Register for Governmental Approval of Financial Obligations information
The Register for Governmental Approval of Financial Obligations (in Norwegian Register om betinget godkjenning og kontroll, often shortened to ROBEK) is a Norwegian government register of municipalities and counties who have not submitted a balanced budget. The consequence of being in the registry is that resolutions of incurring debt, or entering long-term rental contracts must be approved by Norwegian Ministry of Local Government and Regional Development in order to be valid. Budgets must be approved by either the ministry or the County Governor.[1]
The registry was introduced in 2001. Prior to this, all counties and municipalities were required to have any debt and long-term contracts approved. The new law narrowed this to local divisions with an economic imbalance.[2] Since not being in the ROBEK registry gives the municipality much more economic freedom, the councils usually aim to stay out of the registry. The registry has sometimes been described as a blacklist.[3] Municipalities often cut costs by reducing public services, and conducting lay-offs to get out of the registry. Increasing revenue through property taxes have generally been opposed by the local politicians.[4]
The rules determining whether a county will be entered into ROBEK are described in §60 of the law of municipalities and counties.[5] According to this law, a county or municipality will be entered into the ROBEK registry if at least one of the following four criteria are met:
a) The municipality or county council pass a budget where not all expenditures have been covered.
b) The municipality or county council pass an economy plan where not all expenditures have been covered.
c) The municipality or county council resolve that an account deficit will be covered in future budget years.
d) The municipality or county do not follow their plan for covering a deficit.
As of August 2010, there are 48 municipalities in the ROBEK registry.[6]
Budgetary troubles which land a municipality in the ROBEK registry are sometimes due to incurred losses from a large event, for example Vågsøy winded up on the ROBEK registry in 2009 following losses after hosting a port-of-call for the Tall Ships' Races,[7] and Narvik and Hattfjelldal were entered into ROBEK after the Terra Securities scandal.[8]
^"Consequences for registered municipalities and county municipalities". Norwegian Ministry of Local Government and Regional Development. Retrieved 2009-11-14.
^"Kommuner skylder peng" (in Norwegian). NRK Sami radio. 2009-11-01. Retrieved 2009-11-14.
^Gulldahl, Gudrun; Solheim, Camilla (2009-09-29). "Sørreisa på svarteliste?" (in Norwegian). folkebladet.no. Retrieved 2009-11-14.
^"Kommuner som har gått ut av ROBEK-lista - ECON-rapport 2006" (PDF). Kommunesektorens interesse- og arbeidsgiverorganisasjon. Retrieved 2009-11-14.
^"Lov om kommuner og fylkeskommuner (kommuneloven)" (in Norwegian). lovdata. Retrieved 2009-11-14.
^"Municipalities in the Register ROBEK". Norwegian Ministry of Local Government and Regional Development. Retrieved 2009-11-14.
^Løset, Oddleif (2009-02-02). "Vågsøy vart åttande ROBEK-kommune" (in Norwegian). NRK Sogn og Fjordane. Retrieved 2009-11-14.
^Salater, Roy-Arne (2009-09-08). "Terra-kommuner på svartelisten" (in Norwegian). TV2 nyhetene. Retrieved 2009-11-14.
and 27 Related for: Register for Governmental Approval of Financial Obligations information
actual or contingent or prospective obligationsobligations owed to the CT by a person other than the CP obligationsof a specified class or kind arising...
The National Registerof Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures, and...
governmental obligations, employee relations, marketing opportunities, and other business obligations and decisions. In many countries, there are forms of organization...
companies had until 6 March 2024 to comply with all of the Act's provisions. The list ofobligations includes prohibitions on combining data collected from...
company that buys and sells stocks and other investments for a financial market participant in return for a commission, markup, or fee. In most countries they...
research of public interest The information is needed to meet obligations with the consumer in question The information is needed to meet legal obligations The...
proposed development and agreed on the discharges ofobligations. There were, however, a total of 11 constraints associated with the proposed development...
Financialfor $4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the...
levied for general governmental services including, but not limited to, police, fire, ambulance or library services, where the general governmental service...
1930, was originally primarily intended to facilitate settling financialobligations arising from the peace treaties that concluded the First World War...
This is a list of official business registers around the world. There are many types of official business registers, usually maintained for various purposes...
taxes on payments of interest or dividends. In most jurisdictions, there are additional tax withholding obligations if the recipient of the income is resident...
the recession made it more difficult for consumers and countries to honor their obligations. This caused financial institution losses to surge, deepening...
professional responsibilities and obligations to prevent fraud and to fully disclose loan terms to both consumer and lender. Agents of mortgage brokers may refer...
of the British Government that maintains the registerof companies, employs the company registrars and is responsible for incorporating all forms of companies...
and the Global Financial Crisis—the FDIC has expended its entire insurance fund. On these occasions it has met insurance obligations directly from operating...
and a financial estate independent from the founder. The Fund's assets may not be distrained unless in terms of fulfillment of the obligations arising...
establishes rights and obligations between the Swiss and the EU and the member states severally—it does not establish any rights and obligations amongst the EU...
that includes changes like the "removal of time obligationsfor products' lifetime and limiting the scope of reporting to significant incidents". The...
ability of broker-dealers to meet their financialobligations to customers and other creditors. Broker-dealers are companies that trade securities for customers...
of conditions, including regulatory approval. In January 2012, due to pressure from the UK government to shut down risky operations and prepare for tougher...
functions of insolvent banks, non–governmental pension funds and insurance companies, it is responsible for resolution of banks and managing the system of guaranteeing...
Commission (SEC) to provide information that financial firms must rely on for certain regulatory purposes. The use of the term NRSRO began in 1975 when the SEC...
and $188 billion in deposits, for a price of $1.9 billion plus debt assumptions. Unsecured senior debt obligationsof the bank were not assumed by JPMorgan...
qualified financial advisers etc. As of 31 October 2013, there were a total of 72 registered Personal Insolvency Practitioners. The type of debts that...
Global Information