Financial corporations, accounts, Q2 2009

The whole country

The statistics is published quarterly, normally about 8 weeks after the end of the quarter.

Reporting to the BIS, Eurostat, the IMF and the OECD.

Not relevant

The reporting procedure is made in collaboration between the Financial Supervisory Authority of Norway, Norges Bank and Statistics Norway, subsequently referred to as the authorities. The data from banks and financial corporations form the basis for the supervision of the institutions and the financial markets. The data is also an information base for the monetary and credit market policy and a vital contribution statistics for credit indicators and monetary growth. The reporting is the main base for official statistics on financial enterprises. It is also an important input in the national accounts and the balance of payments and the credit market statistics. The data is also used for international reporting to the BIS, Eurostat, the IMF and the OECD etc.
The statistics production was transferred from Norges Bank to Statistics Norway from 1. January 2007.

The main area of application is statistics (publishing and input in other statistics), analysis and supervision (by the Financial Supervisory Authority of Norway). The data is included in the national accounts, financial sector accounts and the balance of payments. Other important users are Norges Bank, the Financial Supervisory Authority of Norway, Ministry of Finance, the financial services industry, researchers at universities and in international organisations, and the media.

The statistics are based on the guidelines in the national accounts standards System of National Accounts from 1993 (SNA 1993), European System of Accounts from 1995 (ESA 1995) and the IMF Manual on Monetary and Financial Statistics.

Statistics from the financial institutions are used in the national accounts, financial sector accounts, the balance of payments and in the Norwegian statistics of foreign debt and receivables.

The main part of the data covered here is collected under the provisions of the Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc. (Financial Supervision Act) of 7 December 1956 no. 1 (with amendments per 1 July 2003). Reporting from The Central Bank of Norway (Norges Bank) and from state lending institutions is obtained under the provisions of the Act concerning official statistics and Statistics Norway of 16 June 1989 no. 54 (the Statistics Act).

Council directive 635/86 Accounting directive for banks and other credit institutions.

Council directive 2006/48/EF Supervisory directive relating to the taking up and pursuit of the business of credit institutions

Council regulation 58/97 The regulation specifies separate appendices for insurance, banks and other mortgage companies, as well as pension funds as part of the regulation on structured statistics for commercial corporations. The objective is to establish a common framework for the collection, processing and procurement of statistics with regard to structure, the competitive situation and efficiency.

Council regulation 2223/96 The regulation covers the European system for national and regional accounts.
Council regulation 1392/2007 Amendments to council regulation 2223/96

Council regulation 1606/2002 Regulation on the application of international accounting standards
Council regulation 297/2008 Amendments to council regulation 1606/2002

The financial statistics is based on balance sheet and profit and loss account data from Norges Bank, banks, state lending institutions, mortgage companies and finance companies in Norway, including foreign companies' branches in Norway. Consolidated data is also available, but is not used for national statistics purposes.

The data is based on accounting data from financial institutions.

Total count

The Financial Supervisory Authority of Norway and Statistics Norway work together to collect the accounting data. The data is submitted either via data processing centres or individually. All data is reported via the electronic input data system Orbof-Inn . The system consists of three main components, a client program with the reporting party, an administration program and a server that receives data from the reporting parties. The accounting data are validated and encrypted before being sent via e-mail to Statistics Norway.

The control and revision of accounting data are undertaken by Statistics Norway and the Financial Supervisory Authority of Norway. A range of controls are carried out on the accounting data and receipts with the results are automatically sent to the reporting parties via e-mail in the input data system. Consistency controls and controls against other sources are also carried out.

Not relevant

The accounting statistics for the financial institutions is based on current accounting regulations for financial institutions. Breaches may therefore occur in connection with changes in accounting legislation and in the regulations applicable to the financial institutions. Structural changes like new companies, mergers and spin-offs, with portfolio movements as one consequence, may also lead to breaches in the time series.

International Financial Reporting Standard (IFRS)
The new accounting standard IFRS is an example of a change that will cause breaches in the time series in the periods to come. In 2009/2010 all reporting companies must, in one way or another, report according to the IFRS standard, and data may then be fully comparable again. However, the IFRS standard will lead to larger fluctuations in the data because of the more extensive use of fair value in the accounting. The comparison of the reported data with the companies' official accounts is also challenging because the IFRS standard does not require a specific presentation of the accounts, as the traditional Norwegian accounting standard does.

Regulation on loans
The IFRS-adapted regulation on loans was introduced 1. January 2005. It lead to a small change in the measuring of the value of loans and guaranties in the accounting data and thereby to a small breach in the time series for loans and loan loss provisions. There were also a breach in the time series on loans in 1992 due to changed accounting rules.

Changes in the presentation of the statistics
Credit lines secured on dwellings became a new specification from January 2006. As a consequence the numbers for repayment loans secured on dwellings and credit lines, working capital facility and consumer credit were reduced.

Structural changes
There are several mergers, spin-offs and new companies being started every year. Many of these structural changes have no significant impact on the statistics, while others leads to major breaches in the time series. When the latter is the case, it will be commented upon in this section.

Portfolio movements
The introduction of IFRS, the regulation on loans and the structural changes mentioned, has lead to portfolio movements especially between banks and mortgage companies. This gives breaches in the time series and needs to be taken into consideration when interpreting the data.