The governor of the Norges Bank, Øystein Olsen, used a speech on February 14 to caution against complacency, despite Norway's strong economic record in recent years.

Olsen said the banking sector had become more resilient since the financial crisis, but said banks were still operating with higher margins than would be desirable. He suggested this could partly be due to efforts to build up capital buffers, but also said it likely reflected too much reliance on short-term debt.

"Banks and their