Unchanged growth in domestic debt

Publisert:

The twelve-month growth in the credit indicator C2 was 6.3 per cent to the end of March 2018, no change from the previous month.

The general public’s domestic loan debt amounted to NOK 5 539 billion at end-March, according to new figures from the Credit indicator statistics.

Figure 1. Credit indicator (C2)

12-month growth
Mar. 2015 5.8
Apr. 5.7
May 5.9
Jun. 5.8
Jul. 5.7
Aug. 5.8
Sep. 5.5
Oct. 5.6
Nov. 5.2
Dec. 5.4
Jan. 5.3
Feb. 5.2
Mar. 2016 4.9
Apr. 5.1
May 4.8
Jun. 5.0
Jul. 5.0
Aug. 5.0
Sep. 5.1
Oct. 5.0
Nov. 5.2
Dec. 4.9
Jan. 5.1
Feb. 5.0
Mar. 2017 5.2
Apr. 5.1
May 5.4
Jun. 5.7
Jul. 5.7
Aug. 5.6
Sep. 5.8
Okt. 5.7
Nov. 5.8
Dec. 6.4
Jan. 6.2
Feb. 6.3
Mar. 2018 6.3

Decreased debt growth in households

Households’ domestic loan debt totalled NOK 3 309 billion at end-March. The twelve-month growth was 6.0 per cent to end-March, down from 6.1 the month before.

Decreased debt growth for non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 742 billion at end-March. The twelve-month growth was 7.3 per cent to end-March, down from 7.4 per cent the previous month.

No change in loan growth from banks and mortgage companies
Of the general public’s domestic loan debt, 80 per cent consisted of loans from banks and mortgage companies at end-March. This amounted to NOK 4 448 billion. The twelve-month growth in banks and mortgage companies loans was 6.2 per cent, no change from the month before.

Increased growth in debt securities

The twelve-month growth in the general public’s debt securities was 12.8 per cent to end-March, up from 12.7 per cent the previous month.

Adaption to IFRS

Norwegian financial institutions reporting to ORBOF (Reporting of banks, mortgage companies, state lending institutions and finance companies’ accounts to the public authorities) has been adapted to International Accounting Standards (IFRS). The most important impact to the Credit Indicator is a change of measure from net to gross lending. Accrued interests and value changes are taken into account with the underlying financial instrument. In addition, total debt securities are corrected for lenders’ holdings of own debt securities. The calculation of transactions and growth is adjusted for these changes.

There is some uncertainty associated with the quality of data for January, February and March 2018. The data is edited continuously and will be updated with the release of April 2018.

Read also on ssb.no

Statistics