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Norway finmin says not seeking more cash for banks

Source: Reuters - Fri 6th Nov 2009

Norway will not ask for authorisation to enter into new agreements under the Government securities swap facility with banks, it said on Friday.

The facilities were launched in 2008 to secure funding for banks during the financial crisis.

The Ministry of Finance also proposed to Parliament an authorisation for central government borrowing of up to 50 billion Norwegian crowns ($8.77 billion) in new long-term domestic bonds in 2010.

"The government's gross financing requirement for 2010 is44.2 billion Norwegian crowns" the Finance Ministry said in a statement.

It said the financing requirement would be covered by borrowing in the domestic market and on cash reserves.

The maximum outstanding of short-term market instruments(Treasury bills) was proposed at 350 billion crowns.

The Ministry of Finance and Norges Bank will publish anauction calendar in December for the issuance of government bonds and Treasury bills in 2010, it said.

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