June 9, 2020 / 8:34 AM / 25 days ago

Norway banks should refrain from dividends to protect against losses, regulator says

OSLO, June 9 (Reuters) - Norwegian banks should hold on to their capital during the coronavirus outbreak and refrain from making dividend payments or other distribution to shareholders, Norway's Financial Supervisory Authority (FSA) said in a report on Tuesday.

"In light of the high level of uncertainty and the significant loan losses that may arise, it is crucial that the banks retain their equity in the period ahead rather than make distributions in the form of dividends, etc," Director General Morten Baltzersen said. (Reporting by Terje Solsvik, editing by Victoria Klesty)

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