Crunch causes limited effects in Norway

Kredittilsynet, the financial supervisory authority of Norway, has said that Norway's exposure to the effects of the global credit crunch has been limited. After reviewing Q3 2007 results from banks and insurance companies, Kredittilsynet concluded that the financial system had been less affected by the subprime collapse than other European countries and only indirectly exposed via structured products and hedge funds.

The six largest banks in Norway reported revenues of NOK 19.7bn, up by NOK 1.3bn on the same period last year.

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