The Nordic countries could establish a system of mutual recognition of bank capital requirements for exposures incurred in a neighboring country, the Nordic finance ministries said today in a statement on the Norwegian Finance Ministry’s website.
Danish Finance Minister Bjarne Corydon is preparing to scale back stimulus as consumer optimism stokes an expansion in Scandinavia’s weakest economy.
The Nordic region is getting closer to harmonizing banking rules after reaching an agreement that banks need to follow local capital standards on mortgages, Norwegian Finance Minister Siv Jensen said.
The Chinese billionaire who is investing $200 million to develop a resort in Iceland said he will use the project as a springboard for resorts in other Nordic countries.
Finland needs to tighten capital standards to eliminate discrepancies within the Nordic region’s banking system, according to Pentti Hakkarainen, deputy governor at the Bank of Finland.