Increased growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 5.8 per cent to the end of August 2018, up from 5.7 percent the previous month.

Written by: Anne Karin Linderud Haugen

Figure 1. Credit indicator (C2)

General public Households Non-financial corporations Municipalities
May2015 5.9 6.4 4.4 8.4
Jun.2015 5.8 6.5 3.9 8.6
Jul.2015 5.7 6.5 3.4 8.7
Aug. 2015 5.8 6.4 4.1 7.9
Sep. 2015 5.5 6.3 3.7 7.2
Oct. 2015 5.6 6.4 3.7 7.6
Nov.2015 5.2 5.9 3.2 8.1
Dec.2015 5.4 6.1 3.5 7.6
Jan. 2016 5.3 6.1 3.5 6.2
Feb.2016 5.2 6 3.8 5.3
Mar.2016 4.9 5.8 3.4 5.1
Apr. 2016 5.1 6 3.3 5.7
May2016 4.8 5.9 2.6 5.7
Jun.2016 5 6 3 5.4
Jul.2016 5 5.9 3.3 5.1
Aug. 2016 5 6.1 3 5
Sep.2016 5.1 6.3 2.6 6.4
Oct.2016 5 6.1 2.7 5.9
Nov.2016 5.2 6.5 2.7 5
Dec.2016 4.8 6.3 1.9 5.6
Jan.2017 5 6.5 2.2 5.8
Feb.2017 5 6.6 1.8 6.4
Mar.2017 5.2 6.7 2.2 6.1
Apr.2017 5.1 6.5 2.3 5.6
May2017 5.4 6.7 3.1 5.2
Jun.2017 5.6 6.6 4 5.3
Jul.2017 5.7 6.6 4.1 5.8
Aug. 2017 5.6 6.5 3.7 6
Sep.2017 5.8 6.4 4.7 5.3
Okt.2017 5.7 6.3 4.7 5.4
Nov.2017 5.8 6.4 4.9 5.3
Dec.2017 6.4 6.4 6.7 5.3
Jan.2018 6.2 6.1 6.5 5.1
Feb.2018 6.2 6.0 7.3 4.3
Mar.2018 6.3 5.9 7.3 4.6
Apr.2018 6.4 5.9 7.6 4.9
May2018 6.1 5.8 6.7 5.8
Jun.2018 5.9 5.8 6.0 5.4
Jul.2018 5.7 5.8 5.9 4.8
Aug. 2018 5.8 5.7 6.3 4.5

The general public’s domestic loan debt amounted to NOK 5 666 billion at end-August, according to new figures from the Credit indicator statistics.

Decreased debt growth in households

Households’ domestic loan debt totalled NOK 3 393 billion at end-August. The twelve-month growth was 5.7 per cent to end-August, down from 5.8 percent the month before.

Increased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 775 billion at end-August. The twelve-month growth was 6.3 per cent to end-August, up from 5.9 per cent the previous month.

Stronger 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-August. This amounted to NOK 4 565 billion. The twelve-month growth in loans from banks and mortgage companies was 6.0 per cent, up from 5.7 per cent the previous month.

Decreased growth in debt securities

The twelve-month growth in the general public’s debt securities was 6.8 per cent to end-August, down from 8.8 per cent the previous month.

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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