The credit indicator C2, October 2010

The general public’s gross domestic debt C2 amounted to NOK 3 581 billion at end-October, up from NOK 3 558 billion at end-September.

Continued rise in debt growth for non-financial enterprises

Non-financial enterprises’ gross domestic debt amounted to NOK 1 200 billion at end-October. The twelve-month growth was 2.0 per cent to end-October, up from 1.4 per cent to the previous month. The growth in enterprise debt has been increasing since end-March this year.

The growth based on the three-month moving average of the non-financial gross debt was 3.3 per cent for the period August-October 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.

Unchanged household debt growth

Household gross domestic debt totalled NOK 2 098 billion at end-October. The twelve-month growth was 6.3 per cent to end-September, unchanged from the previous month.

Growth rates are affected by portfolio shifts

Of the general public’s gross domestic debt, 55 per cent consisted of bank loans. The twelve-month growth in bank loans decreased from -3.7 per cent to end-September to -4.1 per cent to end-October. Mortgage companies’ loans amounted to NOK 998 billion and the twelve-month growth went up from 29.7 per cent to 32.3 per cent in the same period. The growth rates are affected by transfers of loans from banks to mortgage companies. The growth rate for banks and mortgage companies in total was 5.8 per cent to end-October, up from 5.4 per cent to end-September.

The twelve-month growth rate in bond debt decreased from 4.5 per cent to 3.0 per cent during October. The twelve-month growth rate in certificate debt was -15.7 per cent to end-October, up from -17.8 per cent to end-September.