NOWA - the Norwegian Overnight Weighted Average - is defined as a weighted average of interest rates set in agreements concluded by banks, either directly or via a broker, for unsecured loans in NOK, where the loan is paid out on the same day and repayment occurs on the following banking day.

NOWA shall be calculated as nominal annual rates for the actual number of days in the year ahead (365 or 366). The percentage return over the term is thus calculated by dividing the interest rate by the actual number of days in the year ahead and multiplying it by the actual number of days to maturity.

The NOWA-rules enters into force on 26th of September 2011.

These banks are panel banks:

• Bank1 Oslo Akershus
• DNB Bank ASA
• Danske Bank
• Handelsbanken
• Nordea Bank Norge ASA
• SEB AB
• Sparebanken Vest
• SpareBank 1 SMN
• SpareBank 1 SR-Bank
• SpareBank 1 Nord-Norge
• Swedbank