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Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure NO-2020-13/729 – measures in Norway

Restoration of the Government Bond Fund

Gjenoppretting av Statens obligasjonsfond

Country Norway , applies nationwide
Time period Open ended, started on 27 March 2020
Context COVID-19
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Aasmund Arup Seip, FAFO and Eurofound
Measure added 19 April 2020 (updated 05 May 2020)

Background information

The government proposes to restore the Government bond fund with a limit of up to NOK 50 billion. The largest Norwegian companies largely borrow money in the credit bond market. In the near future, many of these companies will need to secure financing in this market. However, the bond market's ability to provide credit has diminished substantially in recent weeks. Liquidity is low and risk premiums are high. Previous experience has shown that the Government bond fund can contribute to a more efficient market for credit bonds. This will make it easier for the big companies to get the liquidity they need in the difficult situation created by Covid-19.

Content of measure

The Government Bond Fund shall be used for the purchase of bonds in the market. It is established with an investment limit of up to NOK 50 billion. The presence of the fund is intended to encourage other investors to participate in the bond market as well. The Government Bond Fund’s Investments in new credit bond loans will be made in cooperation with other investors and on market terms. Within a mandate set by the Ministry of Finance, the National Insurance Scheme Fund (Folketrygdfondet) will decide on which bond loans to invest in. The mandate of the Fund instructs management to seek to achieve the highest possible return on costs over time and at the same time contribute to increased liquidity and capital access to the credit bond market in Norway, within the framework that applies as for the management of the Fund. The return is measured in Norwegian kroner. In its exercise as creditor, the management of the fund shall have as its overriding objective to protect the financial interests of the fund.

Use of measure

No information to date.

Target groups

Workers Businesses Citizens
Does not apply to workers Larger corporations
Does not apply to citizens

Actors and funding

Actors Funding
National government
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Consulted Consulted
Form Direct consultation outside a formal body Direct consultation outside a formal body

Social partners' role in the implementation, monitoring and assessment phase:

  • Social partners jointly
  • Main level of involvement: Peak or cross-sectoral level



Views and reactions

Social partners have been consulted regularly during design and implementation of the measure.


  • 20 March 2020: Prop. 58 LS (2019–2020) Lov om statlig garantiordning for lån til små og mellomstore bedrifter (
  • 27 March 2020: Mandat for forvaltningen av Statens obligasjonsfond (


Eurofound (2020), Restoration of the Government Bond Fund, measure NO-2020-13/729 (measures in Norway), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.