikkelen dekker noe av min forskning p\u00e5 KI, Google Gemini, om hvordan nordmenn driver med &hellip; <a href=\"https:\/\/baarda.ch\/?page_id=678\">Weiterlesen <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-678","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/pages\/678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/baarda.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=678"}],"version-history":[{"count":16,"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/pages\/678\/revisions"}],"predecessor-version":[{"id":1277,"href":"https:\/\/baarda.ch\/index.php?rest_route=\/wp\/v2\/pages\/678\/revisions\/1277"}],"wp:attachment":[{"href":"https:\/\/baarda.ch\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}