Summary:Norway’s banks have important connections with global financial centers, but regional links are also important. Norwegian banks are very dependent on global financial centers as sources of funding and to hedge currency risks. Norwegian banks arrange for a sizeable fraction of their wholesale funding in foreign markets. Foreign bank branches and subsidiaries from other Nordic countries are also active in the direct provision of credit to nonbank sectors in Norway. In addition, equity returns data show that Norwegian banks show strong links with British, Swedish, and other European banks which may extend beyond funding and include common risk exposures and ownership links.
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