404125
/en/bank-og-finansmarked/statistikker/verdipapirer/kvartal
404125
statistikk
2020-02-20T08:00:00.000Z
Banking and financial markets
en
verdipapirer, SecuritiesSecurities markets , Banking and financial markets
true

Securities

Updated

Next update

Key figures

4.2 %

changes in stocks of listed shares

Stocks of securities registered with VPS by type of security. NOK billion and per cent
4th quarter 20183rd quarter 20194th quarter 2019Changes in per cent
3rd quarter 2019 - 4th quarter 20194th quarter 2018 - 4th quarter 2019
Stocks (market value)
Shares (listed)2 4072 6162 7264.213.3
Shares (unlisted)4594404655.71.3
Equity certificates56616912.923.5
Long-term debt securities2 0722 1392 1450.33.5
Short-term debt securities1441331427.1-1.2
 
Total5 1385 3885 5483.08.0

See selected tables from this statistics

Table 1 
Stocks of securities registered with the VPS, by holding sector and type of security. Last quarter. Market value. NOK million

Stocks of securities registered with the VPS, by holding sector and type of security. Last quarter. Market value. NOK million
4th quarter 2019
Shares (listed)Shares (unlisted)Equity certificatesLong-term debt securitiesShort-term debt securities
 
Total2 726 396464 98369 4032 144 998142 237
 
Non-financial corporations399 991250 15410 64938 68916 043
Public unincorporated enterprises, owned by central government00000
Public incorporated enterprises, owned by central government12 38247103 34715 791
Public unincorporated enterprises, owned by local government600570
Public incorporated enterprises, owned by local government1 00995612510 9040
Private non-financial incorporated enterprises384 387247 95010 44920 639192
Private non-financial unincorporated enterprises11512511970
Private non-profit institutions serving enterprises2 093651643 64760
 
Financial corporations286 786130 38012 6771 314 22786 819
Norges Bank00000
Banks7 16341 4501 385473 58628 364
Mortgage companies02266 9953 039
Finance companies000270
State lending institutions etc.044000
Financial holding companies1 63440 88222 2260
Mutual funds152 6753 1747 181305 39128 342
Investment trusts and private equity funds4 7964 3023471 24130
Other financial enterprises, except insurance companies and pension funds96 27538 4092 0455 1043 606
Life insurance companies and pension funds22 3491 9541 486400 31818 448
Non-life insurance companies1 89316423059 3384 990
 
General government812 0642 557186102 49818 039
Central government811 6221 321292 74718 033
Local government4431 2361839 7516
 
Non-profit institutions serving households33 6482 02822 8126 635580
 
Households104 42924 48412 3308 10731
Unincorporated enterprises within households1860320
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.00000
Employees, recipients of property income, pensions and social contributions, students etc.104 41124 42412 3278 10531
 
Rest of the world1 089 29954 68310 609674 82920 725
 
Unspecified sector179697140120

Table 2 
Net purchases of securities registered with the VPS, by purchasing sector and type of security. Latest quarter. Market value. NOK million

Net purchases of securities registered with the VPS, by purchasing sector and type of security. Latest quarter. Market value. NOK million
4th quarter 2019
Shares (listed)Shares (unlisted)Equity certificatesLong-term debt securities issued in NorwayShort-term debt securities issued in Norway
 
Total12 108-4 7842 7319 8229 392
 
Non-financial corporations4 8998 963485-2 2461 752
Public unincorporated enterprises, owned by central government00000
Public incorporated enterprises, owned by central government4 979106862 057
Public unincorporated enterprises, owned by local government0..0120
Public incorporated enterprises, owned by local government-1104-3 114-411
Private non-financial incorporated enterprises-1208 97447823146
Private non-financial unincorporated enterprises04110
Private non-profit institutions serving enterprises52-163-6360
 
Financial corporations-771515590-8 9275 138
Norges Bank0..000
Banks-3 968219-136 6581 182
Mortgage companies0....-12 733-380
Finance companies000..0
State lending institutions etc.0-27000
Financial holding companies1 5460..-7790
Mutual funds3 420-95519-1 9235 002
Investment trusts and private equity funds-1 0326924-17-5
Other financial enterprises, except insurance companies and pension funds-28542988505593
Life insurance companies and pension funds-351-79-27825-1 324
Non-life insurance companies-100-10-1 46370
 
General government-1 533-468-10-3 218-790
Central government-1 496-480..-2 857-790
Local government-3712-10-3610
 
Non-profit institutions serving households-99-4878-79231
 
Households-99201537-2783
Unincorporated enterprises within households0-80-70
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0....00
Employees, recipients of property income, pensions and social contributions, students etc.-99209536-2703
 
Rest of the world9 705-13 9281 24125 2833 259
 
Unspecified sector6-19-18900

Table 3 
Paid out dividends on listed shares registered with the VPS, by paying sector. NOK million

Paid out dividends on listed shares registered with the VPS, by paying sector. NOK million
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
 
Total10 44659 68711 64419 512
 
Non-financial corporations10 40538 81511 49018 914
Public unincorporated enterprises, owned by central government0000
Public incorporated enterprises, owned by central government6 60415 0947 77413 577
Public unincorporated enterprises, owned by local government0000
Public incorporated enterprises, owned by local government0000
Private non-financial incorporated enterprises3 80123 7213 7165 337
Private non-financial unincorporated enterprises0000
Private non-profit institutions serving enterprises0000
 
Financial corporations..19 632..80
Norges Bank0000
Banks..1 393....
Mortgage companies0000
Finance companies0000
State lending institutions etc.0000
Financial holding companies..14 504....
Mutual funds0000
Investment trusts and private equity funds........
Other financial enterprises, except insurance companies and pension funds..184..80
Life insurance companies and pension funds0000
Non-life insurance companies..3 550....
 
General government0000
Central government0000
Local government0000
 
Non-profit institutions serving households0000
 
Households0000
Unincorporated enterprises within households0000
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0000
Employees, recipients of property income, pensions and social contributions, students etc.0000
 
Rest of the world411 241154518

Table 4 
Paid out dividends on listed shares registered with the VPS, by receiving sector. NOK million

Paid out dividends on listed shares registered with the VPS, by receiving sector. NOK million
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
 
Total10 44659 68711 64419 512
 
Non-financial corporations9648 3961 0601 584
Public unincorporated enterprises, owned by central government0000
Public incorporated enterprises, owned by central government..49....
Public unincorporated enterprises, owned by local government........
Public incorporated enterprises, owned by local government..71....
Private non-financial incorporated enterprises9598 2371 0551 572
Private non-financial unincorporated enterprises..3..1
Private non-profit institutions serving enterprises536510
Financial corporations4997 1015231 105
Norges Bank0000
Banks171251237
Mortgage companies0000
Finance companies0000
State lending institutions etc.......0
Financial holding companies........
Mutual funds3813 369408780
Investment trusts and private equity funds4155422
Other financial enterprises, except insurance companies and pension funds372 93037153
Life insurance companies and pension funds5647858107
Non-life insurance companies44337
General government4 86518 2505 7289 440
Central government4 86418 2365 7279 438
Local government..1312
Non-profit institutions serving households71 543818
Households3032 217327592
Unincorporated enterprises within households........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0000
Employees, recipients of property income, pensions and social contributions, students etc.3032 217327592
Rest of the world3 79622 0493 9846 740
Unspecified sector121311533

Table 5 
Issues of debt securities, by issuing sectors. Face values in NOK million

Issues of debt securities, by issuing sectors. Face values in NOK million
4th quarter 20181st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
Debt securities issued in Norway
Long-term debt securities issued in Norway103 449154 769113 95197 286132 146
- domestic issuers89 942122 40091 04881 277102 565
Short-term debt securities issued in Norway68 16370 46279 02463 51577 039
- domestic issuers65 76969 44278 92363 51476 887
 
Debt securities issued by Norwegian entities abroad
Long-term debt securities issued abroad51 028120 28775 67736 02396 404
Sertifikater emittert i utlandet132 884250 893184 334202 777225 063
 
Non-financial corporations
Long-term debt securities issued in Norway14 2108 53124 82911 24519 696
Long-term debt securities issued abroad1 3846 71326 1299 9310
Short-term debt securities issued in Norway9 25910 04316 1418 59313 021
Short-term debt securities issued abroad53 41628 64652 48431 97178 209
 
Financial corporations
Long-term debt securities issued in Norway58 40176 34444 45356 93558 638
Long-term debt securities issued abroad49 644113 57449 55026 09396 404
Short-term debt securities issued in Norway2 5723751 1351 025660
Short-term debt securities issued abroad79 470222 247131 847170 807146 855
 
General government
Long-term debt securities issued in Norway17 33037 52421 76613 09724 232
Long-term debt securities issued abroad00000
Short-term debt securities issued in Norway53 93959 02461 64853 89663 205
Short-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway13 50732 36822 90216 01029 579
Short-term debt securities issued in Norway2 3931 0201011152

Table 6 
Debt securities, by issuing sectors. Outstanding amounts. Face values in NOK million

Debt securities, by issuing sectors. Outstanding amounts. Face values in NOK million
4th quarter 20181st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
 
Debt securities issued in Norway
Long-term debt securities issued in Norway2 063 9352 126 3302 097 9952 126 5482 130 516
domestic issuers1 767 9331 810 5441 781 4081 802 8241 807 737
Stort-term debt securities issued in Norway144 283144 209143 959133 180142 599
domestic issuers141 653141 429141 924132 973142 451
 
Debt securities issued by Norwegian entities abroad
Long-term debt securities issued abroad1 751 1421 745 3501 755 3201 808 9621 822 950
Stort-term debt securities issued abroad78 648133 622150 062168 030109 895
 
Non-financial corporations
Long-term debt securities issued in Norway321 326321 766330 531328 316323 344
Long-term debt securities issued abroad326 458327 534344 114350 383336 512
Stort-term debt securities issued in Norway11 62712 35417 82113 90416 258
Stort-term debt securities issued abroad8 8514 93314 50615 48713 816
 
Financial corporations
Long-term debt securities issued in Norway937 543958 351954 049970 593960 322
Long-term debt securities issued abroad1 424 6831 417 8171 411 2051 458 5791 486 438
Stort-term debt securities issued in Norway3 0343 2241 9302 3551 395
Stort-term debt securities issued abroad69 797128 690135 556152 54396 079
 
Central government
Long-term debt securities issued in Norway509 065530 427496 828503 916524 070
Long-term debt securities issued abroad00000
Stort-term debt securities issued in Norway126 992125 852122 173116 714124 798
Stort-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway296 002315 786316 588323 725322 779
Stort-term debt securities issued in Norway2 6302 7802 035208148

Table 7 
Debt securities. Issues, redemptions, gross changes and outstanding amounts, by issuing sector. Face values in NOK million

Debt securities. Issues, redemptions, gross changes and outstanding amounts, by issuing sector. Face values in NOK million
Opening balanceIssues (face value) (NOK million)Redemptions (NOK million)Changes in sector classification and exchange rates (NOK million)Closing balance
Debt securities issued in Norway and by Norwegian entities abroad4 236 723530 651-534 013-27 4024 205 959
Debt securities issued by Norwegian entitites3 912 789500 919-505 949-24 7263 883 033
Debt securities issued in Norway2 259 728209 185-192 376-3 4222 273 115
Debt securities issued by Norwegian entities in Norway1 935 797179 452-164 317-7441 950 188
 
Non-financial corporations
Long-term debt securities issued in Norway328 31619 696-23 836-832323 344
Long-term debt securities issued abroad350 3830-8 348-5 523336 512
Short-term debt securities issued in Norway13 90413 021-10 667016 258
Short-term debt securities issued abroad15 48778 209-79 727-15313 816
 
Financial corporations
Long-term debt securities issued in Norway970 59358 638-68 99990960 322
Long-term debt securities issued abroad1 458 57996 404-52 915-15 6301 486 438
Short-term debt securities issued in Norway2 355660-1 62001 395
Short-term debt securities issued abroad152 543146 855-200 643-2 67696 079
 
Central government
Long-term debt securities issued in Norway503 91624 232-4 0780524 070
Long-term debt securities issued abroad00000
Short-term debt securities issued in Norway116 71463 205-55 1232124 798
Short-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway323 72529 579-27 851-2 674322 779
Short-term debt securities issued in Norway208152-206-6148

Table 8 
Debt securities issued in Norway, by borrowing sectors and remaining maturity. Outstanding amounts at face value (NOK million)

Debt securities issued in Norway, by borrowing sectors and remaining maturity. Outstanding amounts at face value (NOK million)
<= 1 year> 1 year <= 2 years> 2 years <= 5 years> 5 years <= 10 years> 10 years <= 20 years> 20 yearsTotal
Original maturity
Outstanding amounts in total from debt securities issued in Norway132 63213 634657 612883 495531 67654 0652 273 114
Non-financial corporations13 4052 905129 274140 81646 5296 673339 602
Banks1 175565176 521129 16630 43124 521362 379
Other financial corporations0800120 244402 07559 43816 781599 338
Central government and social security funds70 6203224 79542 750356 778.475 265
Local government47 2848 21850 14948 97618 724250173 601
Non-profit institutions serving households
Households
Rest of the world148823176 628119 71319 7765 839322 927
 
Remaining maturity
Outstanding amounts in total from debt securities issued in Norway386 244411 0101 026 090372 12729 14048 5042 273 115
Non-financial corporations49 13954 471168 52757 6546 5353 276339 602
Banks59 11771 365166 59940 30162524 372362 379
Other financial corporations84 608123 104312 63551 50012 01015 481599 338
Central government and social security funds72 14289 250134 345179 528..475 265
Local government71 20824 19051 46723 2373 500.173 602
Non-profit institutions serving households00....0
Households00....0
Rest of the world50 02948 630192 51619 9086 4705 374322 927

Table 9 
Outstanding amounts from debt securities issued abroad by domestic borrowing sectors and maturity. Outstanding amounts at face value in NOK million.

Outstanding amounts from debt securities issued abroad by domestic borrowing sectors and maturity. Outstanding amounts at face value in NOK million.
<= 1 year> 1 year <= 2 years> 2 years <= 5 years> 5 years <= 10 years> 10 years <= 20 years> 20 yearsTotal
Original maturity
Outstanding amounts in total from debt securities issued by Norwegian entities abroad109 79610 450569 493700 123387 018155 3731 932 253
Non-financial corporations13 816020 904103 974129 106165 058350 328
Banks92 8538 199193 013108 62061 14310 659474 487
Other financial corporations3 1272 252355 576487 529196 76962 1861 107 439
 
Remaining maturity
Outstanding amounts in total from debt securities issued by Norwegian entities abroad380 570284 257718 108389 36697 79962 6461 932 746
Non-financial corporations42 02923 34692 364119 70642 89829 985350 328
Banks180 80761 863201 12815 48212 4853 216474 981
Other financial corporations157 733199 047424 616254 17842 41629 4461 133 923

About the statistics

The securities statistics provide a current overview of the issue and ownership of securities registered in VPS as well as Norwegian entities' debt securities abroad. Parts of the data basis are also input to the national accounts, balance of payments, financial sector accounts and credit indicators.

Definitions

Definitions of the main concepts and variables

Listed shares entails shares listed for trade at the Oslo Stock Exchange (OSE) or Oslo Axess.

Unlisted shares entails shares not listed for trade at an exchange, do not have a listed market price, and are therefore usually less liquid.

Long-term debt securities are debt securities with a duration longer than one year that can be divided between several lenders as standardized partial long-term debt securities without the borrower's approval. A long-term debt security is a negotiable financial instrument. 

Short-term debt securities are debt securities with duration less than one year. 

An issue is the opening of a new loan. 

The issuer is the institutional owner who raised the loan and registers it in his balance sheet (the original borrower). The institutional owner is not always an individual legal entity.

The borrower is the institution registering the loan in his balance sheet. This institution may differ from the issuing institution as a result of mergers, demergers, bankruptcies etc.

The market values of the stocks of securities in Norway are determined by available prices. For listed securities, they will mainly be market prices from the OSE. For unlisted securities, the latest available prices from transactions, annual assessment rates from tax purposes or nominal prices are chosen in a preferred order. From the 4th quarter of 2006, observed transaction rates are used to estimate market values of non-listed securities.

Transaction prices are based upon information about actual payments registered in the VPS, or calculated amounts if no actual payments are available. Where no actual payments are specified, market prices from OSE are used for individual trading dates in order to determine traded amounts for transactions. From the 4th quarter of 2006 observed transaction rates are used to estimate transaction values for non-listed securities

Dividends/coupon payments are actual paid out amounts during a period.

Standard classifications

Sector and industry categorization information is based on what is registered at the Coordinating Register for Legal Entities Enterprises. This classification is based on international requirements in SNA2008/ESA2010 and NACE Rev.2.

The securities number is the loan's unique identification. It is assigned by the Norwegian Central Securities Depository and based on the international standard ISO 6166:2001.

 CFI is an abbreviation for Classification of Financial Instruments and is based on the international standard ISO 10962:2001. The Norwegian Central Securities Depository is responsible for the assignment of CFI codes.

Administrative information

Name and topic

Name: Securities
Topic: Banking and financial markets

Next release

Responsible division

Division for Financial Markets Statistics

Regional level

National level, no regional divisions.

Frequency and timeliness

Quarterly. Normally published 6-7 weeks after the end of the statistics quarter

International reporting

BIS.

Microdata

Time series are stored in a database solution.

Background

Background and purpose

The statistics consists of data from the previously published statistics, “Debt securities” and “ Securities registered with the Norwegian Central Securities Depository” , published as " Securities "as of Q1 2016.  "Securities"' data series go back to Q4 2014,while older data series can be found by use of the statistics "Debt Securities" and "Securities registered within The Norwegian Central Securities Depository".  

The purpose of the statistics is to provide a current overview of the issue and ownership of securities registered in VPS as well as Norwegian entities' debt securities abroad. Parts of the data basis are also input to the national accounts, balance of payments, financial sector accounts and credit indicators.

Figures for outstanding amounts of long-term debt securities are available back to 1899. Figures for issues of long-term debt securities are available back to 1914. Historical figures on nominal yields are available back to 1900.Figures for short-term debt securities are available back to 1985. Figures for issues outside Norway by residents are available back to 1988.

Details of figures on numbers of issues of debt securities in Norway are available from 1998, while details of figures on numbers of issues abroad are available from 2001.

 

Users and applications

Major users, in addition to Statistics Norway, are users representing the securities market, public authorities and research institutes.

Equal treatment of users

No external users have access to the statistics before they are published and accessible simultaneously for all users on ssb.no.  Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar

Coherence with other statistics

The statistics is adjusted in accordance with the national accounts recommendations.

Legal authority

The Statistics Act § 2-2

EEA reference

Council regulation 2223/96

Production

Population

The statistics consists of data from the previously published statistics, “Debt securities” and “ Securities registered with the Norwegian Central Securities Depository” , published as " Securities "as of Q1 2016. The statistics presents stock and transaction data in face values as well as market values for the following types of securities registered in VPS:

  • All shares issued by public limited companies (PLC) and a share of private limited companies. Also included are a part of or the whole share capital of foreign registered Companies..
  • Equity certificates, including all equity certificates listed on the Oslo Stock Exchange.
  • Bonds, including all bonds of short- or long maturity issued in Norway in NOK or foreign currency. Bonds in foreign currency are included in the statistics from the 4th quarter of 2006.
  • Short-term debt securities issued in Norway in NOK or foreign currency, including treasury bills issued by the Norwegian state since July 2000. Short-term debt securities in foreign currency are included in the statistics from the 4th quarter of 2006.

In addition, the statistics have information about issues and outstanding amounts in nominal values from debt securities issued by Norwegian entities abroad. 

For all debt securities issued in Norway and abroad, the statistics also have information about numbers of issues and the link between outstanding amounts, issues, redemptions and changes in outstanding amounts caused by changes in sector classification and exchange rates in nominal values.  From 2013, debt securities that have been converted into shares or other types of loans are included as "Changes in sector classification and exchange rates".

Data sources and sampling

Full sample. Information from The Norwegian Central Securities Depository (VPS), Oslo Stock Exchange (OSE), Norwegian Trustee and forms (RA-0622) contending details from issues sent to Statistics Norway

Collection of data, editing and estimations

Extracts of primary data from securities in Norway are received monthly from the Norwegian Central Securities Depository (VPS). Market values are received currently from Oslo Stock Exchange (OSE) and exchange rate information is received by the Norges Bank. Data from debt securities issued by Norwegian entities abroad are sent by issuers to Statistics Norway every month by use of a form (RA-0622).

Data is controlled at an individual security level (ISIN level) against previous reported periods. The development in the value of listed shares and bonds is revised against data published by OSE and VPS. Figures for outstanding debts are co-ordinated with the accounting statistics. Details of debt securities issued by residents abroad are also controlled against data reported to the BIS and other national and international registers.

Data series are revised on an ongoing basis and published together with data for the new statistical period.

Seasonal adjustment

Not relevant

Confidentiality

Statistics Norway's standard confidentiality rules apply.

Comparability over time and space

All "Securities"' data series go back to Q4 2014,while older data series can be found by use of the statistics "Debt Securities" and "Securities registered within The Norwegian Central Securities Depository". 

Changes in legislation, changes in regulations for registration requirements in the VPS, and the introduction of new classification standards may lead to interrupted time series.

2006: Adjustment in securities statistics:

An change in the statistics to a more detailed reporting in the 4th quarter of 2006, means that the sector and industry categorization is based on information from the Central Coordinating Register for Legal Entities Enterprises, and no longer from the Central Security Depository (VPS) itself. This caused some changes in the ownership of some securities. The sectors “Other financial corporations” and “Other non-financial corporations” and “Local government and municipal enterprises” were significantly affected by this change.

Further, the adjustment in the statistics lead to more use of observed prices from transactions for calculation of market values of securities, which particularly improved the estimation in value of unlisted shares. Calculations showed that the total value of unlisted shares registered with the VPS increased by NOK 107 billion (64 per cent) as a consequence of changed method of calculation.

The adjustment of the securities statistics also meant that bonds issued in foreign currency was included in the statistics. This lead to a NOK 20 billion increase in the market value of the stocks of bonds.

Changes in the periodic distribution of issues and outstanding amounts of debt securities from 2007:

In publications up to 2007 and the statistics bank, the periodic distribution of issues and outstanding amounts of debt securities up to 2007 is based on information about the date of the loan's approvement. This date can deviate from the date of which an issue actually took place. The periodic deviation may cause marginal errors for total amounts, but errors may be more obvious at sector level.  The periodic distribution of issues and outstanding amounts of debt securities in 2007 - 2011 is based on a combination of information about the date of the loan's approvement and issue dates. The periodic distribution of issues and outstanding amounts of debt securities from 2011 is based on details of actual issue dates whereby the distribution of issues and outstanding amounts for periods should be correct. 

 2012: New standard for sector classification was introduced.

 A new institutional sector classification was introduced from January 2012. One of the most significant changes is that the demarcation between financial – and non-financial sector was shifted so that financial sector increased in size. In addition, some new financial sectors were introduced such as “investment trusts and private equity funds” and “financial holding companies”.

 The introduction of the new sector classification leads to a break in the statistics. The new tables will contain data from the first quarter of 2012 and onwards. The older tables will not be updated with new time series.

 2012: New divide between listed - and unlisted shares

 From 2012 and onwards, the statistics the distinguishes between listed - and unlisted registered with the VPS. Listed shares entails shares registered for trade at the Oslo Stock Exchange or Oslo Axess.

 From 2013, debt securities that have been converted into shares or other types of loans are included as "Changes in sector classification and exchange rates".

Updated information about debt securities:

time series breaks may exist due to access to new information, alterations in the legal framework and in the registration rules of the Norwegian Central Securities Depository.

The tables are updated with figures for these new data from 2012.

 

Accuracy and reliability

Sources of error and uncertainty

To the degree that the fixed delivery from VPS contains errors or defects, this could affect the statistics. Processing and control routines have been established in order to detect and correct such errors and defects.

In cases where an owner of a security is registered on a nominee account of a financial enterprise, and in cases where different types lending of securities occur, others than the genuine owners will be registered in the VPS register. This can to some extent cause the application of sectors to owners of holdings and transactions to be imperfect.

In publications up to 2007 and the statistics bank, the periodic distribution of issues and outstanding amounts of debt securities up to 2007 is based on information about the date of the loan's approvement. This date can deviate from the date of which an issue actually took place. The periodic deviation may cause marginal errors for total amounts, but errors may be more obvious at sector level.  The periodic distribution of issues and outstanding amounts of debt securities in 2007 - 2011 is based on a combination of information about the date of the loan's approvement and issue dates. The periodic distribution of issues and outstanding amounts of debt securities from 2011 is based on details of actual issue dates whereby the distribution of issues and outstanding amounts for periods should be correct. 

The statistics on issues by Norwegian residents outside Norway is based on data reported to Norges Bank from the issuers. Unless all the issues are reported, the statistics will contain non-response errors. Due to non-response errors which have been discovered, figures for Norwegian entities' issues abroad were corrected in statistics published in Q3 and Q4 2013, Q3 2015 and Q1 2016.

Revision

Data may be revised in future publications.