Tough times ahead for bankers: Norway's Gjedrem

Svein Gjedrem, the governor of the Central Bank of Norway, has predicted a fall in the fortunes of the country's banking industry.

Speaking in Hamar last week, Gjedrem described the past 15 years as "a golden era" for Norweigan banks: "Selling loans has been easy, there have been virtually no losses, and deposits and borrowing have been stable. Banks have in addition been particularly adept at making use of new technologies and being more cost effective."

But, he said that lending growth was

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