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Norway continues to lead as a safe haven for foreign capital

Tuesday, 13 December 2011
Norway seems to have become a safe haven for foreign capital. Recent statistics from Statistics Norway show that Norwegian banks have received a record amount of capital from abroad, the most recent in the last quarter.

During the third quarter this year, there was an increased in foreign deposits by 20 percent quarter on quarter, according to Norwegian business daily,  Dagens N�ringsliv. Deposits amounted to Nkr870 billion or EUR 120 billion during July-September.

Chief economist Knut Anton Mork at Handelsbanken sees this as a serious sign of an imminent, major banking crisis, he posits. Norwegian banks are considered to be more secure when crisis threatens.

“Norway is an attractive country economically, and the Norwegian State's ability to guarantee the deposits is seen as good,” says Mork.

He is still not surprised by the development. He says he is more surprised that there wasn’t a larger scale than this.
By Scancomark.se Team


Key Norwagian Facts
Official Name Kingdom of Denmark
King Harald V
Prime minister Jens Stoltenberg
Population 4.7 Million
Capital City Oslo
Monetary Unit Norwagian Kroner (NOK)
  1 NOK = 100 ore
Domain Name .no
Int. Dialling Code +47
Official Language Norwagian
Religion Christianity
Main stock market Name Oslo B�rs
Internet Speed 4.2 Mbps (2009)
Vital Links
Statistics Norway
Government and Ministry

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