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Statistical annex.

Financial institution balance sheets

1. Norges Bank. Balance sheet

2. Norges Bank. Specification of international reserves

3. State lending institutions. Balance sheet

4. Commercial and savings banks. Balance sheet

5. Commercial and savings banks. Loans and deposits by sector

6. Mortgage companies. Balance sheet

7. Finance companies. Balance sheet

8. Life insurance companies. Main assets

9. Non-life insurance companies. Main assets

10a. Securities funds' assets. Market value

10b. Securities funds' assets under management by holding sector. Market value

Securities statistics

11. Shareholdings registered with the Norwegian Central Securities Depository (VPS), by holding sector. Market value

12. Share capital and primary capital certificates registered with the Norwegian Central Securities Depository, by issuing sector. Nominal value

13. Net purchases and net sales (-) in the primary and secondary markets of shares registered with the Norwegian Central Securities Depository, by purchasing, selling and issuing sector. Market value

14. Bondholdings in NOK registered with the Norwegian Central Securities Depository, by holding sector. Market value

15. Bondholdings in NOK registered with the Norwegian Central Securities Depository, by issuing sector. Nominal value

16. Net purchases and net sales (-) in the primary and secondary markets for NOK-denominated bonds registered with the Norwegian Central Securities Depository, by purchasing, selling and issuing sector. Market value

17. NOK-denominated short-term paper registered with the Norwegian Central Securities Depository, by holding sector. Market value

18. Outstanding short-term paper, by issuing sector. Nominal value

Credit and liquidity trends

19. Credit indicator and money supply

20. Domestic credit supply to the general public, by source

21. Composition of money supply

22. Household financial balance. Financial investments and holdings, by financial instrument

23. Money market liquidity

Interest rate statistics

24. Nominal interest rates for NOK

25. Short-term interest rates for key currencies in the Euro-market

26. Yields on Norwegian bonds

27. Yields on government bonds in key currencies

28. Commercial and savings banks. Average interest rates and commissions on utilised loans in NOK to the general public at end of quarter

29. Commercial and savings banks. Average interest rates on deposits in NOK from the general public at end of quarter

30. Life insurance companies. Average interest rates by type of loan at end of quarter

31. Mortgage companies. Average interest rates, incl. commissions on loans to private sector at end of quarter

Profit/loss and capital adequacy data

32. Profit/loss and capital adequacy: commercial banks

33. Profit/loss and capital adequacy: savings banks

34. Profit/loss and capital adequacy: finance companies

35. Profit/loss and capital adequacy: mortgage companies

Exchange rates

36. The international value of the krone and exchange rates against selected currencies. Monthly average of representative market rates

37. Exchange cross rates. Monthly average of representative exchange rates

Balance of payments

38. Balance of payments

39. Norway's foreign assets and debt

International capital markets

40. Changes in banks' international assets

41. Banks' international claims by currency

Foreign currency trading

42. Foreign exchange banks. Foreign exchange purchased/sold forward with settlement in NOK

43. Foreign exchange banks. Overall foreign currency position

44. Norges Bank's foreign currency transactions with various sectors

Norges Bank publishes more detailed statistics on its website, www.norges-bank.no. The Bank's statistics calendar, which shows future publication dates, is only published on this website.

Financial institution balance sheets
Table 1. Norges Bank. Balance sheet. (1) (2) In millions of NOK

 31.12.2002 28.02.2003

FINANCIAL ASSETS

Foreign assets 841 614 894 844
International reserves (3) (4) 224 226 222 148
Government Petroleum Fund
 investments 608 475 663 211
Other foreign assets 8 913 9 485

Domestic claims 16 120 16 357
Bearer bills 2 088 3 402
Bearer bonds 10 750 10 721
Loans to banks 3 3
Loans, deposits and earned interest 2 121 1 397
Other domestic claims 1 158 834

Stocks and assets 1 597 1 542
Stocks 22 22
Assets 1 575 1 520

Costs 0 23 927

TOTAL ASSETS 859 331 936 670

LIABILITIES AND CAPITAL

Foreign liabilities 62 773 65 891
IMF holdings of NOK 8 888 9 460
Other foreign liabilities 53 885 56 431

Counterpart of SDR allocation 1 583 1 648

Notes and coins in circulation 44 955 40 236

Domestic deposits 720 367 766 462

Treasury 52 492 38 115
Government Petroleum Fund 608 475 663 211
Banks 59 053 64 964
Other deposits 347 172

Interest accrued, not yet due, 0 213
 to the Treasury

Other domestic debt 4 214 4 481

Equity 25 439 25 439

Valuation adjustments 0 24 683

Income 0 7 617

TOTAL LIABILITIES AND CAPITAL 859 331 936 670

Items not included in this balance
 sheet:

Foreign currency sold forward 14 550 80 122
Foreign currency purchased forward 15 806 57 430
Derivatives sold 159 417 141 294
Derivatives purchased 168 005 172 404
Allotted, unpaid shares in the BIS 310 310

 31.03.2003 30.04.2003

FINANCIAL ASSETS

Foreign assets 932 768 938 538
International reserves (3) (4) 241 859 231 318
Government Petroleum Fund
 investments 681 873 698 053
Other foreign assets 9 036 9 167

Domestic claims 15 906 15 895
Bearer bills 2 712 2 935
Bearer bonds 10 615 10 693
Loans to banks 147 3
Loans, deposits and earned interest 1 518 1 905
Other domestic claims 914 359

Stocks and assets 1 540 1 530
Stocks 21 19
Assets 1 519 1 511

Costs 34 831 42 575

TOTAL ASSETS 985 045 998 538

LIABILITIES AND CAPITAL

Foreign liabilities 71 491 69 683
IMF holdings of NOK 9 011 9 141
Other foreign liabilities 62 480 60 542

Counterpart of SDR allocation 1 671 1 635

Notes and coins in circulation 39 718 40 151

Domestic deposits 787 129 805 280

Treasury 45 463 85 033
Government Petroleum Fund 681 873 698 053
Banks 59 570 22 043
Other deposits 223 151

Interest accrued, not yet due, 274 418
 to the Treasury

Other domestic debt 13 546 4 881

Equity 25 439 25 439

Valuation adjustments 33 638 34 738

Income 12 139 16 313

TOTAL LIABILITIES AND CAPITAL 985 045 998 538

Items not included in this balance
 sheet:

Foreign currency sold forward 24 108 20 998
Foreign currency purchased forward 25 906 25 369
Derivatives sold 173 546 134 196
Derivatives purchased 211 863 159 417
Allotted, unpaid shares in the BIS 310 310

(1) Some presentational changes have been made in the monthly
balance sheet report, to apply as from April 2003. The periods shown
for comparison have been revised accordingly.

(2) The periods shown for comparison in Table 2 have not been revised.

(3) International reserves include fixed income instruments subject
to repurchase agreements.

(4) Securities and gold are valued at real value.

Table 2. Norges Bank. Specification of international reserves (l).
In millions of NOK

 31.12.2001 31.12.2002 28.02.2003

Gold 2 346 2 806 2 941
Special drawing rights in
 the IMF 3 192 2 190 2 312
Reserve position in the IMF 6 533 6 886 6 959
Loans to the IMF 1 165 834 854
Bank deposits abroad 55 447 87 914 72 019
Foreign Treasury bills -- 567 1 122
Foreign certificates -- -- 1 028
Foreign bearer bonds (2) 117 275 104 573 116 938
Foreign shares 22 952 16 357 15 934
Accrued interest 2 628 2 053 1 911
Short-term assets -- -- --

Total 211 538 224 180 222 018

 31.03.2003 30.04.2003

Gold 2 870 2 525
Special drawing rights in 2 345 2 253
 the IMF
Reserve position in the IMF 7 641 7 150
Loans to the IMF 844 813
Bank deposits abroad 90 793 86 523
Foreign Treasury bills 863 824
Foreign certificates 1 159 1 527
Foreign bearer bonds (2) 114 249 116 120
Foreign shares 18 893 20 104
Accrued interest 2 167 -6 519
Short-term assets -- --

Total 241 824 231 320

(1) See footnotes in Table 1.

(2) Includes bonds subject to repurchase agreements

Source: Norges Bank

Table 3. State lending institutions. Balance sheet. In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Cash holdings and bank deposits 2 456 2 254 2 439
Total loans 182 931 183 194 186 121
Of which:
 To the general public (l) 180 654 180 934 183 852
Claims on the central
 government and social
 security administration -- -- --
Other assets 10 132 9 000 7 914

Total assets 195 519 194 448 196 474

Bearer bond issues 44 39 38
Of which:
 In Norwegian kroner 44 39 38
 In foreign currency
Other loans 182 622 182 964 185 776
Of which:
 From the central government
 and social security
 administration 182 622 182 964 185 776
Other liabilities, etc. 5 968 4 549 6 165
Share capital, reserves 6 885 6 896 4 495

Total liabilities and capital 195 519 194 448 196 474

 31.12.2002 31.03.2003

Cash holdings and bank deposits 2 803 2 284
Total loans 188 275 189 366
Of which:
 To the general public (l) 185 932 188 608
Claims on the central
 government and social
 security administration -- --
Other assets 6 217 9 794

Total assets 197 295 201 444

Bearer bond issues 34 33
Of which:
 In Norwegian kroner 34 33
 In foreign currency
Other loans 187 482 191 156
Of which:
 From the central government
 and social security
 administration 187 482 191 156
Other liabilities, etc. 5 317 5 921
Share capital, reserves 4 462 4 334

Total liabilities and capital 197 295 201 444

(1) Includes local government administration, non-financial
enterprises and households

Sources: Statistics Norway and Norges Bank

Table 4. Commercial and savings banks. Balance sheet.
In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Cash 4 599 4 644 4 393
Deposits with Norges Bank 50 756 39 084 54 048
Deposits with commercial and
 savings banks 16 750 19 366 14 807
Deposits with foreign banks 48 820 43 561 21 194
Treasury bills 3 834 3 440 5 898
Other short-term paper 13 099 14 206 15 104
Government bonds etc. (1) 5 740 5 174 8 644
Other bearer bonds 84 733 86 001 89 697
Loans to foreign countries 51 208 49 960 49 303
Loans to the general public 1 046 090 1 073 189 1 089 520
Of which:
 In foreign currency 88 531 84 160 85 118
Loans to mortgage and finance
 companies, insurance etc. (2) 84 110 87 059 94 208
Loans to central government and
 social security admin. 134 369 434
Other assets (3) 98 603 100 495 94 411

Total assets 1 508 476 1 526 548 1 541 661

Deposits from the general public 714 090 734 771 723 986
Of which:
 In foreign currency 22 759 21 553 21 387
Deposits from commercial and
 savings banks 25 938 22 498 18 503
Deposits from mortg. and fin.
 companies, and insurance etc.
 (2) 40 509 52 998 39 453
Deposits from central
 government, social security
 admin, and state lending
 institutions 8 204 8 696 7 729
Funds from CDs 67 251 72 744 75 165
Loans and deposits from Norges
 Bank 487 705 596
Loans and deposits from abroad 17 029 16 291 15 302
Other liabilities 531 053 511 700 553 760
Share capital/primary capital 25 328 25 839 28 106
Allocations, reserves etc. 75 719 75 688 73 242
Net income 2 868 4 618 5 819

Total liabilities and capital 1 508 476 1 526 548 1 541 661

Specifications:
Foreign assets 146 581 151 662 118 426
Foreign debt 394 688 360 357 377 881

 31.12.2002 31.03.2003

Cash 5 063 4 030
Deposits with Norges Bank 57 760 58 547
Deposits with commercial and
 savings banks 16 026 17 763
Deposits with foreign banks 29 596 23 390
Treasury bills 4 289 6 395
Other short-term paper 15 770 10 034
Government bonds etc. (1) 3 128 2 576
Other bearer bonds 93 383 97 752
Loans to foreign countries 46 264 49 024
Loans to the general public 1 096 291 1 117 134
Of which:
 In foreign currency 81 765 84 446
Loans to mortgage and finance
 companies, insurance etc. (2) 96 485 96 749
Loans to central government and
 social security admin. 671 557
Other assets (3) 104 281 153 178

Total assets 1 569 007 1 637 129

Deposits from the general public 757 519 758 326
Of which:
 In foreign currency 20 129 21 768
Deposits from commercial and
 savings banks 19 369 21 917
Deposits from mortg. and fin.
 companies, and insurance etc.
 (2) 46 049 45 463
Deposits from central
 government, social security
 admin, and state lending
 institutions 8 611 9 652
Funds from CDs 78 559 80 666
Loans and deposits from Norges
 Bank 1 035 1 407
Loans and deposits from abroad 14 221 14 898
Other liabilities 538 263 600 746
Share capital/primary capital 28 157 28 399
Allocations, reserves etc. 72 430 74 070
Net income 4 794 1 585

Total liabilities and capital 1 569 007 1637 129

Specifications:
Foreign assets 125 338 137 497
Foreign debt 370 392 415 804

(1) Includes government bonds and bonds issued by lending
institutions.

(2) Includes mortgage companies, finance companies, life and
non-life insurance companies and other financial institutions.

(3) Includes unspecified loss provisions (negative figures) and
loans and other claims not specified above.

Sources: Statistics Norway and Norges Bank

Table 5. Commercial and savings banks. Loans and deposits by
sector (1). In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Loans to:
Local government (incl.
 municipal enterprises) 10 632 10 224 10 267
Non-financial enterprises (2) 365 993 369 751 366 660
Households (3) 669 465 693 213 712 593

Total loans to the general
 public 1 046 090 1 073 189 1 089 520

Deposits from:
Local government (incl.municipal
 enterprises) 47 519 46 315 42 381
Non-financial enterprises (2) 207 452 207 857 212 912
Households (3) 459 119 480 599 468 693

Total deposits from the private
 sector and municipalities 714 090 734 771 723 986

 31.12.2002 31.03.2003

Loans to:
Local government (incl.
 municipal enterprises) 10 107 9 817
Non-financial enterprises (2) 358 995 366 179
Households (3) 727 189 741 138

Total loans to the general
 public 1 096 291 1 117 134

Deposits from:
Local government (incl.municipal
 enterprises) 43 925 42 627
Non-financial enterprises (2) 225 443 219 261
Households (3) 488 152 496 438

Total deposits from the private
 sector and municipalities 757 519 758 326

(1) Includes local government administration, non-financial enterprises
and households.

(2) Includes private enterprises with limited liability etc., and state
enterprises.

(3) Includes sole proprietorships, unincorporated enterprises and wage
earners, etc.

Sources: Statistics Norway and Norges Bank

Table 6. Mortgage companies. Balance sheet. In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Cash and bank deposits 5 011 4 405 5 735
Notes and certificates 1 683 1 359 289
Government bonds (1) 908 915 1 097
Other bearer bonds 51 023 58 931 54 788
Loans to:
 Financial enterprises 23 867 24 465 24 834
 The general public (2) 163 955 165 700 168 558
 Other sectors 11 106 11 796 10 230
Others assets (3) -1 980 -1 041 2 361

Total assets 255 573 266 530 267 892

Notes and certificates 31 607 34 145 33 295
Bearer bonds issues in NOK (4) 59 446 60 651 62 151
Bearer bond issues in foreign
 currency (4) 81 688 85 404 83 090
Other funding 67 331 70 832 73 542
Equity capital 11 705 11 881 12 134
Other liabilities 3 796 3 617 3 680

Total liabilities and capital 255 573 266 530 267 892

 31.12.2002 31.03.2003

Cash and bank deposits 3 535 4 291
Notes and certificates 3 652 2 869
Government bonds (1) 656 657
Other bearer bonds 49 829 51 650
Loans to:
 Financial enterprises 28 007 30 150
 The general public (2) 182 005 187 251
 Other sectors 9 907 9 435
Others assets (3) 1 204 4 413

Total assets 278 795 290 716

Notes and certificates 30 111 33 809
Bearer bonds issues in NOK (4) 63 337 60 531
Bearer bond issues in foreign
 currency (4) 89 301 95 463
Other funding 80 022 83 386
Equity capital 11 963 12 345
Other liabilities 4 061 5 182

Total liabilities and capital 278 795 290 716

(1) Includes government bonds and bonds issued by state lending
institutions.

(2) Includes local government administration, non-financial
enterprises and households.

(3) Foreign exchange differences in connection with swaps are entered
net in this item. This may result in negative figures for some periods.

(4) Purchase of own bearer bonds deducted.

Sources: Statistics Norway and Norges Bank

Table 7. Finance companies. Balance sheet. In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Cash and bank deposits 2 011 1 847 1 481
Notes and certificates 105 104 114
Bearer bonds 20 0 0
Loans (1) (gross) to: 85 636 86 746 87 086
 The general public (2) (net) 81 537 83 101 83 675
 Other sectors (net) 3 885 3 455 3 205
Other assets (3) 2 318 2 213 2 480

Total assets 90 090 90 910 91 161

Notes and certificates 550 675 600
Bearer bonds 115 115 65
Loans from non-banks 10 010 10 108 10 287
Loans from banks 65 321 63 721 63 537
Other liabilities 6 649 8 300 8 541
Capital, reserves 7 445 7 991 8 131

Total liabilities and capital 90 090 90 910 91 161

 31.12.2002 31.03.2003

Cash and bank deposits 1 861 1 651
Notes and certificates 97 123
Bearer bonds 0 0
Loans (1) (gross) to: 86 433 88 934
 The general public (2) (net) 83 239 85 740
 Other sectors (net) 3 051 3 010
Other assets (3) 2 283 2 459

Total assets 90 674 93 167

Notes and certificates 600 0
Bearer bonds 65 65
Loans from non-banks 10 673 l0 979
Loans from banks 62 940 64 945
Other liabilities 8 014 9 369
Capital, reserves 8 382 7 809

Total liabilities and capital 90 674 93 167

(1) Includes subordinated loan capital and leasing finance.

(2) Includes local government administration, non-financial
enterprises and households.

(3) Includes specified and unspecified loan loss provisions
(negative figures)

Source: Norges Bank

Table 8. Life insurance companies. Main assets. In millions of NOK

 31.12.2001 31.03.2002 30.06.2002

Cash and bank deposits 13 467 16 315 28 875
Norwegian notes and certificates 29 699 31 834 33 710
Foreign Treasury bills and notes 1 189 3 002 2 327
Norwegian bearer bonds 101 819 106 898 110 717
Foreign bearer bonds 83 147 79 495 84 144
Norwegian shares, units, primary
 capital certificates and
 interests 48 478 45 802 36 262
Foreign shares, units, primary
 capital certificates and
 interests 56 271 61 490 47 309
Loans to the general public (1) 24 483 23 014 23 173
Loans to other sectors 934 738 1 447
Other specified assets 53 214 54 083 51 242

Total assets 412 701 422 671 419 206

 30.09.2002 31.12.2002

Cash and bank deposits 14 956 22 494
Norwegian notes and certificates 33 146 37 337
Foreign Treasury bills and notes 7 735 13 084
Norwegian bearer bonds 112 449 121 379
Foreign bearer bonds 105 789 96 277
Norwegian shares, units, primary
 capital certificates and
 interests 32 295 31 398
Foreign shares, units, primary
 capital certificates and
 interests 33 189 30 236
Loans to the general public (1) 23 201 23 123
Loans to other sectors 680 656
Other specified assets 56 971 54 316

Total assets 420 411 430 300

(1) Includes local government administration, non-financial enterprises
and households

Source: Statistics Norway

Table 9. Non-life insurance companies. Main assets. In millions of NOK

 31.12.2001 31.03.2002 30.06.2002

Cash and bank deposits 6 454 7 454 7 539
Norwegian notes and certificates 3 631 5 057 5 647
Foreign notes and certificates 249 372 405
Norwegian bearer bonds 13 111 13 454 16 308
Foreign bearer bonds 13 005 13 244 13 706
Norwegian shares, units, primary
 capital certificates,
 interests 10 826 9 983 8 244
Foreign shares, units, primary
 capital certificates,
 interests 11 658 11 024 7 625
Loans to the general public (1) 935 854 826
Loans to other sectors 147 144 349
Other specified sectors 40 452 45 498 41 916

Total assets 100 468 107 084 102 565

 30.09.2002 31.12.2002

Cash and bank deposits 7 285 7 860
Norwegian notes and certificates 6 055 7 949
Foreign notes and certificates 862 860
Norwegian bearer bonds 15 730 14 710
Foreign bearer bonds 14 582 13 823
Norwegian shares, units, primary
 capital certificates,
 interests 7 312 6 767
Foreign shares, units, primary
 capital certificates,
 interests 7 715 4 320
Loans to the general public (1) 875 919
Loans to other sectors 138 212
Other specified sectors 41 499 40 575

Total assets 102 053 97 995

(1) Includes local government administration, non-financial enterprises
and households.

Source: Statistics Norway

Table 10a. Securities funds' assets. Market value. In millions of NOK

 31.12.2001 31.03.2002 30.06.2002

Bank deposits 3 734 4 171 4 769
Treasury bills, etc. (1) 717 957 1 184
Other Norwegian short-term paper 20 104 19 014 19 440
Foreign short-term paper 242 0 0
Government bonds, etc. (2) 4 163 4 322 3 949
Other Norwegian bonds 25 093 24 679 25 014
Foreign bonds 2 193 0 0
Norwegian equities 31 106 32 948 26 795
Foreign equities 43 401 47 943 38 969
Other assets 2 320 2 313 2 130

Total assets 133 073 136 346 122 250

 30.09.2002 31.12.2002

Bank deposits 3 566 3 713
Treasury bills, etc. (1) 1 525 2 928
Other Norwegian short-term paper 21 541 21 140
Foreign short-term paper 0 0
Government bonds, etc. (2) 4 144 2 776
Other Norwegian bonds 24 730 23 883
Foreign bonds 0 0
Norwegian equities 19 327 20 017
Foreign equities 31 188 32 385
Other assets 1 698 1 711

Total assets 107 721 108 553

(1) Comprises Treasury bills and other certificates issued by state
lending institutions.

(2) Comprises government bonds and bonds issued by state lending
institutions.

Sources: Norwegian Central Securities Depository and Norges Bank

Table 10b. Securities funds' assets under management by holding sector.
Market value. In millions of NOK

 31.12.2001 31.03.2002 30.06.2002

Central government and social
 security administration 275 354 379
Commercial and savings banks 3918 3358 3442
Other financial corporations 19184 15770 12762
Local government admin. and
 municipal enterprises 7893 7860 8106
Other enterprises 25240 23859 21840
Households 72605 80392 71165
Rest of the world 2741 3536 3340

Total assets under management 131 856 135 129 121 034

 30.09.2002 31.12.2002

Central government and social
 security administration 414 421
Commercial and savings banks 2672 2631
Other financial corporations 10623 11175
Local government admin. and
 municipal enterprises 7953 8058
Other enterprises 20742 21116
Households 61212 60922
Rest of the world 2889 3012

Total assets under management 106 505 107 337

Sources: Norges Bank and the Norwegian Central Securities Depository


Securities statistics
Table 11. Shareholdings registered with the Norwegian Central
Securities Depository (VPS), by holding sector. Estimated market
value. In millions of NOK

Holding sector 31.03.2002 30.06.2002 30.09.2002

Central government and social
 security administration 271 787 238 711 198 032
Norges Bank 0 0 0
State lending institutions 4 4 3
Savings banks 3 393 3 065 2 930
Commercial banks 13 983 10 852 6 976
Insurance companies 37 338 26 253 21 378
Mortgage companies 201 81 67
Finance companies 5 4 3
Mutual funds 36 460 29 221 20 820
Other financial enterprises 31 512 30 829 38 781
Local government administration
 and municipal enterprises 5 528 5 252 3 746
State enterprises 10 226 8 608 7 705
Other private enterprises 163 783 141 432 128 089
Wage-earning households 54 208 45 330 39 778
Other households 2 765 2 354 1 862
Rest of the world 278 695 247 474 198 284
Unspecified sector 1 865 949 1 011

Total 911 755 790 420 669 464

Holding sector 31.12.2002 31.03.2003

Central government and social
 security administration 214 025 196 897
Norges Bank 0 0
State lending institutions 13 14
Savings banks 3 007 2 886
Commercial banks 6 834 18 007
Insurance companies 19 756 17 917
Mortgage companies 71 34
Finance companies 3 2
Mutual funds 21 637 18 491
Other financial enterprises 49 245 47 802
Local government administration
 and municipal enterprises 3 355 3 182
State enterprises 8 340 7 830
Other private enterprises 129 578 117 654
Wage-earning households 41 941 40 108
Other households 1 918 1 791
Rest of the world 186 552 151 501
Unspecified sector 943 705

Total 687 217 624 820

Sources: Norwegian Central Securities Depository and Norges Bank

Table 12. Share capital and primary capital certificates registered
with the Norwegian Central Securities Depository, by issuing sector.
Nominal value. In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Savings banks 9 126 9 126 11 280
Commercial banks 15 712 15 724 15 725
Insurance companies 1 124 1 124 2 758
Mortgage companies 2 194 2 194 2 194
Finance companies 5 5 5
Other financial enterprises 11 411 11 097 19 806
Local government administration
 and municipal enterprises 2 2 2
State enterprises 18 425 18 508 18 463
Other private enterprises 45 105 45 265 45 019
Rest of the world 6 884 5 571 5 677
Unspecified sector 0 0 0

Total 109 987 108 618 120 929

 31.12.2002 31.03.2003

Savings banks 11 284 11 284
Commercial banks 15 595 15 845
Insurance companies 2 525 2 525
Mortgage companies 2 194 2 194
Finance companies 5 5
Other financial enterprises 20 048 20 238
Local government administration
 and municipal enterprises 2 2
State enterprises 18 468 18 268
Other private enterprises 44 817 46 108
Rest of the world 5 489 5 716
Unspecified sector 0 0

Total 120 426 122 184

Sources: Norwegian Central Securities Depository and Norges Bank

Table 13. Net purchases and net sales (-) in the primary and
secondary markets of shares registered with the Norwegian
Central Securities Depository, by purchasing, selling and
issuing sector (1).

Estimated market value. In millions of NOK

2003 Q1 Purchasing/selling sector

 Cent.gov't
 and State
 social Norges lending Sav.
Issuing sector security Bank inst. banks

Comm. banks -1 0 0 -14
Insurance companies 0 0 0 0
Mortgage companies 0 0 0 0
Finance companies 0 0 0 0
Other financial enterpr. -15 0 0 -11
Local gov't. admin. and
 municipal enterpr. 0 0 0 0
State enterprises 1 0 0 -2
Other private enterpr. 100 0 1 136
Rest of the world -2 0 0 -12
Unspecified sector 0 0 0 0
Total 84 0 1 98

2003 Q1 Purchasing/selling sector

 Insur. Mort. Fin.
 Comm. com- com- com- Secur.
Issuing sector banks panies panies panies funds

Comm. banks 1 705 -166 0 0 -70
Insurance companies 0 0 0 0 0
Mortgage companies 0 0 0 0 0
Finance companies 0 0 0 0 0
Other financial enterpr. 590 120 1 0 23
Local gov't. admin. and
 municipal enterpr. 0 0 0 0 0
State enterprises 3 771 118 -3 0 -167
Other private enterpr. 6 116 215 -19 0 -801
Rest of the world 612 89 2 0 110
Unspecified sector 0 0 0 0 0
Total 12 794 375 -18 0 -905

2003 Q1 Purchasing/selling sector

 Local
 Other gov't & Other
 financ. munic. State private
Issuing sector enterpr. enterpr. enterpr. enterpr.

Comm. banks -56 -31 0 -120
Insurance companies 1 0 0 0
Mortgage companies 0 0 0 0
Finance companies 0 0 0 0
Other financial enterpr. 154 0 0 -53
Local gov't. admin. and
 municipal enterpr. 0 0 0 0
State enterprises 23 1 4 47
Other private enterpr. 259 1 -64 714
Rest of the world -63 -3 0 -396
Unspecified sector 0 0 0 0
Total 317 -32 -60 192

2003 Q1 Purchasing/selling sector

 Wage- Rest
 earning Other of
 house- house- the Unsp. Total
Issuing sector holds holds world sector (2)

Comm. banks -249 -10 -281 -7 701
Insurance companies 0 0 -1 0 0
Mortgage companies 0 0 0 0 0
Finance companies 0 0 0 0 0
Other financial enterpr. -101 -9 -487 -2 210
Local gov't. admin. and
 municipal enterpr. 0 0 0 0 0
State enterprises 4 0 -3 781 0 15
Other private enterpr. -261 52 -4 771 -6 1 673
Rest of the world -5 -9 -344 6 -14
Unspecified sector 0 0 0 0 0
Total -612 23 -9 664 -9 2 585

(1) Issues at issue price + purchases at market value--sales at market
value--redemption value.

(2) Total shows net issues in the primary market. Purchases and sales
in the secondary market result in redistribution between owner sectors,
but add up to 0.

Sources: Norwegian Central Securities Depository and Norges Bank

Table 14. Bondholdings in NOK registered with the Norwegian Central
Securities Depository, by holding sector. Market value. In millions
of NOK

 31.03.2002 30.06.2002 30.09.2002

Central government and social
 security administration 26 484 26 865 26 175
Norges Bank 5 610 7 030 6 710
State lending institutions 209 193 183
Savings banks 28 357 30 617 35 112
Commercial banks 38 549 39 727 42 225
Insurance companies 163 016 168 546 170 384
Mortgage companies 13 159 13 671 15 575
Finance companies 27 30 27
Mutual funds 29 602 29 653 29 554
Other financial enterprises 3 534 4 198 3 706
Local government administration
 and municipal enterprises 14 215 15 819 18 640
State enterprises 4 105 2 317 2 600
Other private enterprises 23 329 23 191 22 624
Wage-earning households 15 841 16 390 16 470
Other households 4 814 5 082 5 154
Rest of the world 57 974 59 773 66 338
Unspecified sector 973 689 708

Total 429 799 443 790 462 187

 31.12.2002 31.03.2003

Central government and social
 security administration 26 709 24 658
Norges Bank 7 034 6 765
State lending institutions 166 162
Savings banks 33 813 34 185
Commercial banks 44 209 42 956
Insurance companies 182 923 195 999
Mortgage companies 14 968 15 084
Finance companies 67 65
Mutual funds 28 227 30 124
Other financial enterprises 4 061 7 650
Local government administration
 and municipal enterprises 18 591 20 350
State enterprises 2 951 3 060
Other private enterprises 22 092 23 544
Wage-earning households 16 512 16 987
Other households 5 042 5 846
Rest of the world 66 810 72 625
Unspecified sector 574 580

Total 474 748 500 640

Sources: Norwegian Central Securities Depository and Norges Bank

Table 15. Bondholdings in NOK registered with the Norwegian
Central Securities Depository, by issuing sector. Nominal
value. In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Central government and social
 security administration 132 785 139 771 141 793
State lending institutions 252 231 220
Savings banks 64 969 71 795 75 289
Commercial banks 63 694 64 116 67 557
Insurance companies 990 915 915
Mortgage companies 66 187 67 012 69 988
Finance companies 550 550 500
Other financial enterprises 2 300 2 300 2 300
Local government administration
 and municipal enterprises 44 411 43 590 44 402
State enterprises 14 398 14 688 15 62l
Other private enterprises 36 716 38 186 37 020
Households 23 23 23
Rest of the world 10 191 10 001 11 721
Unspecified sector 0 0 0

Total 437 466 453 178 467 349

 31.12.2002 31.03.2003

Central government and social
 security administration 124 640 139 843
State lending institutions 199 194
Savings banks 77 604 81 534
Commercial banks 68 756 70 310
Insurance companies 435 435
Mortgage companies 70 703 66 840
Finance companies 500 500
Other financial enterprises 3 796 3 708
Local government administration
 and municipal enterprises 43 981 48 756
State enterprises 35 060 33 454
Other private enterprises 36 338 36 476
Households 81 196
Rest of the world 13 332 13 780
Unspecified sector 0 0

Total 475 425 496 026

Sources: Norwegian Central Securities Depository and Norges Bank

Table 16. Net purchases and net sales (-) in the primary and
secondary markets for NOK-denominated bonds registered with
the Norwegian Central Securities Depository, by purchasing,
selling and issuing sector. (1) Market value. In millions
of NOK

2003 Q1 Purchasing/selling sector

 Cent.gov't
 and State
 social Norges lending Sav.
Issuing sector security Bank inst. banks

Central government
 and social security
 admin. -1 805 -424 0 -75
State lending inst. 0 0 -4 0
Savings banks 10 0 0 1 024
Commercial
 banks 47 0 0 -361
Insur. companies 0 0 0 0
Mortgage companies -25 0 0 -749
Finance companies 0 0 0 0
Other financial
 enterprises 0 0 0 0
Local gov't. admin.
 and municipal
 enterprises 113 0 0 152
State enterprises -404 0 0 649
Other
 private enterprises -894 0 0 -285
Households 0 0 0 0
Rest of the world 0 0 0 10
Unspecified sector 0 0 0 0
Total -2 957 -424 -4 365

2003 Q1 Purchasing/selling sector

 Insur. Mort. Fin.
 Comm. com- com- com- Secur.
Issuing sector banks panies panies panies funds

Central government
 and social security
 admin. -179 11 780 140 0 667
State lending inst. 0 0 0 0 0
Savings banks 8 814 695 0 602
Commercial
 banks 2 360 -119 -789 0 380
Insur. companies 0 0 0 0 1
Mortgage companies -180 -1 862 358 0 185
Finance companies 0 1 0 0 0
Other financial
 enterprises 2 29 0 0 59
Local gov't. admin.
 and municipal
 enterprises 318 2 654 -38 -2 388
State enterprises -210 -201 -2 0 41
Other
 private enterprises -955 -139 -68 0 -341
Households 0 20 0 0 0
Rest of the world -46 -346 -15 0 8
Unspecified sector 0 0 0 0 0
Total 1 118 12 631 281 -2 1 989

2003 Q1 Purchasing/selling sector

 Local
 Other gov't & Other
 financ. munic. State private
Issuing sector enterpr. enterpr. enterpr. enterpr.

Central government
 and social security
 admin. -62 -50 13 88
State lending inst. 0 0 0 0
Savings banks -86 25 -19 410
Commercial
 banks 171 31 66 -258
Insur. companies 0 0 0 1
Mortgage companies -431 67 0 -133
Finance companies 0 0 0 -1
Other financial
 enterprises 0 44 0 -98
Local gov't. admin.
 and municipal
 enterprises 38 1 615 20 -13
State enterprises -218 15 2 176 287
Other
 private enterprises 1 316 42 6 1 380
Households 30 0 0 27
Rest of the world 0 2 0 26
Unspecified sector 0 0 0 0
Total 758 1 792 2 263 1 717

2003 Q1 Purchasing/selling sector

 Wage- Rest
 earning Other of
 house- house- the Unsp. Total
Issuing sector holds holds world sector (2)

Central government
 and social security
 admin. -63 58 5 137 0 15 227
State lending inst. 0 0 0 0 -4
Savings banks -35 189 644 -2 4 280
Commercial
 banks 301 60 -138 6 1 757
Insur. companies 0 -1 0 0 1
Mortgage companies -4 15 -448 0 -3 206
Finance companies 0 0 0 0 0
Other financial
 enterprises 0 5 6 0 47
Local gov't. admin.
 and municipal
 enterprises 6 174 -36 0 5 389
State enterprises -1 293 -1 033 0 1 392
Other
 private enterprises 37 -16 57 -1 139
Households 5 2 0 3 88
Rest of the world 134 0 674 4 448
Unspecified sector 0 0 0 0 0
Total 380 779 4 862 10 25 558

(1) Issues at issue price + purchases at market value--sales at
market value--redemption value.

(2) Total shows net issues in the primary market. Purchases and
sales in the secondary market result in redistribution between
owner sectors, but add up to 0.

Sources: Norwegian Central Securities Depository and Norges Bank

Table 17. NOK-denominated short-term paper registered with the
Norwegian Central Securities Depository by holding sector.
Market value. In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Central government and social
 security administration 6 444 5 845 6 635
Norges Bank 3 053 2 219 2 590
State lending institutions 0 0 0
Savings banks 3 529 3 435 3 846
Commercial banks 13 633 13 546 16 610
Insurance companies 42 046 44 160 45 333
Mortgage companies 173 2 569 1 682
Finance companies 58 48 61
Mutual funds 21 180 22 577 25 183
Other financial enterprises 2 656 1 900 2 196
Local government administration
 and municipal enterprises 4 022 8 918 7 352
State enterprises 10 944 4 784 6 078
Other private enterprises 6 762 6 442 6 877
Wage-earning households 121 191 232
Other households 1 245 1 331 1 137
Rest of the world 13 394 11 846 12 457
Unspecified sector 48 8 7

Total 129 308 129 819 138 277

 31.12.2002 31.03.2003

Central government and social
 security administration 3 806 9 037
Norges Bank 2 298 2 177
State lending institutions 0 0
Savings banks 4 424 3 878
Commercial banks 14 890 10 721
Insurance companies 52 320 49 107
Mortgage companies 1 238 3 525
Finance companies 30 33
Mutual funds 26 054 25 834
Other financial enterprises 2 722 3 518
Local government administration
 and municipal enterprises 6 526 5 860
State enterprises 1 510 12 847
Other private enterprises 7 038 5 456
Wage-earning households 274 301
Other households 1 049 1 387
Rest of the world 10 980 10 814
Unspecified sector 22 6

Total 135 180 144 502

Sources: Norwegian Central Securities Depository and Norges Bank

Table 18. Outstanding short-term paper, by issuing sector.
(1) Nominal value. In millions of NOK

Issuing sector 31.03.2002 30.06.2002 30.09.2002

Central government and social
 security administration 36 500 33 000 41 500
Counties 1 163 1 076 1 026
Municipalities 3 280 3 722 3 140
State lending institutions 0 0 0
Commercial banks 21 937 21 744 18 867
Savings banks 34 421 36 311 39 616
Mortgage companies 4 380 3 572 3 497
Finance companies 550 625 600
Other financial enterprises 0 0 0
State enterprises 4 630 8 605 10 627
Municipal enterprises 11 094 10 039 9 522
Private enterprises 11 690 13 723 12 061
Rest of the world 2 400 1 225 1 700

Total 132 045 133 642 142 156

Issuing sector 31.12.2002 31.03.2003

Central government and social
 security administration 51 500 62 500
Counties 474 622
Municipalities 4 285 4 241
State lending institutions 0 0
Commercial banks 18 434 14 357
Savings banks 40 538 37 629
Mortgage companies 1 787 4 255
Finance companies 600 0
Other financial enterprises 0 0
State enterprises 5 420 2 135
Municipal enterprises 8 526 6 944
Private enterprises 9 547 11 187
Rest of the world 2 500 3 190

Total 143 611 147 060

(1) Comprises short-term paper issued in Norway in NOK by domestic
sectors and foreigners and paper in foreign currency issued by
domestic sectors.

Source: Norges Bank


Credit and liquidity trends
Table 19. Credit indicator and money supply

 Volume figures at end
 of period NKObn

 C2 (1) C3 (2) M2 (3)

December 1994 893.5 1 075.8 501.3
December 1995 936.0 1 123.6 530.3
December 1996 992.5 1 213.4 564.4
December 1997 1 099.1 1 363.7 578.5
December 1998 1 192.8 1 521.5 605.3
December 1999 1 295.0 1 697.2 670.1
December 2000 1 460.9 1 921.1 731.8
December 2001 1 608.2 2 078.1 795.2

January 2002 1 614.9 2 086.1 821.0
February 2002 1 622.4 2 089.5 812.4
March 2002 1 632.5 2 100.9 812.9
April 2002 1 647.2 2 117.9 800.1
May 2002 1 655.3 2 108.8 805.7
June 2002 1 667.9 2 108.6 844.5
July 2002 1 674.5 2 117.1 837.1
August 2002 1 682.9 2 120.5 826.4
September 2002 1 690.7 2 123.1 820.7
October 2002 1 701.7 2 140.0 844.7
November 2002 1 723.9 2 156.7 829.2
December 2002 1 724.6 2 151.7 855.4
January 2003 1 734.5 2 159.9 866.6
February 2003 1 744.6 2 187.1 858.8
March 2003 1 756.5 854.3
April 2003 1 765.3 844.6

 Percentage growth

 Over past 3
 months
 Annualised
 Over past 12 months rate (4)

 C2 C3 M2
 (1) (2) (3) C2 M2

December 1994 2.3 1.3 5.8 2.8 1.3
December 1995 4.9 5.2 6.0 5.4 1.3
December 1996 6.0 5.3 6.4 7.7 4.5
December 1997 10.2 10.2 1.8 10.1 3.0
December 1998 8.3 12.2 4.4 6.3 5.4
December 1999 8.4 8.0 10.5 9.7 8.4
December 2000 12.3 10.6 8.8 11.8 7.4
December 2001 9.7 7.1 9.3 8.8 10.9

January 2002 9.4 7.4 10.1 8.5 11.0
February 2002 8.9 7.3 8.1 8.2 10.9
March 2002 8.8 7.5 8.8 8.2 5.6
April 2002 8.9 7.4 8.7 8.7 4.7
May 2002 9.2 7.1 7.3 9.9 5.5
June 2002 9.5 7.3 9.8 10.3 8.5
July 2002 9.3 7.4 9.0 10.3 8.9
August 2002 9.1 7.8 7.6 8.8 4.0
September 2002 8.6 7.6 6.3 7.8 3.2
October 2002 8.6 7.1 8.6 7.5 3.6
November 2002 8.9 6.9 7.8 8.4 10.1
December 2002 8.9 6.9 8.3 9.5 9.7
January 2003 9.0 6.9 6.3 9.3 8.0
February 2003 8.8 7.0 6.2 8.5 2.5
March 2003 8.7 5.5 6.8 0.6
April 2003 8.2 5.9

(1) C2 = Credit indicator. Credit from domestic sources; actual
figures.

(2) C3 = Total credit from domestic and foreign sources; actual
figures.

(3) M2 = Money supply.

(4) Seasonally adjusted figures

Source: Norges Bank

Table 20. Domestic credit supply to the general public (1), by source.
In millions of NOK. 12-month growth as a percentage

 31.12.2000 31.12.2001

 Amount % Amount %

Private banks 938 076 13.8 1 030 694 9.6
State lending institutions 167 921 3.9 176 494 5.1
Norges Bank 575 1.6 603 4.9
Mortgage companies 144 846 20.4 167 698 15.6
Finance companies 66 809 12.1 79 474 14.6
Life insurance companies 23 047 -8.0 24 482 0.2
Pension funds 4 796 -3.9 3 742 7.1
Non-life insurance companies 1 649 24.8 934 -43.4
Bond debt (2) 82 838 9.7 89 671 8.2
Notes and short-term paper 24 259 27.0 23 752 -2.1
Other sources 6 038 27.4 10 624 76.0

Total domestic credit (C2) (3) 1 460 854 12.3 1 608 168 9.7

 31.12.2002 30.04.2003

 Amount % Amount %

Private banks 1 097 144 8.2 1 120 113 7.0
State lending institutions 185 932 5.3 189 356 4.4
Norges Bank 651 8.0 728 19.1
Mortgage companies 182 006 10.9 189 818 16.7
Finance companies 83 239 9.9 85 486 8.4
Life insurance companies 23 124 -5.5 23 830 3.3
Pension funds 3 742 0.0 3 742 0.0
Non-life insurance companies 919 -1.6 920 9.5
Bond debt (2) 107 399 19.8 112 371 24.1
Notes and short-term paper 26 145 10.1 24 055 -25.0
Other sources 14 295 34.6 14 865 25.5

Total domestic credit (C2) (3) 1 724 596 8.9 1 765 284 8.2

(1) Comprises local government administration, non-financial
enterprises and households

(2) Adjusted for non-residents' holdings of Norwegian private and
municipal bonds in Norway.

(3) Corresponds to Norges Bank's credit indicator (C2).

Source: Norges Bank

Table 21. Composition of money supply. In millions of NOK

Actual figures Notes Transaction Other
at end of and account deposits
period coins deposits M1 (1) (2)

December 1994 40 454 172 154 210 108 286 081
December 1995 42 069 178 653 217 727 296 799
December 1996 43 324 208 072 247 937 294 741
December 1997 46 014 227 382 269 597 278 741
December 1998 46 070 237 046 279 188 292 820
December 1999 48 020 300 131 343 496 295 822
December 2000 46 952 328 816 371 340 326 351
December 2001 46 633 344 109 386 147 370 172

January 2002 42 613 350 854 389 293 393 988
February 2002 41 510 346 813 384 287 390 769
March 2002 42 002 346 918 384 789 384 961
April 2002 40 746 337 329 374 096 381 891
May 2002 40 785 342 667 379 393 379 315
June 2002 41 900 378 726 416 494 381 452
July 2002 40 945 365 142 401 902 389 106
August 2002 40 649 349 274 385 825 394 607
September 2002 40 188 350 270 386 502 388 380
October 2002 40 024 358 125 394 210 404 464
November 2002 40 783 349 028 385 824 398 522
December 2002 44 955 360 553 400 835 409 354
January 2003 41 157 360 620 397 901 426 302
February 2003 40 236 359 575 396 153 421 505
March 2003 39 718 363 231 399 373 412 803
April 2003 40 151 354 817 391 088 417 288

Actual figures Change in
at end of M2 last 12
period CDs M2 (3) months,total

December 1994 5 116 501 305 25 290
December 1995 15 731 530 257 28 952
December 1996 21 686 564 364 34 107
December 1997 30 200 578 538 14 174
December 1998 33 321 605 329 26 791
December 1999 30 803 670 121 64 792
December 2000 34 152 731 843 61 722
December 2001 38 899 795 218 63 375

January 2002 37 746 821 027 71 321
February 2002 37 342 812 398 56 458
March 2002 43 124 812 874 60 599
April 2002 44 146 800 133 59 463
May 2002 47 000 805 708 49 073
June 2002 46 540 844 486 68 794
July 2002 46 078 837 086 63 619
August 2002 45 931 826 363 54 280
September 2002 45 822 820 704 44 864
October 2002 45 998 844 672 62 994
November 2002 44 822 829 168 55 224
December 2002 45 201 855 390 60 172
January 2003 42 438 866 641 45 614
February 2003 41 162 858 820 46 422
March 2003 42 163 854 339 41 465
April 2003 36 193 844 569 44 436

(1) The narrow money concept M1 constitutes the money-holding
sector's stock of Norwegian notes and coins plus the sector's
transaction account deposits in Norges Bank, commercial banks
and savings banks (in NOK and foreign currency).

(2) Excluding restricted bank deposits (BSU, IPA, withholding
tax accounts, etc).

(3) The broad money concept M2 constitutes the sum of M1 and
the money-holding sector's other bank deposits and CDs (in NOK
and foreign currency) excluding restricted bank deposits (BSU,
IPA, withholding tax accounts, etc).

Source: Norges Bank

Table 22. Household financial balance. Financial investments
and holdings, by financial instrument. In billions of NOK

 Financial investments

 Year Q4

 1999 2000 2001 2001 2002

Bank deposits, etc. (1) 33.4 33.0 39.5 14.0 22.8
Bonds, etc. (2) 2.2 7.8 6.7 2.9 -0.3
Shares, etc. (3) 2.6 4.5 6.8 0.9 0.2
Units in securities funds 7.0 11.7 2.3 0.2 -0.6
Insurance claims 20.6 23.0 32.9 12.5 7.7
Loans and other assets (4) 5.4 7.0 7.4 0.2 -1.9

Total assets 71.2 87.1 95.6 30.6 27.9

Loans from commercial and
 savings banks 49.9 66.5 67.9 20.1 16.0
Loans from state lending
 inst. and Norges Bank 6.0 7.7 8.5 1.4 1.5
Loans from private
 mortgage and
 finance companies 0.4 6.2 14.2 3.6 4.2
Loans from insurance
 companies -3.9 -2.5 -0.5 0.2 -0.2
Other liabilities (5) 5.5 -0.3 7.8 8.3 7.7

Total liabilities 58.2 77.6 97.8 33.6 29.3
Net 13.0 9.4 -2.3 -3.0 -1.3

 Holdings

 Year At 31 Dec.

 1999 2000 2001 2001 2002

Bank deposits, etc. (1) 407.9 440.9 480.5 480.5 527.9
Bonds, etc. (2) 10.9 18.2 21.5 21.5 22.9
Shares, etc. (3) 166.6 174.7 173.0 173.0 165.0
Units in securities funds 77.9 85.7 78.1 78.1 66.5
Insurance claims 428.0 455.1 471.7 471.7 490.1
Loans and other assets (4) 100.9 107.9 115.3 115.3 119.6

Total assets 1192.2 1282.5 1340.1 1340.1 1392.0

Loans from commercial and
 savings banks 525.3 591.9 659.8 659.8 727.3
Loans from state lending
 inst. and Norges Bank 134.3 141.4 149.1 149.1 156.7
Loans from private
 mortgage and
 finance companies 47.1 53.5 67.7 67.7 80.1
Loans from insurance
 companies 19.2 16.7 16.2 16.2 16.2
Other liabilities (5) 83.3 82.6 89.9 89.9 89.5

Total liabilities 809.3 886.2 982.8 982.8 1069.8
Net 383.0 396.3 357.3 357.3 322.1

(1) Notes and coins and bank deposits.

(2) Bearer bonds, savings bonds, premium bonds, notes and short-term
Treasury notes.

(3) VPS-registered (registered with the Norwegian Central Securities
Depository), non-registered shares and primary capital certificates.

(4) Loans, accrued interest, holiday pay claims and tax claims.

(5) Other loans, bonds and notes, tax liabilities, and accrued
interest.

Sources: Norges Bank and Statistics Norway

Table 23. Money market liquidity. Liquidity effect from 1 January
to end period. In millions of NOK

 1.1 - 31.12 1.1 - 31.5

Supply+/withdrawal- 2001 2002 2002 2003

Central gov't. and other
 public accounts (excl. paper
 issued by state lending
 inst. and gov't.) -115 094 5 950 -24 849 -36 856
Paper issued by state lending
 inst. and govt. 8 514 -13 598 -8 501 -28 534
Purchase of foreign exchange
 for Gov't Petroleum Fund 120 300 56 545 21 435 14 620
Other foreign exchange
 transactions 91 421 0 0
Holdings of banknotes and
 coins (1) (estimate) 424 1 741 5 859 3 597
Overnight loans -126 0 0 0
Fixed-rate loans -6 011 -15 140 -7 140 0
Other central bank financing -8 135 -18 700 15 17 840

Total reserves -37 17 219 -13 181 -29 333

Of which:
Sight deposits with Norges
 Bank -37 17 219 -13 181 -29 333
Treasury bills 0 0 0 0
Other reserves (estimate) 0 0 0 0

(1) The figures are mainly based on Norges Bank's accounts.
Discrepancies may arise between the bank's own statements
and banking statistics due to different accruals.

Source: Norges Bank


Interest rate statistics
Table 24. Nominal interest rates for NOK. Averages.
Per cent per annum

 1-month 3-month 12-month

 NIDR NIBOR NIDR NIBOR NIDR NIBOR

January 2002 6.7 6.5 6.5 6.3 6.4 6.2
February 2002 6.7 6.6 6.7 6.6 6.8 6.7
March 2002 6.8 6.7 6.9 6.7 7.0 6.9
April 2002 6.9 6.7 6.9 6.8 7.2 7.0
May 2002 6.9 6.7 7.1 6.9 7.5 7.3
June 2002 7.0 6.9 7.3 7.1 7.7 7.5
July 2002 7.3 7.2 7.4 7.3 7.6 7.4
August 2002 7.3 7.1 7.4 7.3 7.5 7.3
September 2002 7.3 7.1 7.3 7.1 7.2 7.0
October 2002 7.3 7.1 7.3 7.1 7.0 6.8
November 2002 7.3 7.1 7.3 7.1 6.9 6.7
December 2002 7.1 6.9 6.8 6.6 6.4 6.1
January 2003 6.4 6.2 6.2 6.0 5.9 5.6
February 2003 6.1 5.9 5.9 5.7 5.5 5.3
March 2003 5.8 5.6 5.7 5.5 5.4 5.2
April 2003 5.6 5.4 5.5 5.3 5.2 5.0
May 2003 5.3 5.2 5.1 4.9 4.7 4.5

 Interest rate on Interest rate on
 banks' overnight banks' sight
 loans in deposits with
 Norges Bank Norges Bank

January 2002 8.5 6.5
February 2002 8.5 6.5
March 2002 8.5 6.5
April 2002 8.5 6.5
May 2002 8.5 6.5
June 2002 8.5 6.5
July 2002 8.9 6.9
August 2002 9.0 7.0
September 2002 9.0 7.0
October 2002 9.0 7.0
November 2002 9.0 7.0
December 2002 8.7 6.7
January 2003 8.3 6.3
February 2003 8.0 6.0
March 2003 7.6 5.6
April 2003 7.5 5.5
May 2003 7.0 5.0

Note: NIDR = Norwegian Interbank Deposit Rate, a pure krone
interest rate

NIBOR = Norwegian Interbank Offered Rate, constructed on the
basis of currency swaps

Source: Norges Bank

Table 25. Short-term interest rates (1) for key currencies
in the Euro-market. Per cent per annum

 Interest rate
 differential

 DKK GBP JPY SEK USD EUR NOK/EUR

January 2002 3.6 4.0 0.1 3.8 1.8 3.3 2.9
February 2002 3.5 4.0 0.1 3.9 1.9 3.3 3.1
March 2002 3.6 4.1 0.1 4.1 2.0 3.4 3.2
April 2002 3.6 4.1 0.1 4.3 1.9 3.4 3.3
May 2002 3.7 4.1 0.0 4.4 1.9 3.4 3.3
June 2002 3.7 4.1 0.0 4.4 1.8 3.4 3.6
July 2002 3.6 4.0 0.0 4.4 1.8 3.4 3.8
August 2002 3.5 3.9 0.0 4.3 1.8 3.3 3.8
September 2002 3.4 3.9 0.0 4.3 1.8 3.3 3.8
October 2002 3.4 3.9 0.0 4.3 1.7 3.2 3.8
November 2002 3.2 3.9 0.0 4.1 1.4 3.1 3.9
December 2002 3.0 4.0 0.0 3.8 1.4 2.9 3.5
January 2003 2.9 3.9 0.0 3.8 1.3 2.8 3.1
February 2003 2.8 3.7 0.0 3.7 1.3 2.7 2.9
March 2003 2.6 3.6 0.0 3.5 1.3 2.5 2.9
April 2003 2.6 3.6 0.0 3.5 1.3 2.5 2.6
May 2003 2.5 3.6 0.0 3.3 1.2 2.4 2.4

(1) Three-month rates, monthly average of daily quotations.

Sources: OECD and Norges Bank

Table 26. Yields on Norwegian bonds (1). Per cent per annum

 3-year 5-year 10-year

 Gov't Private Gov't Private Gov't Private

January 2002 6.0 6.6 6.1 6.7 6.2 6.9
February 2002 6.3 6.9 6.4 6.9 6.4 7.0
March 2002 6.6 7.0 6.5 7.1 6.6 7.1
April 2002 6.6 7.2 6.6 7.1 6.7 7.2
May 2002 6.9 7.3 6.8 7.3 6.8 7.3
June 2002 7.1 7.5 6.9 7.4 6.8 7.4
July 2002 6.8 7.2 6.7 7.1 6.6 7.1
August 2002 6.5 7.0 6.4 6.9 6.3 6.9
September 2002 6.2 6.7 6.1 6.6 6.1 6.6
October 2002 6.1 6.7 6.1 6.6 6.2 6.7
November 2002 6.0 6.6 6.0 6.5 6.1 6.6
December 2002 5.6 6.3 5.7 6.3 5.9 6.4
January 2003 5.3 5.9 5.4 6.0 5.7 6.1
February 2003 4.9 5.4 5.0 5.5 5.3 5.6
March 2003 5.0 5.3 5.1 6.3 5.2 5.7
April 2003 4.9 5.3 5.0 6.3 5.3 5.8
May 2003 4.4 5.2 4.6 5.7 5.0 5.6

(1) Whole-year interest rate paid in arrears. Monthly average.
As of 1 January 1993 based on interest rate on representative
bonds weighted by residual maturity.

Source: Norges Bank

Table 27. Yields on government bonds (1) in key currencies.
Per cent per annum

 DEM DKK FIM FFR GBP JPY

January 2002 4.9 5.2 5.1 5.0 4.9 1.4
February 2002 5.0 5.2 5.2 5.0 4.9 1.5
March 2002 5.2 5.5 5.4 5.2 5.2 1.5
April 2002 5.2 5.5 5.4 5.3 5.2 1.4
May 2002 5.2 5.5 5.5 5.3 5.3 1.4
June 2002 5.1 5.4 5.3 5.1 5.1 1.4
July 2002 4.9 5.2 5.2 5.0 5.0 1.3
August 2002 4.7 4.9 4.9 4.7 4.7 1.3
September 2002 4.5 4.8 4.7 4.5 4.5 1.2
October 2002 4.6 4.9 4.7 4.6 4.6 1.1
November 2002 4.6 4.9 4.7 4.6 4.6 1.0
December 2002 4.4 4.7 4.5 4.4 4.5 1.0
January 2003 4.2 4.5 4.3 4.2 4.4 0.8
February 2003 4.0 4.3 4.1 4.0 4.2 0.8
March 2003 4.1 4.3 4.2 4.1 4.3 0.7
April 2003 4.2 4.5 4.3 4.2 4.4 0.7
May 2003 3.9 4.1 3.9 3.9 4.1 0.6

 Interest rate
 differential
 SEK USD NOK/DEM (2)

January 2002 5.3 5.2 1.3
February 2002 5.4 5.0 1.4
March 2002 5.4 1.4
April 2002 5.3 1.5
May 2002 5.2 1.5
June 2002 4.9 1.7
July 2002 4.6 1.6
August 2002 4.2 1.7
September 2002 3.9 1.6
October 2002 3.9 1.6
November 2002 4.1 1.6
December 2002 4.1 1.5
January 2003 4.0 1.4
February 2003 3.9 1.3
March 2003 3.8 1.2
April 2003 4.0 1.1
May 2003 3.5 1.1

(1) Government bonds with 10 years to maturity. Monthly
average of daily quotations.

(2) Differential between yields on Norwegian and German
government bonds with 10 years to maturity.

Sources: OECD and Norges Bank

Table 28. Commercial and savings banks. Average interest rates and
commissions on utilised loans in NOK to the general public at
end of quarter. Per cent per annum.

 Loans, excl. non-accrual loans

 Non- Non-
 financial financial
 Local public private
 Total govern- enter- enter- House-
 loans ment prises prises holds

2002 Q1
 Commercial banks 8.11 7.50 7.99 8.28 8.01
 Savings banks 8.51 7.13 7.76 8.89 8.41
 All banks 8.31 7.30 7.93 8.52 8.24

2002 Q2
 Commercial banks 8.15 7.90 7.97 8.40 7.99
 Savings banks 8.51 7.34 7.72 8.97 8.38
 All banks 8.33 7.63 7.91 8.62 8.21

2002 Q3
 Commercial banks 8.59 7.79 8.03 8.82 8.47
 Savings banks 8.98 7.60 8.12 9.33 8.89
 All banks 8.79 7.70 8.05 9.02 8.71

2002 Q4
 Commercial banks 8.49 7.60 7.73 8.57 8.47
 Savings banks 8.91 7.49 7.85 9.16 8.85
 All banks 8.71 7.55 7.76 8.80 8.69

2003 Q1
 Commercial banks 7.52 6.48 6.67 7.66 7.47
 Savings banks 7.94 6.48 6.98 8.32 7.84
 All banks 7.74 6.48 6.75 7.92 7.68

 Loans, excl. non-accrual loans

 Credit lines Repayment loans

 Overdrafts and Housing Other
 building loans loans loans

2002 Q1
 Commercial banks 9.83 7.88 7.89
 Savings banks 10.88 8.12 8.75
 All banks 10.28 8.01 8.27

2002 Q2
 Commercial banks 9.73 7.86 8.06
 Savings banks 10.80 8.11 8.80
 All banks 10.18 8.01 8.39

2002 Q3
 Commercial banks 10.53 8.32 8.38
 Savings banks 11.34 8.60 9.22
 All banks 10.87 8.48 8.75

2002 Q4
 Commercial banks 10.39 8.34 8.19
 Savings banks 11.16 8.58 9.11
 All banks 10.73 8.48 8.59

2003 Q1
 Commercial banks 9.45 7.32 7.30
 Savings banks 10.25 7.56 8.26
 All banks 9.81 7.46 7.71

Source: Norges Bank

Table 29. Commercial and savings banks. Average interest
rates on deposits in NOK from the general public at end
of quarter. Per cent per annum

 Non-
 Local financial Non-financial
 Total govern- public private
 deposits ment enterprises enterprises

2002 Q1
 Commercial banks 5.38 6.06 5.96 5.52
 Savings banks 5.41 6.47 6.41 5.62
 All banks 5.40 6.33 6.12 5.55

2002 Q2
 Commercial banks 5.27 6.07 6.25 5.43
 Savings banks 5.32 6.70 6.78 5.70
 All banks 5.29 6.45 6.42 5.53

2002 Q3
 Commercial banks 5.77 6.37 6.57 6.02
 Savings banks 5.83 6.91 6.78 6.06
 All banks 5.80 6.70 6.64 6.03

2002 Q4
 Commercial banks 5.74 6.22 6.23 5.85
 Savings banks 5.85 6.60 6.53 5.89
 All banks 5.79 6.46 6.36 5.86

20O3 Q1
 Commercial banks 4.89 5.17 5.23 4.82
 Savings banks 4.89 5.63 5.57 4.97
 All banks 4.89 5.46 5.36 4.88

 Deposits on
 House- transaction Other
 holds accounts deposits

2002 Q1
 Commercial banks 5.22 4.72 6.07
 Savings banks 5.22 4.26 6.09
 All banks 5.22 4.53 6.08

2002 Q2
 Commercial banks 5.05 4.62 6.05
 Savings banks 5.06 4.09 6.09
 All banks 5.06 4.40 6.08

2002 Q3
 Commercial banks 5.54 5.00 6.40
 Savings banks 5.66 4.57 6.54
 All banks 5.60 4.95 6.48

2002 Q4
 Commercial banks 5.62 5.18 6.36
 Savings banks 5.75 4.55 6.53
 All banks 5.69 4.92 6.46

20O3 Q1
 Commercial banks 4.90 4.30 5.53
 Savings banks 4.78 3.73 5.52
 All banks 4.83 4.06 5.52

Source: Norges Bank

Table 30. Life insurance companies. Average interest rates
by type of loan at end of quarter. Per cent per annum

 Housing Other Total
 loans loans loans

31.03.2002 7.7 6.8 7.3
30.06.2002 7.9 7.1 7.5
30.09.2002 8.0 7.1 7.5
31.12.2002 7.8 7.0 7.3
31.03.2003 6.9 6.4 6.7

Source: Norges Bank

Table 31. Mortgage companies. Average interest rates, incl.
commissions on loans to private sector at end of quarter.
Per cent per annum

 Loans to
 Housing private Total
 loans enterprises loans

31.03.2002 7.4 7.5 7.1
30.06.2002 7.5 7.6 7.2
30.09.2002 7.8 7.8 7.4
31.12.2002 7.8 7.7 7.3
31.03.2003 7.2 7.2 6.7

Source: Norges Bank


Profit/loss and capital adequacy data
Table 32. Profit/loss and capital adequacy: commercial banks (1).
Percentage of average total assets

 Q1

 2001 2002 2002 2003

Interest income 7.6 7.3 7.0 6.8
Interest expenses 5.8 5.5 5.3 5.1
Net interest income 1.8 1.9 1.8 1.7
Total other operating income 1.1 0.8 0.9 0.8
Other operating expenses 1.9 1.8 1.7 1.6
Operating profit before losses 1.0 0.9 0.9 0.8
Recorded losses on loans and guarantees 0.3 0.5 0.1 0.6
Ordinary operating profit (before taxes) 0.7 0.4 0.9 0.3

Capital adequacy ratio (2) 11.7 11.1 11.7 11.4
Of which:
 Core capital 8.7 8.4 8.7 8.4

(1) Parent banks (excluding branches abroad) including Postbanken and
foreign-owned branches.

(2) As a percentage of the basis of measurement for capital adequacy.

Source: Norges Bank

Table 33. Profit/loss and capital adequacy: savings banks.
Percentage of average total assets

 Q1

 2001 2002 2002 2003

Interest income 8.1 7.8 7.6 7.3
Interest expenses 5.6 5.3 5.1 5.0
Net interest income 2.5 2.5 2.4 2.3
Total other operating income 0.7 0.5 0.8 0.5
Other operating expenses 1.8 1.8 1.8 1.7
Operating profit before losses 1.4 1.2 1.4 1.2
Recorded losses on loans and guarantees 0.3 0.4 0.2 0.2
Ordinary operating profit (before taxes) 1.2 0.8 1.3 0.9

Capital adequacy ratio (1) 13.8 13.5 13.5 13.5
Of which:
 Core capital 11.0 11.1 10.8 10.8

(1) As a percentage of the basis of measurement for capital adequacy.

Source: Norges Bank

Table 34. Profit/loss and capital adequacy: finance companies (1).
Percentage of average total assets

 Q1

 2001 2002 2002 2003

Interest income 10.3 9.4 9.2 9.5
Interest expenses 6.0 5.5 5.2 4.9
Net interest income 4.2 4.0 4.0 4.5
Total other operating income 2.8 2.4 2.2 2.0
Other operating expenses 4.4 4.0 3.7 3.9
Operating profit before losses 2.6 2.4 2.5 2.7
Recorded losses on loans and guarantees 0.5 0.6 0.2 0.9
Ordinary operating profit (before taxes) 2.1 1.8 2.3 1.8

Capital adequacy ratio (2) 11.3 10.9 11.6 10.4
Of which:
 Core capital 9.8 9.3 10.1 8.9

(1) All Norwegian parent companies (excl. OBOS) and foreign-owned
branches.

(2) As a percentage of the basis of measurement for capital adequacy.

Source: Norges Bank

Table 35. Profit/loss and capital adequacy: mortgage companies (1).
Percentage of average total assets

 Q1

 2001 2002 2002 2003

Interest income 6.5 5.3 5.4 5.0
Interest expenses 5.7 4.7 4.7 4.3
Net interest income 0.8 0.7 0.7 0.7
Total other operating income -0,0 -0,0 0.0 0.0
Other operating expenses 0.2 0.2 0.2 0.1
Operating profit before losses 0.6 0.5 0.6 0.6
Recorded losses on loans and guarantees 0.0 0.0 0.0 0.0
Ordinary operating profit (before taxes) 0.6 0.5 0.6 0.5

Capital adequacy (2) 14.7 12.7 14.3 12.7
Of which:
 Core capital 11.2 10.4 11.0 10.2

(1) All Norwegian parent companies.

(2) As a percentage of the basis of measurement for capital adequacy.

Source: Norges Bank


Exchange rates
Table 36. The international value of the krone and exchange
rates against selected currencies. Monthly average of
representative market rates

 Trade-weighted
 krone 1 100 100
 exchange rate (1) EUR DEM DKK

January 2002 102.72 7.9208 404.98 106.56
February 2002 101.34 7.7853 398.06 104.78
March 2002 100.67 7.7191 103.86
April 2002 99.16 7.6221 102.53
May 2002 97.06 7.5147 101.07
June 2002 95.13 7.4048 99.62
July 2002 94.60 7.4050 99.66
August 2002 95.09 7.4284 100.02
September 2002 94.38 7.3619 99.12
October 2002 94.06 7.3405 98.80
November 2002 93.58 7.3190 98.53
December 2002 92.91 7.2953 98.24
January 2003 92.52 7.3328 98.66
February 2003 94.75 7.5439 101.51
March 2003 98.02 7.8450 105.62
April 2003 97.78 7.8316 105.47
May 2003 97.10 7.8711 106.01

 100 100 1 100 100 1
 FIM FRF GBP JPY SEK USD

January 2002 133.22 120.75 12.85 6.76 85.84 8.97
February 2002 130.94 118.69 12.73 6.70 84.78 8.95
March 2002 12.53 6.73 85.19 8.81
April 2002 12.42 6.58 83.44 8.61
May 2002 11.96 6.49 81.53 8.19
June 2002 11.50 6.29 81.25 7.75
July 2002 11.60 6.32 79.90 7.46
August 2002 11.67 6.39 80.32 7.60
September 2002 11.67 6.22 80.30 7.51
October 2002 11.65 6.04 80.62 7.48
November 2002 11.49 6.02 80.59 7.31
December 2002 11.36 5.87 80.20 7.17
January 2003 11.16 5.81 79.93 6.90
February 2003 11.26 5.87 82.49 7.00
March 2003 11.49 6.12 85.03 7.26
April 2003 11.37 6.02 85.56 7.22
May 2003 11.04 5.80 85.97 6.80

(1) The nominal effective krone exchange rate is calculated on the
basis of the NOK exchange rate against the currencies of Norway's
25 main trading partners, calculated as a chained index and
trade-weighted using the OECD's weights. The weights, which are
updated annually, are calculated on the basis of each country's
competitive position in relation to Norwegian manufacturing.
The index is set at 100 in 1990. A rising index value denotes
a depreciating krone.

Further information can be found on Norges Bank's website
(www.norges-bank.no).

Source: Norges Bank

Table 37. Exchange cross rates. Monthly average of
representative exchange rates

 DEM/ JPY/
 DEM/USD (1) GBP (1) USD/EUR DEM (1) JPY/USD

January 2002 2.2145 3.1720 0.883 59.876 132.60
February 2002 2.2480 3.1979 0.870 59.426 133.59
March 2002 0.876 130.93
April 2002 0.886 130.75
May 2002 0.917 126.29
June 2002 0.955 123.34
July 2002 0.992 118.04
August 2002 0.978 118.95
September 2002 0.981 120.68
October 2002 0.981 123.91
November 2002 1.001 121.49
December 2002 1.018 122.01
January 2003 1.062 118.74
February 2003 1.077 119.35
March 2003 1.080 118.61
April 2003 1.084 119.97
May 2003 1.157 117.20

(1) Converted via the euro on the basis of the rate at 31.12.1998.
This conversion was discontinued as at 28.02.2002.

Source: Norges Bank


Balance of payments
Table 38. Balance of payments. In millions of NOK

 January-March

 2001 2002 2002 2003

Goods balance 234 046 190 755 49 621 54 338
Service balance 28 284 24 654 7 436 5 791
Net interest and transfers -23 811 -14 784 -2 083 -6 090

A. Current account balance 238 519 200 625 54 974 54 039
 Of which:
 Petroleum
 activities (1) 321 353 261 947 63 323 75 432
 Shipping (1) 46 707 38 682 9 223 9 123
 Other sectors -129 541 -100 004 -17 572 -30 516

B. Net capital transfers -840 462 870 218

C. Capital outflow excl.
 Norges Bank -26 849 66 361 7 705 -5 781
 Distributed among:
 Central government
 sector 14 832 4 439 -2 146 17
 Local government sector 237 719 433 117
 Commercial and savings
 banks -36 137 -74 713 -32 934 -23 489
 Insurance 9 540 42 208 9 159 5 188
 Other financial
 institutions -13 263 -38 529 -913 -15 896
 Shipping -768 2 684 1 306 -710
 Petroleum activities -42 379 -30 246 -10 699 69
 Other private and state
 enterprises 5 000 30 714 34 248 12 244
 Unallocated (incl.
 errors and omissions) 36 089 129 085 9 251 16 679

D. Norges Bank's net capital
 outflow (A + B - C) 264 528 133 802 48 139 60 038

E. Valuation changes in
 Norges Bank's net
 foreign assets -41 057 -131 634 -43 035 -42 270

Change in Norges Bank's net
 foreign assets (D + E) 223 471 2 168 5 104 17 768

(1) Specified by Norges Bank on the basis of items from the balance
of payments.

Sources: Statistics Norway and Norges Bank

Table 39. Norway's foreign assets and debt. In billions of NOK

 31.12.2001

 Assets Debt Net

Central government admin. 28.3 64.2 -35.9
Norges Bank incl. Petroleum Fund 959.5 176.8 782.7
State lending institutions 7.5 0.0 7.5
Commercial and savings banks 137.7 360.1 -222.4
Mortgage companies 45.6 127.1 -81.5
Finance companies 3.7 30.1 -26.4
Insurance companies 204.9 19.1 185.8
Local government 0.0 2.2 -2.2
Municipal enterprises 0.3 8.9 -8.6
State enterprises 111.8 92.4 19.4
Other Norwegian sectors 456.4 441.4 15.0
Undistributed and errors and omissions 0.0 0.0 0.0

All sectors 1955.7 1322.3 633.4

 31.12.2002

 Assets Debt Net

Central government admin. 29.6 68.0 -38.4
Norges Bank incl. Petroleum Fund 1060.1 273.3 786.8
State lending institutions 7.5 0.0 7.5
Commercial and savings banks 126.8 375.1 -248.3
Mortgage companies 56.8 135.5 -78.7
Finance companies 2.9 25.7 -22.8
Insurance companies 190.7 20.2 170.5
Local government 0.2 1.6 -1.4
Municipal enterprises 0.2 8.5 -8.3
State enterprises 129.2 83.3 45.9
Other Norwegian sectors 435.7 416.8 18.9
Undistributed and errors and omissions 101.6 0.0 101.6

All sectors 2141.3 1408.0 733.3

 31.03.2003

 Assets Debt Net

Central government admin. 30.3 68.9 -38.6
Norges Bank incl. Petroleum Fund 1189.4 328.7 860.7
State lending institutions 7.5 0.0 7.5
Commercial and savings banks 139.4 423.5 -284.1
Mortgage companies 572 156.9 -99.7
Finance companies 3.0 25.9 -22.9
Insurance companies 195.2 20.3 174.9
Local government 0.2 1.5 -1.3
Municipal enterprises 0.3 10.1 -9.8
State enterprises 137.5 82.7 54.8
Other Norwegian sectors 440.0 425.8 14.2
Undistributed and errors and omissions 118.3 0.0 118.3

All sectors 2318.3 1544.3 774.0

Norges Bank calculates the holdings figures on the basis of Statistics
Norway's annual census of foreign assets and liabilities and sectoral
statistics for financial industries. These are combined with the
figures on changes in the form of transactions and valuation changes
from the balance of payments and sectoral statistics for insurance and
mortgage companies.

Sources: Statistics Norway and Norges Bank


International capital markets
Table 40. Changes in banks' international assets. (1)
In billions of USD

 Outstanding

 1999 2000 2001 2002 At 31 Dec.

Total 276.1 1 221.5 859.4 794.3 13 425.6
 Of which vis-a-vis:
 Non-banks 298.2 288.8 442.1 299.2 4 567.1
 Banks (and
 undistributed) -22.0 932.7 417.3 495.1 8 858.5

(1) International assets (external positions) comprise

--cross-border claims in all currencies

--foreign currency loans to residents

--equivalent assets, excluding lending

Source: Bank for International Settlements

Table 41. Banks' international claims by currency. Percentage of total
international assets

 December

 1999 2000 2001 2002

US dollar (USD) 41.5 43.3 45.2 41.8
Deutsche mark (DEM) .. .. .. ..
Swiss franc (CHF) 2.4 2.2 2.1 2.0
Japanese yen (JPY) 9.0 8.2 6.1 5.5
Pound sterling (GBP) 4.3 4.4 4.4 4.3
French franc (FRF) .. .. .. ..
Italian lira (ITL) .. .. .. ..
ECU/EURO (1) 27.8 27.8 28.5 33.4
Undistributed (2) 15.0 14.2 13.7 13.0

Total in billions of USD 9 939.5 10 778.6 11 631.5 13 425.6

(1) From January 1999.

(2) Including other currencies not shown in the table, and assets
in banks in countries other than the home countries of the
seven currencies specified.

Source: Bank for International Settlements


Foreign currency trading
Table 42. Foreign exchange banks. Foreign exchange purchased/
sold forward with settlement in NOK. (1) In billions of NOK
at end of month

 Purchased net from:

 Other Non-
 Central financial financial Foreign
 gov't (2) inst. (3) sector sector Total

April 2002 0.1 56.5 64.1 -24.2 96.5
May 2002 0.1 51.1 60.5 -21.3 90.4
June 2002 -0.2 44.9 56.4 -6.9 94.2
July 2002 -0.1 49.6 56.4 -22.5 83.4
August 2002 -0.1 49.7 53.6 -2.2 101.0
September 2002 -0.1 33.4 46.0 31.4 110.7
October 2002 0.0 20.7 46.0 28.2 94.9
November 2002 -0.1 22.3 47.9 32.0 102.1
December 2002 0.0 22.1 48.3 65.0 135.4
January 2003 0.0 23.9 22.2 55.0 101.1
February 2003 0.0 32.7 46.7 64.9 144.3
March 2003 0.0 49.4 42.4 32.2 124.0
April 2003 0.0 36.3 44.1 55.5 135.9

 Purchased gross
 from: Sold gross to:

 Non- Non-
 financial Foreign financial Foreign
 sector sector sector sector

April 2002 105.4 650.2 41.3 674.4
May 2002 108.1 636.6 47.6 657.9
June 2002 106.8 647.1 50.4 654.0
July 2002 110.6 642.8 54.2 665.3
August 2002 107.2 646.7 53.6 648.9
September 2002 102.9 622.2 56.9 590.8
October 2002 99.8 606.6 53.8 578.4
November 2002 99.6 592.5 51.7 560.5
December 2002 102.2 645.6 53.9 580.6
January 2003 110.0 632.2 87.8 577.2
February 2003 121.7 630.8 75.0 565.9
March 2003 114.4 595.9 72.0 563.7
April 2003 110.7 620.7 66.6 565.2

(1) Excl. exchange rate adjustments.

(2) Central government administration, social security
administration and Norges Bank.

(3) Incl. possible discrepancies between forward assets and forward
liabilities within the category of foreign exchange banks.

Source: Statements from commercial and savings banks
(registered foreign exchange banks) to Norges Bank

Table 43. Foreign exchange banks. Overall foreign currency position.
In millions of NOK

 31.03.2002 30.06.2002 30.09.2002

Foreign assets, spot 217 232 203 986 194 813
Foreign liabilities, spot 366 240 317 645 351 361
1. Spot balance, net -149 008 -113 659 -156 548
2. Forward balance, net 76 692 121 215 122 975

 31.12.2002 31.03.2003

Foreign assets, spot 192 705 215 543
Foreign liabilities, spot 326 594 365 732
1. Spot balance, net -133 889 -150 189
2. Forward balance, net 136 072 108 394

Source: Norges Bank

Table 44. Norges Banks' foreign currency transactions with
various sectors. In billions of NOK

 2002 Week in 2003

 1-52 10 11 12

1. Norwegian customers 48 5.5 -29.4 14.2
Net spot (1) 10 2.2 -18.8 14.5
Net forward (1) 38 3.3 -10.6 -0.4
-Change in purchase contracts (2) -12 6.4 2.0 -1.9
- Change in sales contracts (3) 26 9.8 -8.6 -2.2

2. Foreign sector -81 -7.8 27.7 -15.8
Net spot (1) -18 -7.7 12.2 -13.0
Net forward (1) -63 -0.1 15.5 -2.8
-Change in purchase contracts (2) -126 7.8 -13.9 -20.1
- Change in sales contracts (3) -189 7.7 1.7 -23.0

3. Norges Bank 53 0.7 0.7 0.8
Net spot (1) 53 0.7 0.7 0.8
Net forward (1) 0 0.0 0.0 0.0
-Change in purchase contract (2) 0 0.0 0.0 0.0
- Change in sales contracts (3) 0 0.0 0.0 0.0

4. Other
Increase in Norwegian customers'
 net
currency claims on banks -11 4.0 -1.2 -1.5
Increase in banks' total
 positions 4 0.9 1.3 -1.5

Specification of foreign sector
 spot:
Net NOK claims on banks (4) -13 -3.4 10.8 -16.3
VPS-registered shares (5) -2 -1.5 0.2 0.0
VPS-registered bonds (5) -5 -1.1 1.7 -0.8
VPS-registered notes and
 certificates (5) 1 -1.4 -0.5 4.0
Foreign sector purchases of
 VPS-reg. securities, total -- 42.8 34.4 28.8
Foreign sector sales of
 VPS-registered securities, total -- 38.80 35.90 32.00

 Week in 2003

 13 14 15 16

1. Norwegian customers -0.2 -50.5 21.9 -2.0
Net spot (1) -2.5 -55.3 34.2 -11.0
Net forward (1) 2.3 4.8 -12.3 9.1
-Change in purchase contracts (2) -6.2 -6.3 15.5 -18.7
- Change in sales contracts (3) -3.9 -1.5 3.2 -9.7

2. Foreign sector 5.1 39.3 -15.7 -4.6
Net spot (1) -0.8 9.3 -2.0 3.4
Net forward (1) 5.9 30.0 -13.7 -8.0
-Change in purchase contracts (2) 2.6 -7.2 -5.9 36.7
- Change in sales contracts (3) 8.5 22.8 -19.6 28.7

3. Norges Bank 0.8 0.5 0.4 0.3
Net spot (1) 0.8 0.5 0.4 0.3
Net forward (1) 0.0 0.0 0.0 0.0
-Change in purchase contract (2) 0.0 0.0 0.0 0.0
- Change in sales contracts (3) 0.0 0.0 0.0 0.0

4. Other
Increase in Norwegian customers'
 net
currency claims on banks -2.5 10.1 -4.3 -0.3
Increase in banks' total
 positions 1.6 0.3 -1.4 0.2

Specification of foreign sector
 spot:
Net NOK claims on banks (4) 0.7 9.9 -1.4 1.8
VPS-registered shares (5) -0.5 0.2 -1.3 1.3
VPS-registered bonds (5) -0.1 0.0 0.5 0.3
VPS-registered notes and
 certificates (5) -1.0 -0.8 0.3 0.1
Foreign sector purchases of
 VPS-reg. securities, total 35.5 34.9 54.7 19.0
Foreign sector sales of
 VPS-registered securities, total 33.90 34.23 54.10 20.00

 Week in 2003

 17 18 19 20

1. Norwegian customers -2.6 41.0 -12.8 -8.8
Net spot (1) -4.1 37.1 -5.9 -13.2
Net forward (1) 1.5 3.8 -6.9 4.4
-Change in purchase contracts (2) -4.9 -3.8 4.7 -8.0
- Change in sales contracts (3) -3.4 0.0 -2.3 -3.6

2. Foreign sector 6.4 -28.5 17.0 8.2
Net spot (1) -11.9 -2.5 12.1 -0.5
Net forward (1) 18.2 -26.0 4.9 8.7
-Change in purchase contracts (2) -64.7 48.5 -34.8 1.0
- Change in sales contracts (3) -46.4 22.5 -30.0 9.7

3. Norges Bank 0.6 0.6 0.7 0.5
Net spot (1) 0.6 0.6 0.7 0.5
Net forward (1) 0.0 0.0 0.0 0.0
-Change in purchase contract (2) 0.0 0.0 0.0 0.0
- Change in sales contracts (3) 0.0 0.0 0.0 0.0

4. Other
Increase in Norwegian customers'
 net
currency claims on banks -4.7 -12.4 -4.7 0.6
Increase in banks' total
 positions 2.0 2.0 -1.7 -1.6

Specification of foreign sector
 spot:
Net NOK claims on banks (4) -10.7 -7.7 11.9 -0.6
VPS-registered shares (5) -0.2 4.2 1.9 -0.4
VPS-registered bonds (5) -0.7 0.6 -1.1 0.0
VPS-registered notes and
 certificates (5) -0.2 0.4 -0.5 0.4
Foreign sector purchases of
 VPS-reg. securities, total 42.0 60.0 67.0 43.0
Foreign sector sales of
 VPS-registered securities, total 41.00 65.00 68.00 43.00

 Week in 2003

 21 22 1-22

1. Norwegian customers 36.3 14.1 26.7
Net spot (1) 35.2 -2.2 15.9
Net forward (1) 1.1 16.2 10.8
-Change in purchase contracts (2) 2.9 -23.6 -26.1
- Change in sales contracts (3) 4.0 -7.4 -15.1

2. Foreign sector -28.5 -15.0 -9.3
Net spot (1) -8.1 9.0 14.0
Net forward (1) -20.5 -24.0 -23.3
-Change in purchase contracts (2) 29.6 18.6 -3.2
- Change in sales contracts (3) 9.2 -5.4 -26.4

3. Norges Bank 0.1 0.0 12.5
Net spot (1) 0.1 0.0 12.5
Net forward (1) 0.0 0.0 0.0
-Change in purchase contract (2) 0.0 0.0 0.0
- Change in sales contracts (3) 0.0 0.0 0.0

4. Other
Increase in Norwegian customers'
 net
currency claims on banks -3.5 6.7 -20.0
Increase in banks' total
 positions -2.1 -0.4 -2.9

Specification of foreign sector
 spot:
Net NOK claims on banks (4) -0.5 4.7 9.0
VPS-registered shares (5) -5.3 -0.9 0.0
VPS-registered bonds (5) -2.1 4.5 -2.7
VPS-registered notes and
 certificates (5) -0.2 0.7 0.7
Foreign sector purchases of
 VPS-reg. securities, total 51.0 45.5 832.4
Foreign sector sales of
 VPS-registered securities, total 43.00 49.70 829.8

(1) Positive figures denote that the sectors in question purchase
foreign currency from Norwegian banks.

(2) Positive figures denote that the sectors in question increase
their contracts for purchase of NOK, and negative figures denote
a decline in purchase contracts.

(3) Positive figures denote that the sectors in question increase
their sales contracts in NOK, and negative figures denote a
decline in sales contracts.

(4) Positive figures denote a reduction of NOK deposits from the
foreign sector in Norwegian banks.

(5) Positive figures denote net sales of VPS-registered securities
by the foreign sector.
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Publication:Economic Bulletin
Date:Jul 1, 2003
Words:15025
Previous Article:Banks' counterparty risk--results of a survey conducted by Norges Bank and the Banking, Insurance and Securities Commission.
Next Article:Measuring market risk in Norwegian financial institutions.


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