Credit exposures to regional governments and local authoritles

Norway has actively promoted — and contributed to the proposal and adoption of — the allowance for an intermediate treatment of RGLA credit exposures in the aforementioned credit institution legislation. This effort was prompted by the credit risk characteristics of Norwegian RGLAs and our view on RGLA credit risk in general.

I understand that the Commission intends to adopt the Solvency II delegated acts this September, and I have noted that in the draft delegated acts distributed to the members and observers of the Commission Expert Group on Banking, Payments and Insurance on 1 August 2014, some amendments had been made in order to enhance consistency with rules in the banking sector.

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