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Members of the Executive Board of Norges Bank

The King in Council has today appointed members to the Executive Board of Norges Bank (the central bank of Norway). Deputy Governor Jon Nicolaisen and Deputy Governor Egil Matsen have been appointed First Deputy Chair and Second Deputy Chair, respectively, of the Board.

The new Central Bank Act enters into force January 1 2020. With the establishment of the new Monetary Policy and Financial Stability Committee the areas of responsibility of the Executive Board will be adjusted, facilitating a change to the composition of relevant expertise within the Board.

The Executive Board will consist of six external members, making a total of nine members, including the Governor and the two deputy governors of Norges Bank. The Governor chairs the Board.

“The asset management expertise of the Executive Board will be strengthened. Going forward, with the establishment of a Monetary Policy and Financial Stability Committee, the Board may to a greater extent than today focus its efforts on the other activities of the Bank, in particular the management of the Government Pension Fund Global”, says Minister of Finance Siv Jensen.

External members appointed to the Executive Board of Norges Bank:

  • Hans Aasnæs is appointed as member of the Board for the period January 1 2020 – May 15 2024. Aasnæs is an agricultural economist. His education also includes a Graduate Programme in Economics and Business Administration from the Norwegian School of Economics and a CEFA Programme. Aasnæs has a background in asset management and is currently CEO of Western Bulk.
  • Arne Hyttnes is appointed as member of the Board for the period January 1 2020 – May 15 2022. Hyttnes holds a degree in economics and business administration from the Norwegian School of Economics. He is a retiree with extensive experience from the banking and financial industry. Hyttnes has served as first alternate member of the Executive Board since 2016.
  • Benedicte Schilbred Fasmer is appointed as member of the Board for the period April 1 2020 – May 15 2024. She holds a degree in economics and business administration from the Norwegian School of Economics. Fasmer has experience from financial markets and shipping. She recently stepped down from her position as Group Executive Vice President, Corporate Banking in DNB Bank ASA.
  • Kristine Ryssdal is appointed as member of the Board for the period January 1 2020 – May 15 2022. Ryssdal holds a degree in law from the University of Oslo and a Master of Laws from London School of Economics and Political Science. Ryssdal is General Counsel at Yara International ASA and has served as a member of the Executive Board since 2018.
  • Nina Udnes Tronstad is appointed as member of the Board for the period January 1 2020 – May 15 2022. Tronstad holds a degree in Chemical Engineering from the Norwegian University of Science and Technology. She has broad managerial experience from, inter alia, the petroleum sector and has served on several company boards. Tronstad is currently CEO of a private investment company, a position from which she will resign by January 1 2020.
  • Karen Helene Ulltveit-Moe is appointed as member of the Board for the period January 1 2020 – May 15 2024. Ulltveit-Moe holds a degree in economics from the University of Mannheim and a PhD in economics from the Norwegian School of Economics. She currently holds a professorship at the Department of Economics of the University of Oslo. Ulltveit-Moe has served at the Executive Board since 2014.

As of January 1 2020, the Executive Board of Norges Bank consists of:

  • Chair: Governor Øystein Olsen
  • First deputy chair: Deputy Governor Jon Nicolaisen
  • Second deputy chair: Deputy Governor Egil Matsen
  • Member: CEO Hans Aasnæs
  • Member: Retiree Arne Hyttnes
  • Member: Executive Vice President Benedicte Schilbred Fasmer (Appointment period starts April 1 2020)
  • Member: General Counsel Kristine Ryssdal
  • Member: Managing Director Nina Udnes Tronstad
  • Member: Professor Karen Helene Ulltveit-Moe
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