The aim of central bank liquidity policy is to contribute to achieving monetary policy objectives and to promote an efficient payment system and the stability of the financial system. This paper describes the principles underlying the design of Norges Bank’s liquidity policy instruments. The instruments include the choice of counterparties, the terms and conditions for counterparties’ deposits and loans with Norges Bank, the conduct of market operations, and the requirements relating to collateral and to the provision of support for individual banks.