External debt position, Q3 2006

The banks’ gross external debt grew by NOK 92 billion or 12 per cent from the end of the 2nd quarter to the end of the 3rd quarter 2006. The growth for the banks stems from both an increase in bonds and notes held by non-residents, as well as a rise in the deposits of non-residents. The central government’s gross external debt increased by NOK 116 billion or 18 per cent from the end of the 2nd quarter to the end of the 3rd quarter this year. Foreign repurchase agreements of the Government Pension Fund explain most of the increase in the debt of the central government, but higher short-term debt also contributed to the development. The external debt of "other sectors" and the Central Bank of Norway also increased during this period."Other sectors in total" mainly comprise financial enterprises except banks (financing companies, insurance companies etc.), non-financial enterprises and households.

The banks had the largest share, 35 per cent (NOK 871 billion), of Norway’s gross external debt by the end of the 3rd quarter this year. The central government comprised 31 per cent (NOK 760 million). The shares of “Other sectors” and the Central bank of Norway’s were 23 and 5 per cent, respectively. Debt related to foreign direct investments in Norway comprised 6 per cent of the total gross external debt by the end of the 3rd quarter 2006.

Tables:

• Table 1 Norway's Gross External Debt Position by sector and financial instrument. 1st. Quarter 2003 - 3rd. Quarter 2006. Million NOK