External debt position, Q2 2007

The gross external debt of "Other sectors", which mainly comprises the debt of financial enterprises except banks (i.e. financing companies and insurance companies), non-financial enterprises and households, was NOK 676 billion by the end of the 2 ^{n d} quarter of 2007. This is NOK 50 billion or 8.0 per cent higher than by the end of the 1 ^{s t} quarter this year.

Less external debt among banks

The banks’ gross external debt was reduced by NOK 10 billion or 1.0 per cent from the end of the 1 ^{s t} to the end of the 2 ^{n d} quarter of 2007. This is mainly due to a decrease in the deposits of non-residents. The central government’s gross external debt went down by NOK 19.2 billion or 2.3 per cent from the end of the 1st quarter to the end of the 2 ^{n d} quarter this year. A reduction in short-term loans caused by the repurchase agreements of the Government Pension Fund Global, explains most of the reduction in the debt of the central government.

Banks are still the biggest borrowers

The banks had the largest share, 36 per cent (NOK 1 001 billion), of Norway’s gross external debt by the end of the 2 ^{n d} quarter this year. The debt of the central government comprised 30 per cent (NOK 833 billion). The shares of “Other sectors” and the Central bank of Norway were 24 and 4 per cent, respectively. Debt related to foreign direct investments in Norway, comprised 5 per cent of the total gross external debt by the end of the 2 ^{n d} quarter of 2007.

Tables:

• Table 1 Norway's Gross External Debt Position by sector and financial instrument. 1st. Quarter 2003-2nd. Quarter 2007. NOK million