New credit procedures for purchases through Sildelaget

The background for the new procedures is rising prices in recent years—particularly for mackerel—which have increased the pressure on buyers’ credit limits.

As most transactions through Sildelaget are secured with credit insurance, the organization places significant focus on the agreement with the credit insurance company to obtain the highest possible credit limits. A full review of all credit limits is now being carried out to ensure we are well prepared when the season starts after the summer break.

These changes are being implemented to ensure greater fairness and predictability in sales through the auction. The new procedures are described in detail in Circular 16/25, and all buyers are encouraged to familiarize themselves with its contents.

Key changes include:

• Bids that exceed the credit limit by more than 2% (maximum NOK 15 million) will be rejected and marked with “Max Credit” in the bid log.

• Payments made by the buyer that cannot be verified in Sildelaget’s bank must either be documented as irrevocable or confirmed in writing by the buyer’s bank, in accordance with power of attorney, in order to be considered when calculating available credit.

The new credit procedures will take effect on 1 August 2025.

Click here to access Circular 16/25.