Norges Bank 1999-2010: Governance and Structural Reforms

Abstract

In 1999 Norges Bank employed 1150 persons and had 12 regional branches located in various cities across the country. In 2010, the regional branches had all been closed and the traditional central bank staff had been reduced to a good 300 persons. In the same period, an investment management unit was developed into what is now called Norges Bank Investment Management (NBIM) with about 280 persons from 25 countries. The head of NBIM reports directly to Norges Bank's Executive Board and is subject to oversight by the Governor of Norges Bank on behalf of the Board. Considerable changes were also made with respect to the Bank's organisational and governance structure. This paper has been drawn up to document the Bank's work on governance and the structural reform process in the period under review, with a view to providing a background document for the authors of the book on the history of Norges Bank to be published in connection with the Bank's bicentenary in 2016.