Working group for alternative reference rates in NOK Meeting minutes Wednesday 16 October 2019 Norges Bank – Bankplassen 2

The working group also assessed an expanded Nowa rate as an alternative reference rate, which would be based on banks’ deposits from non-banks as well as banks.. In the opinion of

In response to the FSB’s recommendations and the work in other countries in this area, Norges Bank has decided, after consultation with the financial industry, to establish a

Vidar Knudsen (DNB Bank) presented the meeting agenda, after which Henning Nilsen (Sparebank 1 Boligkreditt) reviewed the responses to the previous consultation report,..

Furthermore, the working group proposes setting the spread adjustment equal to the median difference between Nibor and term- adjusted Nowa over the past five years before Nibor

Michael Hurum Cook Finance Norway (observer) Joar Johnsen Finance Norway (observer) Olav Andreas Bø Norges Bank (observer) Ketil Johan Rakkestad Norges Bank (observer)

With reference to the distributed preliminary report from NoRe, Per Erik Stokstad (NoRe) gave a briefing on the planned publication of rates calculated using the methodology

 Presentation of the draft consultation report on market conventions for financial products linked to Nowa. 

The group discussed who might be potential users of an OIS market in NOK and agreed to contact potential users to obtain more information about their interest in using such a