Kommunalbanken Norway (KBN) is a AAA/ Aaa rated

local government funding agency A Local Government Funding Agency (LGFA) or Bond Bank is financial institution that serves as a vehicle for local government authorities such as municipalities, county councils and regions to access capital markets for the purpose of jointly procu ...

100 per cent owned by the Royal Ministry of Local Government and Regional Development on behalf of the

Kingdom of Norway Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and the ...

. Established by an act of Parliament in 1926 as a state administrative body, and started operations in 1927. KBN gained its current status and structure through a conversion act in 1999. KBN is a direct continuation of its predecessor Norges Kommunalbank and has for 85 years been the main provider of credit to the local government sector in Norway. Today, KBN is defined as a state instrumentality serving a public policy function of providing low cost funding to Norwegian municipalities. The agency’s mandate also includes promoting competition in the market, thereby facilitating the efficient provision of public services in Norway. KBNs operations are strictly regulated and the agency may only lend to Norwegian local governments, counties and inter-municipal companies, and against a local government guarantee. KBN is the largest provider of credit to local authorities in Norway, commanding a market share of approximately 50 per cent. More than 97 per cent of municipalities and counties have loans with KBN.

References

External links

Corporate web site
{{Authority control Banks of Norway Defunct government agencies of Norway Companies based in Oslo Banks established in 1927