Norway Competition Authority Begins Comprehensive Review of Banking Market
Overview of the Banking Market Inquiry
Initiation of the Inquiry
May 27 (Reuters) - Norway's competition authority said on Wednesday it had launched an inquiry into the country's banking market to assess competition between banks, in a first step towards a possible formal market investigation.
Stakeholder Engagement
Information Gathering
• Authority seeking information from banks and other stakeholders with in-depth knowledge of the market.
Potential Outcomes
• "More effective competition can lead to lower mortgage interest rates, higher deposit rates and lower fees," the watchdog said in a statement.
Previous Findings and Current Scope
Historical Reviews
• Previous reviews found low customer mobility, barriers for banks seeking to enter or grow, and market conditions that could make it easier for banks to coordinate interest-rate levels.
Banks Involved
Request for Information
• Fourteen banks asked to provide information.
Next Steps
• If inquiry finds that competition is significantly restricted, the authority may move to a formal market investigation.
(Reporting by Jesus Calero, editing by Terje Solsvik)