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/en/bank-og-finansmarked/statistikker/renter/maaned
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statistikk
2017-10-03T08:00:00.000Z
Banking and financial markets
en
renter, Interest rates in banks and mortgage companies, interest rates, interest on loans, deposit rates, interest margins, banks, mortgage companies, state lending institutions, life insurance companies, Norwegian Public Service Pension FundFinancial institutions and other financial corporations, Banking and financial markets
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Interest rates in banks and mortgage companies

Updated

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Key figures

2.50 %

interest rates on new loans secured on dwellings to households

Banks and mortgage companies, interest rates on loans1
August 2017July 2017Monthly change
1Banks and mortgage companies in monthly sample
Interest rates, new loans
Total loans secured on dwellings to households2.502.51-0.01
Total loans secured on dwellings, floating interest rate2.502.51-0.01
Total loans secured on dwellings, fixed interest rate2.472.470.00
 
Interest rates, loans outstanding
Total loans secured on dwellings to households2.532.54-0.01
Total loans secured on dwellings, floating interest rate2.512.510.00
Total loans secured on dwellings, fixed interest rate2.862.860.00
 
Loan margins
Loan margins, new total loans secured on dwellings to households1.701.680.02
Loan margins, total outstanding loans secured on dwellings to households1.731.710.02

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Table 1 
Banks and mortgage companies, margins on loans secured on dwellings to households

Banks and mortgage companies, margins on loans secured on dwellings to households1
August 2017July 2017Monthly change
1Banks and mortgage companies in monthly sample.
Interest rate, total new loans secured on dwellings2.502.51-0.01
- NIBOR0.800.83-0.03
=Loan margins, total new loans secured on dwellings1.701.680.02
 
Interest rate, new repayment loans secured on dwellings2.512.52-0.01
- NIBOR0.800.83-0.03
=Loan margins, new repayment loan secured on dwellings1.711.690.02
 
Interest rate, new credit lines secured on dwellings2.422.43-0.01
- NIBOR0.800.83-0.03
=Loan margins, new repayment loan secured on dwellings1.621.600.02
 
Interest rate, total outstanding loans secured on dwellings2.532.54-0.01
- NIBOR0.800.83-0.03
=Loan margins, total outstanding loans secured on dwellings1.731.710.02
 
Interest rate, outstanding loans secured on dwellings2.532.54-0.01
- NIBOR0.800.83-0.03
=Loan margins, outstanding repayment loans secured on dwellings1.731.710.02
 
Interest rate, outstanding credit lines secured on dwellings2.552.550.00
- NIBOR0.800.83-0.03
=Loan margins, outstanding credit lines secured on dwellings1.751.720.03

Table 2 
Banks and mortgage companies, interest rates on loans secured on dwellings to households

Banks and mortgage companies, interest rates on loans secured on dwellings to households1
August 2017July 2017Monthly change
1Banks and mortgage companies in the monthly sample.
Total new loans secured on dwellings2.502.51-0.01
Up to 3 months (floating interest rate)2.502.51-0.01
More than 3 months (fixed interest rate)2.472.470.00
 
New credit lines secured on dwellings2.422.43-0.01
 
New repayment loans secured on dwellings2.512.52-0.01
Up to 3 months (floating interest rate)2.512.52-0.01
More than 3 months (fixed interest rate)2.472.470.00
 
Total outstanding loans secured on dwellings2.532.54-0.01
Up to 3 months (floating interest rate)2.512.510.00
More than 3 months (fixed interest rate)2.862.860.00
 
Outstanding credit lines secured on dwellings2.552.550.00
 
Outstanding repayment loans secured on dwellings2.532.54-0.01
Up to 3 months (floating interest rate)2.512.510.00
More 3 months (fixed interest rate)2.862.860.00

Table 3 
Interest rates and share of fixed-interest in mortgages to households, quarterly census, in per cent.

Interest rates and share of fixed-interest in mortgages to households, quarterly census, in per cent.1
2nd quarter 20171st quarter 20172nd quarter 20171st quarter 2017
Interest rateInterest rateShareShare
1After remaining maturity
2Credit lines secured on dwellings are included in floating rate for total mortgage .
Total mortgages, banks, mortgage companies and state lending institutions2.572.58100.0100.0
Up to 3 months (floating interest)22.542.5591.891.6
Over three months ( fixed rate )2.922.968.28.4
3-12 months2.752.922.01.7
1 year - 3 years2.842.853.33.4
3 years - 5 years3.042.971.51.9
Over 5 years3.243.271.31.4
 
Total mortgage, banks and mortgage companies2.582.60100.0100.0
Up to 3 months (floating interest)22.552.5692.792.5
Over three months ( fixed rate )2.963.007.37.5
3-12 months2.772.932.01.7
1 year - 3 years2.862.873.13.2
3 years - 5 years3.133.021.31.7
Over 5 years3.463.520.91.0
 
Repayment mortgages , banks and mortgage companies2.582.60100.0100.0
Up to 3 months (floating interest)2.542.5691.090.7
Over three months ( fixed rate )2.963.009.09.3
3-12 months2.772.932.42.1
1 year - 3 years2.862.873.83.9
3 years - 5 years3.133.021.72.1
Over 5 years3.463.521.11.2
 
Repayment mortgages , state lending institutions2.052.04100.0100.0
Up to 3 months (floating interest)1.631.5759.358.3
Over three months ( fixed rate )2.652.6940.741.7
3-12 months2.322.703.52.9
1 year - 3 years2.632.6612.313.2
3 years - 5 years2.572.568.78.6
Over 5 years2.772.7716.217.0

About the statistics

The statistics provide an overview of lending and deposit interest rates in financial institutions, and the distribution of lending rates by fixed-rate period. The statistics cover monthly statistics for a sample of banks and mortgage companies. A total count of all financial institutions is published quarterly, which also includes lending amounts distributed by fixed-rate period.

 

 

Definitions

Definitions of the main concepts and variables

Deposits on demand is deposits that are available on demand, or after an initial period of one month maximum, and can be used without incurring costs beyond the normal transaction fees.

Deposits with conditions is deposits that cannot be used within one month without incurring costs beyond the normal transaction fees, and deposits that need to be used for a predetermined purpose.

The interest margin in the banks is calculated as the difference between the average interest rate on loans to the public and the average interest rate on deposits from the public. The interest margin on deposits is the difference between the 3-month effective NIBOR on the last working day of the period and the average interest rate level on deposits from the general public. The interest rate margin on lending is the difference between the average interest rate on loans to the public and the 3-month effective NIBOR.

The interest statistics include commission linked to credit loans granted, utilisation commission and current administration fees. Non-recurring commissions, set-up fees and instalment fees are not included in the interest statistics.

New loans are defined as any new agreement where the interest rate is set for the first time. Loans that are bought or transferred from another credit source are only considered to be a new loan if the terms for the interest rate or the loan agreement are altered.

Loans with floating interest rates are loans with a remaining fixed rate period of 3 months or less. Loans with fixed interest rates are loans with a remaining fixed rate period of more than 3 months. In the old fixed-interest rate statistics, the loans with floating interest rates were loans with no fixed-interest rate period.

Standard classifications

The national accounts classification of institutional sectors is used in the production of the interest rate statistics.

 

Administrative information

Name and topic

Name: Interest rates in banks and mortgage companies
Topic: Banking and financial markets

Next release

Responsible division

Division for Financial Corporations

Regional level

National level only.

Frequency and timeliness

Monthly. Published 4 weeks after the reference period and 6 weeks after the reference quarter.

 

International reporting

Some series are reported to Bank for International Settlements (BIS).

 

 

Microdata

Data are stored in Statistics Norway's databases.

Background

Background and purpose

Interest rate statistics were produced by Norges Bank from 1979 to 2006, and were subsequently transferred to Statistics Norway.

As from October 2014, interest rate statistics is published monthly for a sample of banks and mortgage companies. The monthly series starts in December 2013. Tables with quarterly data for total banks, mortgage companies, state lending institutions, finance companies and The Norwegian Public Service Pension Fund is also updated. The new interest rate statistics includes interest rates on new loans, interest rates and loan amounts (quarterly data only) by remaining maturity. The old fixed-interest rate statistics is no longer published.  

Users and applications

The interest rate statistics are used in the following areas, amongst others: financial stability and monetary policy purposes, international reporting, production of the national accounts and by the general public.

 

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar

Coherence with other statistics

 

  

Legal authority

The interest rate statistics are collected under the provisions of the Act on the supervision of credit institutions, insurance companies and securities trading, etc. of 7 December 1956 no. 1 (the Financial Supervision Act). Reports from state lending institutions are obtained under the provisions of the Act concerning official statistics and Statistics Norway of 16 June 1989 no. 54 (the Statistics Act).

EEA reference

There is no EU regulation act for Norway. However, as from September 2013, the statistics is mainly be based on the standards of the European Central Bank (ECB).

 

Production

Population

The statistics cover weighted average interest rates including commissions and associated amounts on loans to the general public (households, non-financial companies and local government) from banks, mortgage companies, state lending institutions, The Norwegian Public Service Pension Fund, finance companies (from December 2013) and life insurance companies (until June 2014) and weighted average interest rates and associated amounts on deposits in banks by the general public in NOK.

Data for outstanding amounts refers to the end of the month and data for new loans are calculated as an average of new loans during the month.

The statistics cover interest rates by type of loans and deposits in Norwegian kroner from Norwegian borrowers in the public sector. The statistics also cover interest rates on loans by remaining fixed interest rate period.

 

Data sources and sampling

The main source for the interest rate statistics is data collected through the accounting and supervisory reporting system (ORBOF), and a separate report from The Norwegian Public Service Pension Fund.

The quarterly data are collected for all the banks, mortgage/finance companies and state lending institutions.

The monthly figures are based on a sample of banks and mortgage companies according to ECB principles. The sample covers at least 75 per cent of total loans and deposits and includes at least 30 per cent of banks and mortgage companies in the population. The quarterly tables are based on a full sample.

Collection of data, editing and estimations

The reporting institutions receive automatic feedback on errors or possible errors in the reporting. These errors should be corrected within two days. After data processing in Statistics Norway, reporting institutions may be asked to control, verify or correct other data not included in the automatic feedback. Corrections from the reporting institutions are received continuously.

All interest rates are calculated as annualised interest payable in arrears.

 

Seasonal adjustment

Not relevant.

Confidentiality

Interest rate data are not published if less than three units form the basis for a cell in the table, except data for state lending institutions and The Norwegian Public Service Pension Fund.

Comparability over time and space

From April 2015, a new specification of deposits was implemented in the banks’ reporting. This has caused a break in the time series for the detailed type of deposits’ interest rates. The background for the new specification of deposits was a restructuring of the monetary aggregate statistics according to the ECB’s guidelines. For more information, please see ‘Pengemengdestatistikken 2015’ (in Norwegian only). The time series for the total interest rates on deposits aren’t influenced by the new specifications.

The data by maturity in the new interest rate statistics, published in Statbank table 10648, are not directly comparable with the old fixed-interest rate statistics (http:// http://www.ssb.no/en/bank-og-finansmarked/statistikker/orbofur and Statbank table 08115). The new statistics only include loans in Norwegian kroner, while the old statistics included loans in both Norwegian kroner and foreign currency.

Since December 2013, finance companies have been included in the interest rate statistics, while life insurance companies have been removed. This leads to a break in the series for all financial corporations.

Since the third quarter of 2013, bad loans have not been included in the weighted average interest rates. Bad loans are defined in accordance with Regulation (EC) No 25/2009 of the European Central Bank.

Accuracy and reliability

Sources of error and uncertainty

The sources of error for the interest rate statistics are mainly errors in the data that is reported to the financial market statistics. Processing errors can also occur.

For aggregated series for outstanding loans and deposits, interest rates in the monthly sample should not deviate by more than 0.1 percentage point from interest rates for total banks and mortgage companies in the quarterly tables that are based on a full sample.

Revision

The statistics show preliminary figures. Data may be revised in future publications.

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