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221103
Significant increase in financial assets
statistikk
2015-06-08T10:00:00.000Z
Public sector;Public sector
en
offogjeld, General government, financial assets and liabilities, central government, local government, stock, transactions, assets by type (for example bonds, shares, lending), net assets, liabilities by type (for example commercial papers, bonds, loans)Local government finances , General government , Central government finances , Public sector
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This statistics comprise financial assets and liabilities for general government and its sub-sectors and government gross debt for Norway.

General government, financial assets and liabilities, 2014

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Significant increase in financial assets

By the end of 2014, general government financial assets amounted to NOK 8 666 billion, which corresponds to an increase of NOK 1 324 billion, or 18 per cent, compared to the previous year.

General Government. Financial assets and liabilitiesPublished 8 June 2015
20132014
Stocks per 31.DecTransactionsOther changeStocks per 31.Dec
Assets
Currency and Deposits191 27436 079750228 103
Bonds1 943 88376 330392 6162 412 829
Loans683 447-57 4009 106635 153
Shares and other equity4 161 319161 138689 0195 011 476
Insurance technical reserves52 5611 4888 40862 457
Other accounts receivable309 51911 590-5 531315 578
TOTAL ASSETS7 342 003229 2251 094 3688 665 596
 
Liabilities
Bonds502 8168 5688 215519 599
Loans428 150-67 6923 907364 365
Oher accounts payable142 3191 9710144 290
TOTAL LIABILITIES1 073 285-57 15312 1221 028 254
 
Net financial assets6 268 7187 637 342
Net lending286 378
Net revaluations1 082 246

Source: Statistics Norway

Of the total financial assets in general government, 55 per cent were invested in shares and equities. Investments in bonds and loans amounted to 28 per cent and 7 per cent respectively. The total general government debt amounted to NOK 1 028 billion. This is a decrease of 4 per cent compared with 2013.

Revaluations make large contribution to increase in financial assets

Although revenues from petroleum-related activities have declined over the past few years they still contribute to a significant surplus in central government. Based on an operation surplus of NOK 310 billion, the central government acquired bonds, securities and equities worth NOK 223 billion and redeemed NOK 87 billion worth of debt. However, the largest contribution to central government’s net assets is not related to the operation surplus; revaluations in terms of capital gains and gains from depreciation of the Norwegian krone account for NOK 1 084 billion, or 83 per cent, of the total increase in central government financial assets in 2014.

Reduction of central government debt

In 2014 there has been a decrease in central government debt of NOK 76 billion. The reduction in total debt is related to the termination of financial crisis measures that the central government introduced in early 2009 to ensure liquidity to Norwegian banks. The reduction in government debt is also due to a continuous decrease in repurchase agreements utilised in the administration of Government Pension Fund Global. These economic events are illustrated by a decrease in debt securities and loans. At the end of 2014, general government gross debt was NOK 832 billion or 26,4 per cent of GDP. 

Increased debt in local government

Recent years have been characterised by a large operating deficit in the local government. Accumulated, these deficits add up to more than NOK 100 billion over the last 5 years. As a result, the total debt in local government amounts to NOK 485 billion; an increase of NOK 124 billion, or 34 per cent, compared to 2010. However, part of this debt has little or no impact on the current expenditures. Part of the debt is reallocated to the households and business sector. Furthermore, a portion of the debt is loans where interest expenditures are compensated by the central government.

Liabilities connected to the Government Pension Fund GlobalOpen and readClose

Liabilities connected to the Government Pension Fund Global Repurchase agreements and re-sale agreements in securities are frequently used instruments in the administration of the Government Pension Fund Global. The fund sells a portfolio of securities accompanied by a repurchase agreement. However, in the accounts, the portfolio remains on the asset side of the fund’s balance sheet, as does the cash received for the sale. The corresponding sales value is then entered as a loan from the buyer on the liability side of the balance sheet. The reverse situation is called a re-sale agreement or a reversed repo.