History

Folketrygdfondet was established in 1967 to manage the surpluses in the National Insurance scheme. During the first twelve years, NOK 11.8 billion was transferred to the fund, but as social security benefits increased beyond the 70s, there was no surplus to deposit into the fund. 1979 was the last year with capital deposits. The capital was investet in fixed income and bank deposits, primarily in Norwegian government bonds.

The management of Folketrygdfondet was initially divided into five regions with separate boards. In 1990 the regional boards were wound up, and Folketrygdfondet was organised directly under the Ministry of Finance.

The fund gaisn access to invest in publicly listed Norwegian stocks.

The Government Bond Fund was established as a measure during the financial crisis with Folketrygdfondet as the manager. The purpose was to contribute to increased liquidity and access to capital in the Norwegian credit bond market. At the start, 50 billion NOK was allocated to the fund. The funds were placed on market terms, and was invested together with other investors in each loan. The capital was placed in interest-bearing securities issued by companies domiciled in Norway.

In 2013, a liquidation plan for the Government Bond Fund was presented, as the mandate requires, and it was liquidated on September 19, 2014.

The Government Bond Fund is re-established as a measure during the coronavirus pandemic with Folketrygdfondet as the manager. A liquidation plan was adopted in the fall of 2022 with the goal of liquidation by the end of 2025.

The fund was terminated in December 2024, within the adopted plan.

The Norwegian Parliament passes the law on the Government Fund Tromsø. The fund receives an initial investment framework of NOK 15 billion and the mandate to invest based on a market-weighted index of smaller publicly listed Nordic companies.