Liquidity to the entire banking system

Norges Bank can provide extra liquidity to the banking system in the form of F-loans and D-loans. If the required liquidity need is large, collateral requirements may differ from those laid down in the Regulation on the Access of Banks to Borrowing and Deposit Facilities in Norges Bank etc. (the "Lending Regulation") for D-loans and F-loans (cf Section 6 of the Regulation).

Liquidity to individual banks, emergency liquidity assistance (ELA)

Norges Bank can provide extraordinary liquidity to individual banks if liquidity problems are limited to one or a few banks. Norges Bank extends credit on special terms or emergency liquidity assistance (ELA) only in cases where financial stability is at risk if such a loan is not extended. Norges Bank may then extend ELA to improve liquidity (see Section 3-1, fourth paragraph, of the Norges Bank Act).

Norges Bank sets requirements for eligible collateral for ELA. The terms of an ELA will also be determined on an individual basis, and the interest rate on such a loan shall be above a normal market rate.

For guidelines on how to apply for credit on special terms (ELA) see the Norwegian  web page.