1 Min Read
OSLO, March 28 (Reuters) - Norway's Financial Supervisory Authority (FSA) proposed regulations on Tuesday to limit the amount of credit card debt and other high-interest loans that banks can grant to individuals, the regulator said in a statement.
** These forms of consumer debt grew by 15 percent in 2016
** The rules compliment recent changes in regulations intended to limit the rise of Norwegian mortgage debt
** The FSA proposal would cap overall loans, including consumer loans and mortgage debt, at five times the gross annual income of the borrower
** The guidelines will apply to Norwegian banks as well as to units of foreign banks operating in Norway
** The proposal will now be sent for a round of consultations, with an April 19 deadline, the FSA added (Reporting by Terje Solsvik, editing by Camilla Knudsen)