Increased growth in domestic loan debt
The twelve-month growth in the credit indicator C2 was 5.8 per cent to the end of September 2019, up from 5.5 per cent the previous month.
The general public’s domestic loan debt amounted to NOK 5 968 billion at end-September, according to new figures from the Credit indicator statistics.
Figure 1. Credit indicator (C2)
|General public||Households||Non-financial corporations||Municipalities|
Decreased debt growth in households
Households’ domestic loan debt totalled NOK 3 593 billion at end-September. The twelve-month growth was 5.1 per cent to end-September, down from 5.2 per cent the previous month.
The period for this year’s conversion of student loans into scholarships is moved from November to July. This causes the debt growth in households to be at a lower level compared to previous years. We estimate that the twelve-month growth in household’s domestic loan debt is 0.2 percentage points lower than it would have been without this change. This applies to periods from July to September 2019. Corresponding reduction in the twelve-month growth in the general public’s domestic loan debt is 0.1 percentage points in the same period.
Increased debt growth in non-financial corporations
Non-financial corporations domestic loan debt amounted to NOK 1 841 billion at end-September. The twelve-month growth was 6.9 per cent to end-September, up from 5.7 per cent the previous month.
Increased growth in loans from banks and mortgage companies
Of the general public’s domestic loan debt, 81 per cent consisted of loans from banks and mortgage companies at end-September. This amounted to NOK 4 834 billion. The twelve-month growth in loans from banks and mortgage companies was 5.9 per cent, up from 5.6 per cent the previous month.
Unchanged growth in debt securities
The twelve-month growth in the general public’s debt securities was 2.5 per cent to end-September, unchanged from the previous month.