Svein Gjedrem, the governor of Norges Bank, said on Thursday that developments in recent months indicated that the financial crisis in Norway will not develop into a real economic crisis.

"We have not experienced a bank solvency crisis as was the case 20 years ago. Unless the Norwegian economy is exposed to new major shocks, we expect the bankruptcy rate for Norwegian enterprises to stabilise or to be at about the same level recorded in the moderate downturn at the beginning of this decade," he