Summary
Every five years, there is a benchmark revision. We now publish the results from the fourth benchmark revision of the financial accounts. The most important revisions in the financial sector accounts (Finse) and the Balance of payments (BOP FA and IIP) are listed below. The revisions are also quantified in Table 1. Benchmark Revision 2024, revisions in the financial account for the years 2021 and 2022. NOK billion.
- The asset relationship between S122 Banks and mortgage companies on the one side and S11 Non-financial corporations and S2 Rest of the world on the other side is adjusted. New calculation methods have been introduced for loans, debt securities and other accounts receivable / other accounts payable between these sectors.
- S122 Banks and mortgage companies’ net lending in the non-financial account is used as «benchmark» for compiling the sectors’ net lending in the financial accounts. The estimates have been reconciled against the transactions in the derivatives between the two financial subsectors and S11 Non-financial corporations and S2 Rest of the world. S122 Banks and mortgage companies’ net lending have been revised upwards.
- Transactions in financial derivatives have been revised in the financial sector accounts and the balance of payments. The derivatives have been specified as a separate function in BOP FA and IIP from the first quarter of 2012 to third quarter of 2024.
- Liquidity funds are reclassified from been S123 Money market funds to be included in S124100 Mutual funds (except Money market funds). The same change is done in BOP FA and IIP, where previously published timeseries for Money market funds are included in Other financial corporations.
- Other investment funds in S125900 Investment companies are reclassified to be included in S124200 Investment funds.
- S124 in financial accounts has changed name from Mutual funds except money market funds to Investment funds without money market funds, and the sector includes subsectors S124100 and S124200.
- Household’s deposits in cooperative societies are revised upwards. As a consequence, Households (S14) lending to Non-financial corporations (S11) are adjusted upwards in the period from the first quarter of 2012 to the third quarter of 2024.
- Transactions in defined benefit pensions schemes for employees in local government and state-owned health trusts (hospital) have been revised. Pension entitlement is annually adjusted in line with changes in the The basic amount (or the G-amount) is a key element in the calculation of various social security benefits, including pensions. “The G-amount” is typically adjusted annually to reflect changes in the cost of living and wage levels.. This adjustment is reclassified from been a transaction to be classified as a revaluation. The timeseries for transactions in pension entitlements, - deducted the regulation amount -, have preliminary been revised from first quarter of 2012 to the third quarter of 2024. Households (S14) net lending is adjusted downwards, while the Life insurance companies pension funds (S1281–S1291) net lending are adjusted upwards.
- The saving banks foundations are reclassified from being S15 Non-profit institutions serving households to S127200 Other financial corporations. The revision has led to a downward revision of the financial assets held by S15 Non-profit institutions serving households and an equivalent upward revision of financial assets held by (S125-S127) Other financial corporations.
- Property abroad is in the national accounts considered as a financial asset for the households. Real estate in the rest of the world is reclassified from being 892 Other accounts receivable to be treated as 519 Other equity.
- Real estate in Norway, where the owner is a foreign household, is moved from S14 Households debt to S11 Non-financial corporations debt. The debt item is reclassified from 892 Other accounts payable to 519 Other equity.
- The estimates of reinvested earnings in BOP FA have been revised from first quarter of 2012 to third quarter of 2024.
- In BOP FA and IIP, data from the Central securities depository and banks depositories is used in the calculations of non-financial corporations’ assets from the first quarter of 2012 to the fourth quarter of 2017. These sources have previously been incorporated in the calculations from the first quarter of 2018. The main source for non-financial corporation’s assets and liabilities towards the rest of the world is the BoP-survey.
- Modest revisions of assets, debt and net lending for S121 Central Bank, S1282 Non-life insurance companies and S13 General government.