4129_not-searchable
/en/bank-og-finansmarked/statistikker/k2/arkiv
4129
Stable debt growth
statistikk
2010-06-29T10:00:00.000Z
Banking and financial markets
en
k2, The credit indicator C2, general public’s gross domestic debt, credit expansion, credit transactions, liabilities, creditFinancial indicators, Banking and financial markets
false

The credit indicator C2, May 2010

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Stable debt growth

The twelve-month growth in the credit indicator C2 was 4.1 per cent to end-May, up from 4.0 per cent to end-April. The debt growth increased both for households and for non-financial enterprises.

Credit indicator C2. Percentage change

The general public’s gross domestic debt C2 amounted to NOK 3 503 billion at end-May, up from NOK 3 470 billon at end-April.

Still negative growth in non-financial enterprises’ debt

Non-financial enterprises’ gross domestic debt amounted to NOK 1 194 billion at end-May. The twelve-month growth was -1.1 per cent to end-May, up from -1.5 per cent to the previous month, and has been negative since last November.

The growth based on the three-month moving average of the non-financial gross debt was 3.3 per cent for the period March-May compared with the previous three months. The fact that the growth based on the three-month moving average is higher than the twelve-month growth could be an indication that the twelve-month growth will rise.

Credit indicator C2. Percentage change
 
  December 2009 January 2010 February 2010 March 2010 April 2010 May 2010
 
12 mth. total 4.2 4.2 4.2 4.0 4.0 4.1
3 mth. moving average tot 2.3 3.5 5.6 6.1 5.9  
12 mth. households 6.7 7.0 6.7 6.4 6.3 6.4
12 mth. non-financial enterprises -1.3 -1.6 -1.1 -1.6 -1.5 -1.1
 

Rise in household debt growth

Household gross domestic debt totalled NOK 2 037 billion at end-May. The twelve-month growth was 6.4 per cent to end-May, up from 6.3 per cent to the previous month.

Growth rates affected by the portfolio shifts

Of the general public’s gross domestic debt, 55 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -8.8 per cent to end-April to -7.4 per cent to end-May. Mortgage companies’ loans amounted to NOK 936 billion and the twelve-month growth went down from 46.0 per cent to 40.0 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 4.0 per cent to end-May, compared to 3.9 per cent the previous month.

The growth rate in bond debt has been decreasing since the beginning of this year and continued to fall in May. The twelve-month growth rate was 5.8 per cent to end-May, down from 6.9 per cent to the previous month. The growth rate in certificate debt on the other hand went up from -15.0 per cent to end-April to -12.4 per cent to end-May.

C2 is an approximate measure of the size of the gross domestic debt of the general public (households, non-financial enterprises and municipalities) in NOK and foreign currency. Statistics Norway also compiles the credit indicator C3, which in addition to C2 (the public’s domestic gross debt) also includes the public’s external loan debt. Most of the public’s external loan debt refers to non-financial enterprises. The C3 statistics is published approximately one month later than the C2.

Growth based on the three-month moving average is defined as growth in average outstanding credit (seasonally-adjusted figures) in the latest three-month period in relation to the previous three-month period. The growth is adjusted for exchange rate valuation changes and statistical breaks as an annualised figure. The calculation is centred; in other words, the observation is set at the middle month of the latest three-month period.

 

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