chart 1 banks' pre-tax operating profit as a percentage of ata 1) 1) excluding foreign branches...
TRANSCRIPT
0.0
0.5
1.0
1.5
2.0
1993 1995 1997 1999 2001 20030.0
0.5
1.0
1.5
2.0
Chart 1 Banks' pre-tax operating profit as a percentage of ATA1)
1) Excluding foreign branches2) Annualised figures for 2003 based on first three quarters
Source: Norges Bank
2)
-1
1
3
5
7
9
11
1987 1990 1993 1996 1999 2002-1
1
3
5
7
9
11
Chart 2 Non-performing loans and loan losses in banks.1) Percentage of gross lending to municipalities, non-financial enterprises and households
Annualised loan losses
Non-performing loans per quarter2)
1) Excluding branches of foreign banks2) Annual data for the period 1987-1991
Source: Norges Bank
110
120
130
140
150
160
170
1987 1990 1993 1996 1999 2002110
120
130
140
150
160
170
Credit from domestic sources (C2)2)
1) Percentage of GDP2) Per cent of mainland GDP
Source: Norges Bank
Chart 3 Credit as a percentage of GDP
Total credit (C3)1)
Total credit to mainland Norway2)
-1012345678
1987 1990 1993 1996 1999 2002-1012345678
Chart 4 Household borrowing rate after tax deflated by consumer price inflation1). Per cent
1) CPI excluding energy products until 1993, Norges Bank's calculations for CPI adjusted for taxes changes and excluding energy products until 2000 Q2, after that CPI-ATE. Projection for household real interest rate after tax for 2003 Q3 based on money market rate
Source: Norges Bank
85
90
95
100
105
110
1993 1995 1997 1999 2001 200385
90
95
100
105
110
1) Excluding branches of foreign banks
Chart 5 Developments in banks’1) liquidity indicator2)
2) Stable financing (customer deposits, equities and bonds) as a percentage of illiquid assets (lending and other long-term assets)
Source: Norges Bank
Source: EcoWin
Chart 1.1 International equity indices.Indexed, 02.01.02 = 100
50
60
70
80
90
100
110
120
jan 02 mai 02 sep 02 jan 03 mai 03 sep 0350
60
70
80
90
100
110
120
Japan, Topix
Europe, Stoxx
Norway, OBX
US, S&P 500
Source: EcoWin
Chart 1.2 Yield on government bonds with 5 years to maturity. Per cent
0
2
4
6
8
1998 1999 2000 2001 2002 20030
2
4
6
8
US
Germany
Japan
0
10
20
30
40
50
60
70
1995-1997 2001-0
10
20
30
40
50
60
70
1) Lowest part of each bar indicates the share of government securities
Source: United States Department of the Treasury
Europe
Asia
Other
Chart 1.3 Net purchase of securities from the US. Per cent of total purchase in the same period1)
1) Trade-weighted exchange rate index for Norway, inverted
Sources: EcoWin and Norges Bank
Chart 1.4 Exchange rates. Daily quotations. Indexed, 01.01.02 = 100
70
80
90
100
110
120
jan 02 mai 02 sep 02 jan 03 mai 03 sep 0370
80
90
100
110
120
USD/euro
USD/yen
TWI1)
Source: Board of Governors of the Federal Reserve
Chart 1.5 Housing loans as a per cent of housing wealth. US household sector
39
41
43
45
47
1993 1995 1998 2000 2003
Source: Datastream
Chart 1.6 Yield spreads between corporate and government bonds in the euro area. Percentage points
0,25
0,50
0,75
1,00
1,25
1,50
1,75
jan 02 mai 02 sep 02 jan 03 mai 03 sep 030,25
0,50
0,75
1,00
1,25
1,50
1,75
Financial index
Overall corporate index
Chart 1.7 Non-performing loans in US banks. Percentage of total lending
1,5
2,0
2,5
3,0
3,5
1998 1999 2000 2001 2002 20031,5
2,0
2,5
3,0
3,5
Source: Board of Governors of the Federal Reserve
Chart 1.8 Relationship between price and future earnings1) for companies in the S&P 500 index
0
15
30
45
60
1993 1995 1997 1999 2001 20030
15
30
45
60
1) Annual earnings one year ahead from the price date. Actual earnings to the end of 2003 Q2, after that estimated earnings
Sources: Standard and Poor’s and Norges Bank
Source: EcoWin
Chart 1.9 Yield spread between US corporate bonds with various credit ratings and government bonds. Percentage points
0
2
4
6
8
10
12
jan 02 mai 02 sep 02 jan 03 mai 03 sep 030
1
2
3
4
Investment grade(right-hand scale)
Speculative grade (left-hand scale)
Source: EcoWin
Chart 1.10 Yield spreads between government debt of emerging economies and US government bonds. Percentage points
0
5
10
15
20
25
jan 02 mai 02 sep 02 jan 03 mai 03 sep 030
5
10
15
20
25
Brazil
Asia Eastern Europe
Turkey
1) Weighted average of the telecom and IT indices
Source: EcoWin
Chart 1.11 Sub-indices on the Oslo Stock ExchangeIndexed, 02.01.02 = 100
405060708090
100110120130
jan 02 mai 02 sep 02 jan 03 mai 03 sep 03405060708090100110120130
Energy
ICT1)
OSEBX
Bank
Industrials
Chart 1.12 Yield spread between bonds issued by Norwegian banks1) and Norwegian government bonds. Percentage points. 3-year duration
Sources: Ecowin, Oslo Stock Exchange and Norges Bank
0,2
0,3
0,4
0,5
0,6
0,7
0,8
jun 02 sep 02 des 02 mar 03 jun 03 sep 030,2
0,3
0,4
0,5
0,6
0,7
0,8
1) The series also includes three mortgage companies
Chart 1.13 Probability of default for Norwegian commercial and savings banks1). Per cent
Source: Moody's KMV
0
1
2
3
jan 02 mai 02 sep 02 jan 03 mai 03 sep 030
1
2
3
25 percentile
Median75 percentile
1) Probability of default within 1 year.
0
10
20
30
40
50
jan 02 mai 02 sep 02 jan 03 mai 03 sep 030
10
20
30
40
50
Chart 1.14 Volatility of Norwegian bank shares, primary capital certificates and the total market. 100-day moving windows, weighted exponentially. Daily figures. Per cent
Sources: EcoWin and Norges Bank
OSEBX
Bank shares
Primary capital certificates
Sources: Deutsche Bundesbank,EcoWin and Statistics Norway
Chart 1 Nominal house price indices in selected countries. Indexed, 01.03.95 = 100
50
100
150
200
250
1995 1996 1997 1998 1999 2000 2001 2002 200350
100
150
200
250
Japan
UK
Norway
US
Germany
Chart 2 Rise in house prices and growth in domestic credit in selected countries. 12-month growth, March 20031). Per cent
-10
-5
0
5
10
15
20
25
30
-5 0 5 10 15
JapanGermany
Australia
UK
Norway 03
US
Netherlands
Norway 02
Norway 00
1) Rise in house prices as of June 2002 for Germany. For Norway, figures are for March of each year in the period 2000-2003
Sources: Deutsche Bundesbank, EcoWin, IMF, Kadaster,Norges Bank, Statistics Norway and Statistics Australia
Norway 01
Credit growth
Rise
in h
ouse
pric
es
Chart 2.1 Business sentiment indicator for manufacturing. Seasonally adjusted diffusion index1)
-10
-5
0
5
10
15
1998 1999 2000 2001 2002 2003-10
-5
0
5
10
15
1) A value of less than 0 implies that the majority of industrial leaders expects a weaker outlook in the next quarter
Sources: Statistics Norway and Norges Bank
-30
-15
0
15
30
45
1998 1999 2000 2001 2002 2003-30
-15
0
15
30
45
Total
Personal financial situation
Country's economic situation
Chart 2.2 Consumer confidence indicator1). Unadjusted figures
1) Provides an expression of the share with a positive assessment of the current situation and outlook for the future less the share with a negative assessment
Kilde: Norsk Gallup Institutt AS
0
5
10
15
20
1998 1999 2000 2001 2002 20030
5
10
15
20
Chart 2.3 12-month growth in credit from domestic sources, by debtor. Per cent
Source: Norges Bank
Households
Non-financialcorporations
-1000
-500
0
500
1000
1500
2000
2500
1987 1990 1993 1996 1999 2002-1000
-500
0
500
1000
1500
2000
2500
Debt
Chart 2.4 Household financial assets, debt, net financial assets1) and housing wealth. Billions of NOK
Gross financial assets
Housing wealth
Gross financial assets excl. insurance claims
Net financial assets
1) Break in the statistics for all time series except housing wealth in 1995 Q4
Source: Norges Bank
0
25
50
75
100
125
150
1987 1990 1993 1996 1999 20020
25
50
75
100
125
150
Chart 2.5 House prices deflated by the building cost index and the annual wage index. Index, 1987=100
Sources: Statistics Norway and Norges Bank
Deflated by the building cost index
Deflated by the annual wage index
40
60
80
100
120
1987 1990 1993 1996 1999 200240
60
80
100
120
Chart 2.6 Households’ total debt1) as a percentage of the value of housing wealth
Source: Norges Bank
1) Break in the time series for total debt in 1995 Q4
100
120
140
160
180
1987 1990 1993 1996 1999 2002 2005100
120
140
160
180
Chart 2.7 Household debt burden1)
Source: Norges Bank
1) Loan debt as a percentage of disposable income
Alternative with 10.2 per cent growth in debt
80
100
120
140
160
180
1990 1992 1994 1996 1998 2000 200280
100
120
140
160
180
Chart 2.8 Household debt burden1) in selected countries. Annual figures
1) Loan debt as a percentage of disposable income
Sources: OECD, Bank of England, Sveriges Riksbank and Norges Bank
Denmark
Norway
Sweden
UKUS
0
10
20
30
40
50
1990 1992 1994 1996 1998 2000 20020
10
20
30
40
50
Chart 2.9 Household debt as a percentage of grossfinancial assets and housing wealth in selected countries. Annual figures
Denmark
NorwaySweden
UK
US1)
1) Non-financial assets are used instead of housing wealth for the USSources: OECD, Sveriges Riksbank, Danmarks Nationalbank and Norges Bank
0
2
4
6
8
10
12
1987 1990 1993 1996 1999 2002 20050
2
4
6
8
10
12
Chart 2.10 Household interest burden1) andborrowing rate after tax
Source: Norges Bank
Interest burden
Borrowing rate after tax
1) Interest expenses after tax as a percentage of disposable income plus interest expenses
Scenario with 10.2 per cent growth in debt
Chart 2.11 Debt in households with various degrees of interest burden1). Billions of NOK
0
200
400
600
800
1000
1200
1998 20030
200
400
600
800
1000
1200Decile 1-6
Decile 7-9
Decile 10
Sources: Statistics Norway and Norges Bank
Interest burden under 20 per cent
1) Debt in households with an interest burden under 20 per cent and debt in households with an interest burden over 20 per cent, by income (deciles)2) Estimates, first half year 2003
2)
Interest burden over 20 per cent
Chart 2.12 Gross financial capital (excl. insurance claims) as a percentage of debt. Households with an interest burden1) over 20 per cent. By income decile
0
20
40
60
3 4 5 6 7 8 9 100
20
40
60
1) Interest expenses as a percentage of disposable income
Source: Statistics Norway
20002001
Chart 2.13 Gross financial capital (excl. insurance claims) as a percentage of debt. Households with an interest burden1) under 20 per cent. By income decile
020406080
100120140160180200
3 4 5 6 7 8 9 10020406080100120140160180200
1) Interest expenses as a percentage of disposable income
Source: Statistics Norway
20002001
0
50
100
150
200
250
300
1998 1999 2000 2001 2002 20030
50
100
150
200
250
300
Chart 2.14 Number of bankruptcies, employees and total sales of bankrupt entities.Quarterly figures. Index. 1st quarter 1998 = 100
1) Turnover and employment in last normal operating year2) Figure for 2003 is annualised based on the first three quarters
Sources: Statistics Norway and the Brønnøysund Register Centre
Number employed1)
Number
Total sales1)
Bankruptcies of limited companies in relation to total number of limited companies2)
0
5
10
15
20
1998 1999 2000 2001 2002 20030
1
2
3
4
5
6
Chart 2.15 Total sales of bankrupt enterprises, total and for selected industries. Annual figures. In billions of NOK
Manufacturing
All industries (left-hand scale)
Property management etc.2)
Construction
1)
1) Annualised on the basis of the first three quarters of 20032) Property management, commercial services and rental activities
Source: Statistics Norway
0
10
20
30
40
50
60
70
80
1987 1990 1993 1996 1999 2002 20050
100
200
300
400
500
600
700
800
Chart 2.16 Debt and interest burden of non-financial enterprises excluding petroleum and shipping. Per cent of cash surplus1) excluding interest expenses2)
1) Cash surplus = Value added - labour costs + net capital income2) Annual figures, estimates from 2003
Sources: Statistics Norway and Norges Bank
Interest burden(left-hand scale)
Debt burden(right-hand scale)
Chart 2.17 Key figures1) for the corporate sector2). Annual figures. Per cent
0
20
40
60
80
100
1988 1990 1992 1994 1996 1998 2000 200202468101214161820
Return on equity
Return on total capital
Equity ratio(left-hand scale)
Source: Norges Bank
1) Return figures are based on pre-tax profit/loss on ordinary activities. Interest on debt is calculated on the basis of debt and interest costs in the accounts 2) Limited companies excluding enterprises in the oil and gas industry, financial industry and public sector
Interest on debt
Chart 2.18 Predicted probability of bankruptcy.1) Per cent
0
2
4
6
8
1988 1990 1992 1994 1996 1998 2000 2002 20040
2
4
6
8
1) Limited companies excluding enterprises in the oil and gas industry, financial industry and public sector2) Level of bankruptcy probability has been adjusted to reflect missing accounts in 2002
Source: Norges Bank
Median enterprise
80 percentile
2)
Chart 2.19 Risk-weighted debt1) as a percentage of total debt. Per cent
0,0
0,5
1,0
1,5
2,0
2,5
1988 1990 1992 1994 1996 1998 2000 20020,0
0,5
1,0
1,5
2,0
2,5
1) Risk-weighted debt = probability of bankruptcy multiplied by long-term debt and overdraft facitlity2) Excluding shipbuilding and mining3) Adjusted for missing accounts in 2002
Source: Norges Bank
Commercialservices
Total
Property managementManufacturing2)
3)
0
2
4
6
8
10
12
14
16
1998 1999 2000 2001 2002 20030
2
4
6
8
10
12
14
16
Chart 2.20 Probability of default for large unlisted enterprises1). Monthly figures. Per cent
1) Non-financial, unlisted enterprises with a turnover of more than NOK 70 million. Probability of default within one year
Source: Moody's KMV
90 percentile
Median enterprise
75 percentile
Chart 2.21 Probability of default for large unlisted enterprises. Median observation. Monthly figures. Per cent
Source: Moody's KMV
0
1
2
3
4
1998 1999 2000 2001 2002 20030
1
2
3
4
Norway
Sweden
Finland
Denmark
Chart 2.22 Key figures1) for property companies2)
overall. Per cent
10
15
20
25
30
1988 1990 1992 1994 1996 1998 2000 2002-20-15-10-505101520
Return on equityReturn on total capital
Equity ratio(left-hand scale)
Source: Norges Bank
Interest on debt
1) Return figures are based on pre-tax profit/loss on ordinary activities. Interest on debt is calculated on the basis of debt and interest costs in the accounts2) Limited companies with debt in the property management sector
Chart 2.23 Rental price for and value of office premises in central Oslo. Price per square meter1)
1) Solid lines show nominal prices, dotted lines show amounts in 2002 kroner2) Last observation: average value January 2003, rental prices per November 2003
Sources: OPAK and Dagens Næringsliv
0500
1000150020002500300035004000
1987 1990 1993 1996 1999 20020
5 000
10 000
15 000
20 000
25 000
30 000
35 000
Rental price normal standard(left-hand scale)
Rental price prestigious pemises(left-hand scale)
Average value (right-hand scale)
2)
50
60
70
80
90
100
110
120
130
1998 1999 2000 2001 2002 200350
60
70
80
90
100
110
120
130
Source: EcoWin
Chart 2.24 Share prices for listed property companies. Index, 01.01.98 = 100
Property companies
OSEBX
Chart 1 Household consumption by purposePercentage of household consumption
0 5 10 15 20 25 30
Food, beverage and tobacco
Clothing and footwear
Housing, lighting and fuels
Furnishings and household items
Health, education and postal svcs
Transportation
Culture and recreation
Hotels and restaurants
Other
Source: Statistics Norway
1987
2002
Chart 3.1 Banks'1) profits/losses. Percentage of average total assets
-3-2-101234
1998 1999 2000 2001 2002 2002Q1-3
2003Q1-3
-3-2-101234
Net interest income Other operating incomeOperating expenses Loan lossesWrite-downs Pre-tax profit/loss
1) Excluding branches of foreign banks
Source: Norges Bank
0,0
0,5
1,0
1,5
2,0
1998 1999 2000 2001 2002 20030,0
0,5
1,0
1,5
2,0
Chart 3.2 Gross non-performing loans to households and non-financial enterprises. Percentage of gross lending to municipalities, non-financial enterprises and households
Households
Source: Norges Bank
Non-financial enterprises
0
1
2
3
4
1998 1999 2000 2001 2002 20030
1
2
3
4
Chart 3.3 Banks' deposit margin, lending margin and total interest margin1). Per cent
Total interest margin
Lending margin
Deposit margin
1) 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
Source: Norges Bank
Chart 3.4 Banks'1) other operating income. Percentage of average total assets
-0.3
0.0
0.3
0.6
0.9
1.2
1998 1999 2000 2001 2002 2002Q1-3
2003Q1-3
-0.3
0
0.3
0.6
0.9
1.2
Net commision income Share dividendsNet gain on securities Net gain on foreign exchangeNet gain on derivatives OtherOther operating income
1) Excluding branches of foreign banks
Source: Norges Bank
0
5
10
15
20
0-10bn 10-30bn 30-60bn > 60bn0
5
10
15
20
2001 Q32002 Q32003 Q3
Source: Norges Bank
Chart 3.5 Average (unweighted) core capital ratio in banks1) by total assets. Per cent
1) Excluding branches of foreign banks. Nordlandsbanken and DnB have not been merged in this chart. The figures in brackets indicate the number of banks in the different intervals at the end of the third quarter 2003
(11)
(5) (3)
(122)
0
5
10
15
20
1998 1999 2000 2001 2002 20030
5
10
15
20
1) Excluding branches of foreign banks2) Corrections have not been made for exchange rate fluctuations
Source: Norges Bank
Chart 3.6 Twelve month growth in banks'1) lending to the household and corporate sectors2). Per cent
Corporate sector
Household sector
0 5 10 15 20 25 30 35 40
Other
Primary industries
Manufacturing
Construction, power and water supply
Trade, hotel and restaurants
Shipping
Property management
Services
2003 Q320022001
Chart 3.7 Distribution of commercial loans1) in DnB, Gjensidige NOR and Nordea Bank Norge. Per cent
1) Commercial loans comprise both lending to non-financial enterprises and households which are self-employed
Source: Banks' annual and quarter reports (group data)
-0,5 0 0,5 1 1,5 2 2,5 3 3,5 4
Other
Primary industries
Manufacturing
Construction, power and water supply
Trade, hotels and restauants
Shipping
Property management
Services
Average, corporate sector
2003 Q1-320022001
Chart 3.8 Loan losses (excl. changes in unspecifiedlosses) as a percentage of gross lending to different industry sectors1). DnB, Gjensidige NOR and Nordea Bank Norge
1) Commercial loans comprise both lending to non-financial enterprises and households which are self-employed
Source: Banks' annual and quarter reports (group data)
=8.2% in 2003
0
2
4
6
8
10
12
1998 1999 2000 2001 2002 20030
2
4
6
8
10
12
Bonds (foreign currency) Bonds (NOK)
Equities etc. Notes and short-term paper
Chart 3.9 Banks'1) trading book by item. Percentageof total assets
1) Excluding branches of foreign banksSource: Norges Bank
0
5
10
15
20
25
1998 1999 2000 2001 2002 200350
60
70
80
90
1) Excluding branches of foreign banksSource: Norges Bank
Chart 3.10 Banks'1) financing in the form of bonds, notes and short-term paper, deposits/loans from financial institutions and deposits from the non-financial sector as a percentage of gross lending
Bonds (left-hand scale)
Notes and short-term paper (left-hand scale)
Deposits/lending from financial institutions (left-hand scale)
Deposits from non-financial sector (right-hand scale)
0
10
20
3040
50
60
70
80
<70 70-80 80-90 90-100 100-110 >1100
10
20
3040
50
60
70
802002 Q32003 Q22003 Q3
Chart 3.11 Number of banks1) by level of liquidity indicator2)
1) Excluding branches of foreign banks2) Stable financing (customer deposits, equities and bonds) as a percentage of illiquid assets (lending and other long-term assets)
Source: Norges Bank
70
80
90
100
110
120
130
1998 1999 2000 2001 2002 200370
80
90
100
110
120
130
1) Excluding branches of foreign banks
Chart 3.12 Developments in banks’1) liquidity indicator2)
DnB2) and Gjensidige NOR
Nordea and Fokus Bank
Other savings banks
2) Nordlandsbanken is included in DnB from 31.12.02
Source: Norges Bank
Other commercial banks3)
3) The increase in the fourth quarter 1998 is due to the transfer of a loan portfolio from BN-bank to BN-kreditt
0
5
10
15
20
25
30
1998 1999 2000 2001 2002 20030
5
10
15
20
25
30
Chart 3.13 Banks'1) short-term foreign debt2) as a percentage of gross lending
Other savings banks
Nordea and Fokus Bank
1) Excluding branches of foreign banks2) Deposits and loans from other financial institutions and notes and short-term paper
Source: Norges Bank
Other commercial banks
DnB and Gjensidige NOR
Chart 3.14 Exposures to large counterparties by different types of exposure at four reporting times.1)
Per cent
0
10
20
30
40
50
60
Deriv
ative
s
Secu
rities
Depo
sits/
loans
Guar
antee
s/un
used
cred
it
FXse
ttleme
nts
Colla
terali
sed
loans
0
10
20
30
40
50
60
30/06/01 31/12/0130/06/02 31/03/03
2) Guarantees and unutilised lines of credit were not included 30.06.01, but in some cases may be included under deposits/lending
Sources: Banking, Insurance and Securities Commission and Norges Bank
1) One bank is omitted in connection with reporting 30.06.01. Nordlandsbanken is included in DnB figures 31.03.03
2)
Chart 3.15 Institutional grouping of the 15 largest counterparty exposures for banks1). In billions of NOK
0
40
80
120
160
200
30.06.01 31.12.01 30.06.02 31.03.030
40
80
120
160
200
Banks in survey Other Norw. banks + fin. instit.Foreign fin. instit. Norw. non-fin. enterprisesForeign non-fin. enterprises
1) One bank is omitted in connection with reporting 30.06.01. Nordlandsbanken is included in the DnB figures for 31.03.03
Sources: Banking, Insurance and Securities Commission and Norges Bank
0
2
4
6
8
10
1 2 3 1 2 3 1 2 3 1 2 30
2
4
6
8
10< 4% 4-7% 7-8% Over 8%
30.06.01 31.12.01 30.06.02 31.03.03
Chart 3.16 The effect on core capital ratio for the individual banks1) when the three largest counterparty exposures are lost separately2). Distribution of banks by core capital ratio after loss. Number
Sources: Banking, Insurance and Securities Commission and Norges Bank
2) It is assumed that there is no dividend from the estate
1) One bank is omitted in connection with reporting 30.06.01. Nordlandsbanken is included in the DnB figures for 31.03.03
Chart 3.17 Mortgage companies' profits/losses. Percentage of average total assets
Source: Norges Bank
-0.3
0
0.3
0.6
0.9
1.2
1998 1999 2000 2001 2002 1-3 kv2002
1-3 kv2003
-0.3
0
0.3
0.6
0.9
1.2
Net interest income Other operating incomeOperating expenses Loan lossesWrite-downs Pre-tax profit/loss
Chart 3.18 Finance companies' profits/losses. Percentage of average total assets
Source: Norges Bank
-6
-3
0
3
6
9
1998 1999 2000 2001 2002 1-3 kv2002
1-3 kv2003
-6
-3
0
3
6
9
Net interest income Other operating incomeOperating expenses Loan lossesWrite-downs Pre-tax profit/loss
Chart 1 Daily turnover of NOK in CLS. Autumn 2003. In billions of NOK
0
20
40
60
80
100
120
140
09 Sep 16 Sep 23 Sep 30 Sep 07 Oct 14 Oct 21 Oct 28 Oct 04 Nov0
20
40
60
80
100
120
140
Source: CLS
0
20
40
60
80
100
22 Sep 29 Sep 06 Oct 13 Oct 20 Oct 27 Oct 03 Nov0
20
40
60
80
100
Chart 2 Disposable funds in NBO for large and medium-sized banks and maximum use of liquidity in NBO for CLS settlements. In billions of NOK
Source: Norges Bank
Use of liquidity for CLS
Amount disposable
0,0
0,5
1,0
1,5
2001 2002 20030,0
0,5
1,0
1,5
Chart 1 Financial institutions losses in the event of various shocks, with and without a change in interest rates. Percentage of debt
Source: Norges Bank
Baseline scenario
Demand shocks with and without a reduction in interest rates
Supply shocks with and without a rise in interest rates