From 1 February 2021, the updated guidelines are in force as Circular 1/2021.

The following changes enter into force effective from 31 August 2021:

• Securities in NOK issued by a private entity must have a minimum volume outstanding of NOK 300 million.
• Securities in a foreign currency that are issued by a private entity must have a minimum volume outstanding equivalent to EUR 100 million.
• For securities other than Norwegian government securities, a borrower may not pledge more than 20 percent of the issue’s (ISIN) volume outstanding.
• For fund units, a borrower may not pledge more than 20 percent of the fund’s assets under management. Nevertheless, this does not apply to units in funds that meet the requirements in Section 3.1, Category 1, of the guidelines.

The most recently announced changes will entail a reversal of the relaxations in the guidelines published on 18 March 2020, except that securities in NOK with a guarantee from a Norwegian local government authority will continue to be exempt from the credit rating requirement.

Norges Bank is continuously monitoring market developments and may, at short notice, change the guidelines for pledging collateral for loans from Norges Bank if market conditions so warrant.