Under the Act 10 April 2015 No. 17 on financial institutions and financial groups (Financial Institutions Act), all banks headquartered in Norway are mandatory members of the deposit guarantee scheme, which is administered by Norwegian Banks' Guarantee Fund. Banks headquartered in other countries may elect to become members of the Banks' Guarantee Fund in the same way as Norwegian banks.
Under this legislation, deposits in the affiliated banks are guaranteed by the deposit guarantee scheme for an amount not exceeding NOK 2 million for each individual depositor. The maximum amount of NOK 2 million applies even if the depositor has more than one account in the bank.
The bank may make deductions for claims as mentioned in the clause "Setting off" in General terms for deposits and payment services. The guarantee becomes effective should the bank in question be unable to meet its obligations.
Svenska Handelsbanken AB NUF is a member of both the Swedish and the Norwegian deposit guarantee schemes which are regulated under the Swedish Deposit Guarantee Scheme Act (1995:1571) and Chapter 19 of the Norwegian Financial Institutions Act with regulations. The first 100,000 euros are covered by the Swedish scheme. The remaining amount is covered by the Norwegian scheme.
Private customers
In some cases, the depositor may be covered for more than NOK 2 million. This applies to deposits that have been made available to the depositor the last 12 months, and that result from the purchase and sale of a private home or holiday home, or that result from specific life events, such as marriage, breakup, termination of employment, disability, death, insurance payout or compensation. In such cases, the deposit is covered by an unlimited amount.
Corporate customers
Most deposits are covered by the deposit guarantee scheme. However, certain exceptions apply as set out in § 19-3, second paragraph of the Financial Institutions Act. These exceptions include, among others, deposits from public authorities and deposits from financial institutions.