The usual upsets
Having eluded the first wave of the financial crisis, Norwegian banks were finally pulled into the storm when volatility ramped-up a gear last autumn. In an exclusive interview with Nordic Risk, Emil Steffensen, deputy director general and head of the finance and insurance supervision department at Norway's financial regulator, Kredittilsynet, discusses its responses to the crisis. By Alastair Marsh
The reach of the financial crisis has been truly global. Despite minimal exposures to Lehman Brothers, the failed Icelandic banks and their relatively small holdings of US subprime mortgage-backed securities and collateralised debt obligations (CDOs), Norwegian banks did not escape unscathed when the turmoil escalated in the second half of 2008.
Financial institutions in Norway have suffered the same symptoms as their peers in other countries: liquidity constraints and the deterioration of credit
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