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

Employee representatives:

Mona H. Sørensen and Kristoffer Haugen (items 54-55)

Management:

Ida Wolden Bache (50-51), Per Espen Lilleås (50-51), Ingrid Solberg (50-51), Øistein Røisland (50-51), Torbjørn Hægeland (50-51), Ylva Søvik (50-51), Kathrine G. Boye (50-51), Arne Kloster (50-51), Ketil J. Rakkestad (50-51), Andreas Andersen (50-51), Ingunn Valvatne (50-55), Bjarne Gulbrandsen (50-55)

There were no comments on the meeting notice and agenda.

Item 50/2018 Advising the Ministry of Finance on the countercyclical capital buffer 2018 Q1

Discussion document:

• STRICTLY CONFIDENTIAL MEMO of 2 March 2018

Torbjørn Hægeland and the Governor outlined the basis for the recommendation to the Ministry of Finance on the countercyclical capital buffer. The decision basis is to be published in Monetary Policy Report 1/18.

The Executive Board discussed the level of the countercyclical capital buffer for banks. In light of the Executive Board's discussions, a draft letter to the Ministry of Finance with a recommendation on the countercyclical capital buffer for the first quarter of 2018 is to be presented for final consideration at the Executive Board's meeting of 14 March.

Item 51/2018 Draft monetary policy report with financial stability assessment 1/18 – Monetary policy analysis and provisional assessments

Discussion document:

• STRICTLY CONFIDENTIAL memo of 2 March 2018

Ida Wolden Bache and the Governor presented the main elements of the draft monetary policy report, including the analyses and assessments of the economic situation and the outlook for monetary policy. They also referred to presentations and discussions at the seminar on the monetary policy situation.

The Executive Board discussed the economic outlook and the monetary policy stance. In light of the Executive Board's discussions and new information, a draft "Executive Board's Assessment" is to be presented for final consideration at the Executive Board's meeting of 14 March.

Item 52/2018 Status of work to follow up supervisory reviews

Discussion document:

• Memo from the General Secretariat of 2 March 2018

Ingunn Valvatne presented the matter for discussion.
The Executive Board discussed the matter and took note of the letter to the Supervisory Council.

Item 53/2018 Briefing on relevant matters for Norges Bank Central Banking Operations

The Governor gave a briefing on relevant matters for Norges Bank Central Banking Operations.

Item 54/2018 Minutes of the Executive Board meetings of 7 and 28 February 2018

Discussion document:

• Draft minutes

The Executive Board approved the minutes of its meetings of 7 and 28 February 2018.

Item 55/2018 Any other business

There was no other business.

The following were distributed for information together with discussion documents:

• National report from the regional network 1/2018, Memo from Monetary Policy of 1 March 2018
• Market Focus 1-2018
• Report from the Audit Committee meeting of 22 January 2018
• Report from the Audit Committee meeting of 5 February 2018
• Government Pension Fund Global – reporting on climate risk, Letter to the Ministry of Finance of 21 February 2018
• NBIM Report – GPFG Performance and Risk January 2018
• Preliminary programme for study trip to New York and Washington, Memo from the General Secretariat of 2 March 2018
• Report No. 8 to the Storting (2017-2018): New Regulation on Monetary Policy