Present:

Executive Board:

Øystein Olsen, Jon Nicolaisen, Egil Matsen, Kjetil Storesletten, Karen Helene Ulltveit-Moe, Kathryn M. Baker, Steinar Juel and Kristine Ryssdal

Alternates:

Arne Hyttnes and Kristine Landmark

Management:

Ida Wolden Bache (item 47), Per Espen Lilleås (47), Ingrid Solberg (47), Leif Brubak (47), Karsten Gerdrup (47), Øistein Røisland (47), Njål Stensland (47), Marianne Sturød (47), Olav Bø (47), Marius Ryel (47), Yngve Slyngstad (48), Trond Grande (48), Dag Huse (48), Merethe Riddervold (48), Pål Haugerud (48), Runar Malkenes (47-48), Ingunn Valvatne (47-49), Bjarne Gulbrandsen (47-49)

There were no comments on the meeting notice and agenda.

Item 47/2018 New regulation on monetary policy

Discussion document:

• Memo from Monetary Policy of 26 February 2018

In its letter of 21 February 2018 to Norges Bank, the Ministry of Finance enclosed a draft regulation on monetary policy. The regulation is issued pursuant to Section 2, third paragraph, of the Norges Bank Act, which stipulates that the Bank shall be given the opportunity to state its opinion before such resolutions are passed.

The Governor and Ida Wolden Bache presented the Ministry of Finance's proposal and Norges Bank's draft comments on the matter.

The Executive board discussed the matter and authorised the Governor to formulate a response to the Ministry of Finance based on the draft letter and the Executive Board's discussion. The response is to be submitted to the Ministry of Finance by the end of 28 February 2018.

Item 48/2018 Government Pension Fund Global – publication of extended information on return and risk

Discussion document:

• Memo from NBIM of 22 February 2018

Yngve Slyngstad and Dag Huse presented the matter for discussion.

The Executive Board discussed the matter and took note of the extended information on return and risk in the GPFG for 2017.

Item 49/2018 Any other business

Jon Nicolaisen gave a briefing on the main message of the Norges Bank Watch 2017 report, which is prepared on behalf of the Centre for Monetary Economics (CME), and was published on 27 February.

The following were distributed for information together with discussion documents:

• GPFG – investment in listed real estate companies, Memo of 22 February 2018