The Norwegian Banks' Guarantee Fund is regulated by the Act on the Norwegian Banks’ Guarantee Fund of 23 March 2018 and the Financial Institutions Act of 10 April 2015, Chapter 19 and Chapter 20.
The guarantee amount is paid to the customer within seven working days after the Ministry of Finance has decided that the bank shall be liquidated.
Deposits deriving from dividends in transactions which, according to a final judgment, are in breach of the legislation on money laundering or financing of terrorist activities are also not covered by the deposit guarantee.
All banks domiciled in the EEA area have schemes that secure the deposits.
From 1 January 2011, the deposit coverage level in the EU was harmonized to 100,000 euros.solution.