The credit indicator C2, February 2011

The general public’s gross domestic debt C2 amounted to NOK 3 644 billion at end-February, up from NOK 3 635 billion the previous month.

Non-financial enterprises push down the debt growth

Non-financial enterprises’ gross domestic debt amounted to NOK 1 204 billion at end-February. The twelve-month growth was 2.8 per cent to end-February, down from 3.8 per cent to the previous month. This is the first month with a decrease in the debt growth since March 2010.

The growth based on the three-month moving average of the non-financial gross debt was 3.5 per cent for the period December-February compared with the previous three months.

Increase in household debt growth

Household gross domestic debt totalled NOK 2 136 billion at end-February. The twelve-month growth was 6.6 per cent to end-February, up from 6.5 per cent the previous month.

Continued high debt growth for municipalities

Municipalities’ gross domestic debt totalled NOK 304 billion at end-February. The twelve-month growth was 14.8 per cent to end-February, up from 14.0 per cent to the previous month. This is the highest twelve-month growth since September 2009.

Growth rates are affected by portfolio shifts

Of the general public’s gross domestic debt, 54 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -2.7 per cent to end-January to 0.7 per cent to end-February. Mortgage companies’ loans amounted to NOK 1 056 billion and the twelve-month growth went down from 29.4 per cent to 18.3 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 6.3 per cent to end-February, down from 6.5 per cent the previous month.

The twelve-month growth rate in bond debt was 3.9 per cent to end-February, up from 3.2 per cent the previous month. The twelve-month growth rate in certificate debt was 6.1 per cent to end-February, down from 12.5 per cent to end-January.