Transcript Ingen lysbildetittel

Financial Stability
May 2005
Charts
Summary
Chart 1 Banks pre-tax profit, before and after loan
losses, as a percentage of average total assets1)
1.6
1.6
1.4
Before loan losses
1.4
1.2
1
1.2
1
0.8
0.8
0.6
0.6
After loan losses
0.4
0.2
0
0
1998 1999 2000 2001 2002 2003 2004
1)
0.4
0.2
Excluding branches of Norwegian banks abroad
Source: Norges Bank
Chart 2 Household borrowing rate after tax deflated
by consumer price inflation1) and inflation
expectations.2) Per cent
8
7
6
5
4
3
2
1
0
-1
-2
1987
Deflated by consumer
price inflation
Deflated by inflation
expectations
1991
1995
1999
2003
CPI excluding energy products until 1995, Norges Bank’s
calculations for CPI adjusted for taxes changes and excluding
energy products until 2000 Q2, after that CPI-ATE
2) Set equal to the inflation target of 2.5 per cent
1)
Sources: Statistics Norway and Norges Bank
8
7
6
5
4
3
2
1
0
-1
-2
Chart 3 Credit to mainland Norway. 12-month
growth. Per cent
28
Non-financial enterprises1)
24
20
16
Households2)
12
8
4
0
-4
1996 1997 1998 1999 2000 2001 2002 2003 2004
It is assumed that all credit from foreign sources to
mainland Norway goes to non-financial enterprises
2) Households’ domestic debt
1)
Source: Norges Bank
28
24
20
16
12
8
4
0
-4
Chart 4 Bankruptcies. Seasonally adjusted figures.
Index, 1998 Q4 = 100
350
Turnover1)
300
250
200
Number employed1)
150
100
350
300
250
200
150
Number of bankruptcies
50
100
50
0
0
1999 2000 2001 2002 2003 2004 2005
Turnover and employment in last normal operating year for
bankrupt entities
1)
Sources: Statistics Norway and Norges Bank
Chart 5 Prices for commercial properties in
Norway. 12-month rise. Per cent
20
20
15
15
10
10
5
5
0
0
-5
-5
-10
1997 1998 1999 2000 2001 2002 2003 2004
Source: Statistics Norway
-10
Chart 6 Banks’ holdings of gross non-performing
loans to households and enterprises.1)
Percentage of gross lending to municipalities,
the non-financial sector and households
2.0
2.0
1.5
1.5
Enterprises
1.0
1.0
0.5
0.0
1999
0.5
Households
2000
2001
2002
2003
2004
0.0
2005
Excluding branches of Norwegian banks abroad. Including
branches of foreign banks in Norway
1)
Source: Norges Bank
Chapter 1
Chart 1.1 Real GDP increase forecasts for 2005
and 2006 as of May 2005. Per cent
Latin America
Eastern Europe
Asia ex Japan
Japan
2005
2006
Western Europe
North America
World
0
1
2
Source: Consensus Forecasts
3
4
5
6
7
Chart 1.2 Moody’s Bank Financial Strength Index1)
US
UK
Dec 04
Dec 03
Dec 02
Japan
Germany
Denmark
Sweden
Norway
0
20
40
60
80
100
The index is constructed according to a numerical scale assigned
to Moody’s weighted average bank ratings by country. Poorest
financial strength corresponds to 0, best to 100
1)
Source: IMF
Chart 1.3 International bank equity indices.
Indexed, 01.01.2004 = 100
170
170
Norway
150
150
Japan
130
130
110
110
Europe
90
Jan 04
Apr 04
Source: EcoWin
Jul 04
Oct 04
Jan 05
US
Apr 05
90
Chart 1.4 International house price indices.
Indexed, Q1 1995 = 100
300
300
UK
250
200
200
Norway
150
100
250
150
100
US
50
50
Australia
0
0
1975 1980 1985 1990 1995 2000 2005
Sources: EcoWin and Norges Bank
Chart 1.5 Hedge funds. Number of funds and
assets under management in billions of USD
10000
1000
9000
900
8000
Number of funds
(left-hand scale)
800
7000
700
6000
600
5000
4000
1999
Source: IMF
Assets under management
(right-hand scale)
2000
2001
2002
2003
500
400
2004
Chart 1.6 Yield spread between corporate bonds1)
and government bonds. Per cent
5
5
4
4
3
3
US
2
2
1
1
0
2002
1)
Eurozone
BBB rated
Source: EcoWin
2003
0
2004
2005
Chart 1.7 International equity indices.
Indexed, 01.01.2005 = 100
160
160
Europe Stoxx
140
140
Japan Topix
120
120
100
100
80
80
60
40
2000
Norway
OSEBX
2001
Source: EcoWin
60
US S&P 500
2002
2003
2004
2005
40
Chart 1.8 Implied volatility in the US and
Norwegian equity markets. Per cent
50
50
40
40
30
30
US
20
20
10
10
Norway
0
1994
0
1996
1998
2000
2002
Sources: EcoWin and Oslo Stock Exchange
2004
Chart 1.9 P/E based on earnings in the last five
years. Monthly figures and periodic mean
45
40
35
30
25
20
15
10
5
0
US
Europe
Mean
US
Mean
Europe
Norway
Mean
Norway
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004
Sources: Thomson Datastream and Norges Bank
45
40
35
30
25
20
15
10
5
0
Chart 1.10 Sub-indices on the Oslo Stock Exchange.
Indexed, 01.01.2000 = 100
250
250
Finance
200
150
200
Industrials2)
Energy
150
100
100
OSEBX
50
50
ICT1)
0
2000
1) Average
2) Average
0
2001
2002
2003
2004
of the telecom index and the IT index
of the industrials index and materials index
Source: EcoWin
2005
Chart 1.11 Correlation between the oil price and
equity indices since January 19961)
Utilities
Telecom
IT
Financials
Health care
Consumer staples
Consumer discretionaries
Industrials
Materials
Energy
US
Norway
-0.2 -0.1 0
0.1 0.2 0.3 0.4
Total return indices of standardised sectors (GICS).
Correlation coefficient for relative change over 20 days
1)
Sources: EcoWin og Norges Bank
Chart 1.12 New issues at the Oslo Stock Exchange
last twelve months. Billions of NOK
20
80
Corporate bonds
(right-hand scale)
70
15
60
50
10
40
30
5
20
Shares (left-hand scale)
0
Jul 02
10
0
Jan 03
Jul 03
Jan 04
Jul 04
Jan 05
Sources: Oslo Stock Exchange and Norges Bank
Box: Risk premiums in the equity market
Chart 1 Realised risk premium in the US and
Norway 1909-2004. Moving ten-year geometric
average measured against bonds. Per cent
20
20
US
15
15
10
10
5
5
0
0
-5
-10
1909
-5
Norway
-10
1927
1945
1963
1981
1999
Sources: Norges Bank and Global Investment Returns
Yearbook 2005
Chart 2 Risk premium in the Norwegian equity
market, based on a three-stage dividend
discounting model. Per cent
2.5
2.5
2.0
2.0
1.5
1.5
1.0
1.0
0.5
0.5
0.0
0.0
2002
2003
2004
2005
Sources: Norges Bank, Thomson Datastream og EcoWin JCF
Chapter 2
Chart 2.1 Gross fixed capital formation in
percentage of mainland GDP
30
30
25
25
20
20
15
15
10
10
5
5
0
1987 1990 1993 1996 1999 2002
0
Source: Statistics Norway
Chart 2.2 Credit as a percentage of GDP
180
180
Total credit to
mainland Norway2)
170
170
160
160
150
150
140
140
130
120
110
1987
1)
2)
130
Credit from
domestic
sources (C2)2)
Total credit (C3)1)
120
110
1990
1993
1996
Percentage of GDP
Percentage of mainland GDP
Source: Norges Bank
1999
2002
Chart 2.3 Growth in household credit.1) Per cent
20
15
20
Domestic credit to
households
Mortgage loans
15
10
10
5
5
Other loans
0
0
-5
1997
-5
1999
1) Twelve-month
2001
2003
2005
growth in domestic credit. Four-quarter growth in
mortgage loans and other loans
Source: Norges Bank
Mortgage loans as a percentage of GDP
Chart 2.4 Housing indicators in selected countries in
2003
120
The Netherlands
100
UK
Denmark
80
60
Germany
Sweden2)
40
Norway1)
Australia
US
Canada
Japan
Ireland
France
20
Spain
Italy
0
0
20
40
60
80
100
120
Ownership ratio (per cent)
1) Total
2) Total
mortgage loans as a percentage of GDP
household debt in Sweden as a percentage of GDP
Sources: IMF, Eurostat, Statistics Norway and Norges Bank
Chart 2.5 Household debt and estimated contributions from explanatory factors in the model. Contribution in percentage points to 4-quarter growth1)
14
14
10
10
6
6
2
2
-2
-2
02 Q1
03 Q1
House prices
Interest rate
Unemployment
Debt
04 Q1
05 Q1
Housing construction
Share of students
Housing turnover
Values for interest rate and housing construction in 05 Q1
are based on estimates from Inflation Report 1/2005
1)
Source: Norges Bank
Chart 2.6 Housing turnover and housing starts
in thousands. 12-month change in house
prices in per cent
55
55
Housing turnover
45
45
35
35
Housing starts
25
25
15
15
House prices
5
5
-5
1999
-5
2000
2001
2002
2003
2004
2005
Sources: Association of Norwegian Real Estate Agents
(NEF), Association of Real Estate Agency Firms (EFF),
Statistics Norway and Norges Bank
Chart 2.7 Transactions in household gross debt
and in financial assets1) by investment instrument.
Total last four quarters. NOK billion
140
Transactions in
gross debt
120
100
80
Other
Insurance claims
80
60
40
40
Securities
20
1) Excluding
120
100
60
0
1997
140
Bank deposits
20
0
1999
2001
2003
estimated reinvested dividend payments since 2001
Source: Norges Bank
Chart 2.8 Household debt after income groups.1)
Proportion of total debt in each country. Percent
60
60
50
50
Norway
40
Sweden
40
30
30
20
20
10
10
0
0
1
2
3
4
1) Group
5
1 consists of the first 20 per cent of households in the
population sorted by income. Group 2 the next 20 per cent etc..
Sources: Sveriges Riksbank, Norges Bank and
Statistics Norway
Chart 2.9 Household debt after interest burden. 1)
In billions of NOK
2000
2000
1600
1600
1200
1200
800
400
Interest burden > 20 %
Interest burden
< 20 %
800
400
0
0
2)
1987 1990 1993 1996 1999 2002 2005 2008
1)
2)
Interest paid in per cent of income after tax
Forecasts for the period 2003 - 2008
Sources: Norges Bank and Statistics Norway
Chart 2.10 Household debt burden1)
220
220
200
200
180
180
160
160
140
140
120
120
100
1987
100
1991
1995
1) Loan
1999
2003
2007
debt as a percentage of liquid disposable income
(disposable income less the return on insurance claims)
Source: Norges Bank
Chart 2.11 Household interest burden1) and
household borrowing rate after tax
12
12
Interest burden
10
10
8
8
6
6
4
4
Borrowing rate
after tax
2
0
1987
2
0
1991
1995
1999
2003
2007
Interest expenses after tax as a percentage of liquid disposable
income plus interest expenses
1)
Source: Norges Bank
Chart 2.12 Pre-tax return on equity for companies
listed on Oslo Stock Exchange.1) Per cent
40
40
Total
30
30
20
20
10
10
0
0
Excl Statoil and Hydro
-10
-10
-20
-20
2002
2003
2004
1) Companies
registered in Norway with the exception of
banks and insurance companies
Sources: Statistics Norway, Statoil and Hydro
2005
Chart 2.13 Expected default probabilities for large
Norwegian unlisted enterprises.1) Per cent
16
14
16
14
90 percentile
12
12
10
10
8
8
6
75 percentile
6
4
4
2
0
2000
2
Median enterprise
0
2001
2002
2003
2004
2005
Non-financial enterprises with turnover of more than NOK
70 million. Probability of default within a year
1)
Source: Moody’s KMV
Chart 2.14 Credit to mainland non-financial
enterprises.12-month growth. Per cent
12
12
Domestic credit
8
4
8
4
Total credit
0
0
-4
-4
Credit from foreign sources
-8
2002
-8
2003
Source: Norges Bank
2004
2005
Chart 2.15 Enterprises’ fixed investment and
credit to non-financial enterprises. 4-quarter real
growth. Per cent
40
30
Total credit to nonfinancial enterprises
mainland Norway2)
40
30
20
20
10
10
0
0
-10
-10
-20
Fixed investment1)
-20
-30
-30
1990 1992 1994 1996 1998 2000 2002 2004
Mainland fixed investment excluding public sector investment
and households’ housing investment
2) Deflated by GDP deflator for mainland Norway
1)
Sources: Statistics Norway and Norges Bank
Chart 2.16 Non-financial enterprises’ financing and
financial assets1) Stocks. In billions of NOK
1,000
1,000
500
500
0
0
-500
-500
-1,000
-1,000
-1,500
-1,500
-2,000
-2,000
-2,500
-2,500
1995
1997
1999
2001
2003
Loans
Bonds/notes
Paid-in equity
Retained earnings
Bank deposits
Financial fixed assets
1) The
figures do not include debt relationships between nonfinancial enterprises. Non-financial enterprises include both public
sector and private enterprises
Source: Norges Bank
Chart 2.17 Total area of office premises in Oslo,
Bærum and Asker in millions of square meters,
and vacant premises in per cent of total area1)
10
Vacant premises
(right-hand scale)
Total area
(left-hand scale)
8
12
10
8
6
6
4
4
2
2
0
0
1991 1993 1995 1997 1999 2001 2003 2005
1) As
of February
Source: Eiendomsspar AS
Chart 2.18 Debt and interest burden in non-financial
enterprises excluding enterprises in the oil and gas
industry and shipping. Per cent of cash surplus1)
80
800
2)
70
Debt burden
(right-hand scale)
700
60
600
50
500
40
400
30
20
Interest burden3)
(left-hand scale)
10
300
200
100
0
0
1987 1990 1993 1996 1999 2002 2005 2008
The cash surplus is adjusted by estimates for reinvested
dividends in the period 2001-2004
2) Cash surplus (computation of debt burden) =
Value added – labour costs + net capital income
3) Cash surplus (computation of interest burden) =
Value added – labour costs + capital income
1)
Sources: Statistics Norway and Norges Bank
Box: What influences the number of
bankpruptcies?
Chart 1 Annual percentage change in bankruptcies
and calculated contributions from explanatory variables
in percentage points. Measured in real terms
50
50
30
30
10
10
-10
-10
-30
-30
-50
-50
1st half 02
1st half 03
Bankruptcies
Competitiveness
Wage costs
1st half 04
Material costs
Interest rate
Demand
(dom. and foreign)
Sources: Statistics Norway and Norges Bank
Q1 05
Debt
Property prices
Number of firms
(new firms)
Box: Small enterprises more exposed to
risk than large enterprises
Chart 1 Distribution of different variables
between enterprises with different balance sheet
totals at year-end 2003.
0 - 1 million
1 - 10 million
10 - 100 million
More than 100 million
100%
100%
80%
80%
60%
60%
40%
40%
20%
20%
0%
0%
Number of Total assets Bank debt Risk-weighted
1)
enterprises
debt
Risk-weighted debt = Bankruptcy probability multiplied by
the bank debt of each enterprise totalled for all enterprises
in the group
1)
Source: Norges Bank
Chapter 3
Chart 3.1 Banks’ profit/loss.1) Percentage of
average total assets
4
3
2
1
0
-1
-2
-3
4
3
2
1
0
-1
-2
-3
1999 2000 2001 2002 2003 2004 Q1 Q1
2004 2005
Net interest income
Operating expenses
Write-down
Other operating income
Loan losses
Pre-tax profit/loss
Excluding branches of foreign banks in Norway and branches of
Norwegian banks abroad
1)
Source: Norges Bank
Chart 3.2 Banks’ deposit and lending margins, and
total interest margin.1) Per cent
4
3
Total interest margin
Lending margin
2
1
4
3
2
Deposit margin
0
1998 1999 2000 2001 2002 2003 2004
1
0
Interest margin is defined as the average of lending rates
(excluding non-accrual loans) minus the average of deposit rates.
3-month money market rate (NIBOR) is used to split the interest
margin into lending margin and deposit margin. The chart shows a
moving average over the last four quarters
1)
Source: Norges Bank
Chart 3.3 Moody’s rating for financial strength and
financial groups’ Tier 1 capital ratio.1) As at
31.03.20052)
Tier 1 capital ratio
10
10
9
8
97
6
85
4
73
2
61
E 0
Sp.b. Vest og
Sp.b. Nord-N.
10
9
SR-Bank
8
SEB
Fokus
Nordea
Norge
DnB NOR
Nordea
FöreningsSp.b.
Spb. Midt-N.
C
C+
B-
B
B+
Handelsbanken
Danske Bank
6
A-
A
A+
Financial strength
1) Banks
include results for Q1 2005 in their Tier 1 capital ratio to a
variable degree
2) Fokus Bank’s Tier 1 capital ratio as at 31.12.2004
Source: Banks’ websites
7
Chart 3.4 Norwegian banks’ lending to households
and enterprises.1) Percentage of gross lending to
households, non-financial enterprises and
municipalities
100
100
90
90
80
80
Households
70
70
60
60
50
50
40
40
30
30
Enterprises
20
20
10
10
0
0
Jan 00 Jan 01 Jan 02 Jan 03 Jan 04 Jan 05
1)
Non-financial enterprises. Including branches of foreign banks
Source: Norges Bank
Chart 3.5 Mortgage loans to households according
to loan-to-asset value. Per cent
40
80-100 per cent
Over 100 per cent
40
30
30
20
20
10
10
0
0
spring spring Feb 99 Mar 00 Mar 01 Mar 02 Mar 03 Nov 03 Sep 04
97
98
Source: Kredittilsynet (Financial Supervisory
Authority of Norway)
Chart 3.6 Growth of loans to the enterprise sector
from the largest banks. Twelve-month growth.
Quarterly figures. Per cent
15
10
15
3rd-5th largest banks1)
5
10
5
All banks
0
0
DnB NOR and Nordea
-5
Dec 02 Apr 03 Aug 03 Dec 03 Apr 04 Aug 04 Dec 04
3rd-5th largest in the lending market: Fokus Bank,
Handelsbanken (Swedish branch) and Sparebank 1 SR-bank
1)
Source: Norges Bank
-5
Chart 3.7 Percentage distribution of
commercial loans.1) All banks
Other
Property management
Services
Manufacturing and mining
Wholesale and retail trade
2004
Primary ind. (excl. fish-farm.)
2003
Construction
2002
Hotel and restaurant
Fish-farming
0 5 10 15 20 25 30 35
Commercial loans comprise both lending to non-financial
enterprises and households including the self-employed
1)
Source: Norges Bank
Chart 3.8 Turnover and liquidity in NBO. In billions
of NOK (left-hand scale) and as a ratio (right-hand
scale)
250
3
200
2
150
100
1
50
0
0
2000 2001 2002
Turnover
Turnover/liquidity
Source: Norges Bank
2003 2004 1.kv. 05
Liquidity (start of day)
Chart 3.9 Banks’ financing.1) Percentage of gross
lending
70
70
60
60
Deposits from nonfinancial sector
50
50
40
Deposits/loans from
financial institutions
30
Bonds
20
10
1)
2000
2001
2002
Excluding branches of foreign banks
Source: Norges Bank
30
20
Notes and short-term paper
0
1999
40
10
2003
2004
0
2005
Chart 3.10 Developments in banks’ liquidity indicator
110
110
DnB
NOR1)
100
100
90
90
80
1999
1)
2)
Other Norwegian
banks3)
2000
2001
2002
2003
2004
80
2005
Nordlandsbanken included
Excluding Nordea, Fokus Bank and branches of foreign banks
Source: Norges Bank
Chart 3.11 Banks’ short-term foreign debt.1)
Percentage of gross lending
30
30
Nordea and
Fokus Bank
25
25
20
20
15
10
15
DnB NOR2)
10
Other Norwegian banks
5
0
1999
5
2000
2001
1) Deposits
2002
2003
2004
0
2005
and loans from other financial institutions and shortterm paper. Excluding branches of foreign banks.
2) Nordlandsbanken included
Source: Norges Bank
Chart 3.12 Banks’ net debt to foreign lenders
(liabilities minus assets). Monthly figures
350
300
30
Billions of NOK
(left-hand scale)
250
20
200
150
100
Percentage of total assets
(right-hand scale)
10
50
0
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Source: Norges Bank
Chart 3.13 Sum of the surveyed banks’ exposures to
their 15 largest counterparties. By different types of
exposure. In billions of NOK
160
140
120
100
80
60
30/06/01
31/12/01
30/06/02
31/03/03
31/03/04
31/03/05
40
20
0
120
100
80
60
40
20
0
Derivatives Securities Depsosits/ Guarantees/
FX 1)
loans unused credit settlement
1)
160
140
The white areas illustrate FX settlement secured through CLS
Source: Kredittilsynet (Financial Supervisory
Authority of Norway) and Norges Bank
Chart 3.14 Tier 1 capital ratio for the banks surveyed
when either the largest, second largest or third
largest counterparty fails to settle.1) Number of banks
10
9
8
7
6
5
4
3
2
1
0
4-7%
< 4%
123
123
123
Over 8%
7-8%
123
123
123
Jun 01 Dec 01 Jun 02 Mar 03 Mar 04 Mar 05
1) All
exposures, except FX settlement. It is assumed that
there is no dividend from the estate
Source: Kredittilsynet (Financial
Supervisory Authority of Norway) and
Norges Bank
10
9
8
7
6
5
4
3
2
1
0
Chart 3.15 Annual losses, depleting buffer capital
over three years, measured as a percentage of gross
lending. Seven largest Norwegian bank groups (A-G),
and average for these groups in 2003 and 2004
5
5
Annual average loss in
the period 1990-92
4
4
3
3
2
2
1
1
0
0
A
B
C
With zero results
Source: Norges Bank
D
E
F
G 2003 2004
With results as in 2004
Box: Loans to households other than
mortgage loans
Chart 1 Loans other than mortgage loans to
households and wage-earners from banks and
financial undertakings (including state lending
institutions). In billions of NOK
350
300
250
200
150
100
50
0
350
300
250
200
150
100
50
0
1996 1997 1998 1999 2000 2001 2002 2003 2004
Households
Source: Norges Bank
Wage-earners
Box: Risk associated with loans to various
industries
Chart 1 The largest Norwegian banks’ lending1) and
expected loan losses2) to selected industries.
Per cent
Expected loan losses
3
Agriculture & fishing
2
Increasing exposure
and increasing risk
Trade/
Hotel & rest.
Construction/
Electr.& water
1
Transport
Oil/gas
0
0
Commercial services
Manufacturing/mining
International shipping
10
20
Property
management
30
40
Share of lending to the industry
Per cent of total lending to the non-financial enterprise sector at
31.12.2004
2) Expected loan losses = Probability of bankruptcy * bank debt in the
individual enterprise. Aggregated for all the enterprises in the
industry. Per cent of total bank debt in the non-financial enterprise
sector at 31.12.2003. Interpretation: Expected loan losses related to
bankruptcy, excluding realisation of collateral
1)
Source: Norges Bank
Chart 2 The largest Norwegian banks’ Tier 1
capital ratio1) and risk weight2)
6
Risk weight
5
4
3
2
1
0
4 5 6 7 8 9 10 11 12 13 14 15 16
Tier 1 capital (%)
Tier 1 capital ratio at 31.12.2004. Parent bank
The individual bank’s share of lending to selected industries (at
31.12.2004) * expected loan-losses to the industry (at 31.12.2003). The
sum of all industries is weighted with the bank’s total share of lending to
the non-financial enterprise sector
1)
2)
Source: Norges Bank
Box: Banks’ financial position is more robust
today than prior to the banking crisis
Chart 1 Households financial assets1) and housing
wealth as a percentage of debt
180
180
Housing wealth
160
160
140
140
Financial assets
120
100
100
80
1987
1) Break
120
80
1990
1993
1996
in the statistics for 1995 Q4
Source: Norges Bank
1999
2002
Chart 2 Risk indicators for non-financial
enterprises excluding enterprises in the oil and gas
industry and shipping. Per cent
5
1000
Debt burden1)
(right-hand scale)
4
800
3
600
2
400
Risk weighted
bankruptcy probability
(left-hand scale)
1
0
1988
1)
200
0
1991
1994
1997
Debt as a percentage of cash surplus
Source: Norges Bank
2000
2003
Chart 3 Risk indicators for banks. Per cent
11
9
3
profit1)
Pre-tax
(right-hand scale)
2
7
1
5
0
Equity ratio
(left-hand scale)
3
1
-1
-2
-1
-3
1983 1986 1989 1992 1995 1998 2001 2004
1) As
a percentage of average total assets
Source: Norges Bank