Decreased growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 5.6 per cent to the end of September 2018, down from 5.9 percent the previous month.

Written by: Anne Karin Linderud Haugen

Figure 1. Credit indicator (C2)

General public Households Non-financial corporations Municipalities
Sep. 2015 5.5 6.3 3.7 7.2
Oct. 5.6 6.4 3.7 7.6
Nov. 5.2 5.9 3.2 8.1
Dec. 5.4 6.1 3.5 7.6
Jan. 5.3 6.1 3.5 6.2
Feb. 5.2 6 3.8 5.3
Mar. 4.9 5.8 3.4 5.1
Apr. 5.1 6 3.3 5.7
May 4.8 5.9 2.6 5.7
Jun. 5 6 3 5.4
Jul. 5 5.9 3.3 5.1
Aug. 5 6.1 3 5
Sep. 2016 5.1 6.3 2.6 6.4
Oct. 5 6.1 2.7 5.9
Nov. 5.2 6.5 2.7 5
Dec. 4.8 6.3 1.9 5.6
Jan. 5 6.5 2.2 5.8
Feb. 5 6.6 1.8 6.4
Mar. 5.2 6.7 2.2 6.1
Apr. 5.1 6.5 2.3 5.6
May 5.4 6.7 3.1 5.2
Jun. 5.6 6.6 4 5.3
Jul. 5.7 6.6 4.1 5.8
Aug. 5.6 6.5 3.7 6
Sep. 2017 5.8 6.4 4.7 5.3
Okt. 5.7 6.3 4.7 5.4
Nov. 5.8 6.4 4.9 5.3
Dec. 6.4 6.4 6.7 5.3
Jan. 6.2 6.1 6.6 5.1
Feb. 6.3 6.0 7.4 4.3
Mar. 6.3 5.9 7.5 4.6
Apr. 6.4 5.9 7.8 4.9
May 6.2 5.8 7 5.8
Jun. 5.9 5.8 6.2 5.4
Jul. 5.8 5.8 6.2 4.8
Aug. 5.9 5.8 6.6 4.5
Sep. 2018 5.6 5.9 5.2 4.6

The general public’s domestic loan debt amounted to NOK 5 634 billion at end-September, according to new figures from the Credit indicator statistics..

Increased debt growth in households  

Households’ domestic loan debt totalled NOK 3 416 billion at end-September. The twelve-month growth was 5.9 per cent to end-September, up from 5.8 percent the month before.

Decreased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 720 billion at end-September. The twelve-month growth was 5.2 per cent to end-September, down from 6.6 per cent the previous month.

Weaker growth in loans from banks and mortgage companies

Of the general public’s domestic loan debt, 81 per cent consisted of loans from banks and mortgage companies at end-September. This amounted to NOK 4 550 billion. The twelve-month growth in loans from banks and mortgage companies was 5.8 per cent, down from 6.1 per cent the previous month.

Decreased growth in debt securities

The twelve-month growth in the general public’s debt securities was 4.5 per cent to end-September, down from 7.2 per cent the previous month. 

Sectoral change of toll road companies

The sectoral classification of The Norwegian toll companies is changed from public incorporated enterprises, owned by local government, to central government. These companies’ loan debt is no longer included in the credit indicator. The change is submitted in September 2018 with statistical effect from January 2018.

Adaption to IFRS

Norwegian financial institutions reporting to ORBOF (Reporting of banks, mortgage companies, state lending institutions and finance companies’ accounts to the public authorities) has been adapted to International Accounting Standards (IFRS). The most important impact to the Credit Indicator is a change of measure from net to gross lending. Accrued interests and value changes are taken into account with the underlying financial instrument. In addition, total debt securities are corrected for lenders’ holdings of own debt securities. The calculation of transactions and growth is adjusted for these changes.

There is some uncertainty associated with the quality of data as of January 2018. The data is edited continuously and will be updated with the next release.

 

 

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