The credit indicator C2, February 2010

The general public’s gross domestic debt C2 amounted to NOK 3 446 billion at end-February, up from NOK 3 427 billion at end-January.

Rise in non-financial enterprises’ debt growth

Non-financial enterprises’ gross domestic debt amounted to NOK 1 177 billion at end-February. The twelve-month growth was still negative, but went up from -1.6 to end-January to -1.2 per cent to end-February. This is the first time since October 2008 that the twelve-month growth increased for non-financial enterprises.

The growth based on the three-month moving average (see box) of the non-financial gross debt was -2.4 per cent for the period December-February compared with the previous three months. The fact that the growth based on the three-month moving average is lower than the twelve-month growth could be an indication that the twelve-month growth will fall.

Decline in household debt growth

Household gross domestic debt totalled NOK 2 005 billion at end-February. The twelve-month growth was 6.7 per cent to end-February, down from 7.0 per cent to the previous month.

Growth rates affected by the portfolio shifts

Of the general public’s gross domestic debt, 56 per cent consisted of bank loans. The twelve-month growth in bank loans decreased from -5.9 per cent to end-January to -8.7 per cent to end-February. Mortgage companies’ loans amounted to NOK 894 billion and the twelve-month growth went up from 38.0 per cent to 46.4 per cent in the same period. The growth rates are affected by transfers of loans from banks to mortgage companies. This is due to the new legislation on covered bonds. The growth rate for banks and mortgage companies in total was 3.5 per cent to end-February, compared to 3.4 per cent the previous month.

The twelve-month growth rate in bond debt decreased from 21.2 per cent to end-January to 15.0 per cent to end-February. The growth rate in certificate debt went up from -9.5 per cent to end-January to -4.5 per cent to end-February.