Households’ net financial assets continue to increase
National accounts and business cycles
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Financial accountsQ2 2015



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Households’ net financial assets continue to increase

Households’ net lending over the last four quarters to the second quarter of 2015 amounted to NOK -13 billion, compared to NOK 5 billion in the previous four-quarter period. Households’ net financial assets, however, continued to increase.

Financial accounts for households. Key figures. Million NOK and percentage
2nd quarter 20143rd quarter 20144th quarter 20141st quarter 20152nd quarter 2015
1Seasonal adjusted
Assets3 714 8523 744 4833 828 0323 883 1923 960 237
Liabilities2 841 2232 862 8892 933 9242 954 7743 029 484
Net financial assets873 629881 594894 108928 418930 753
Net lending93-2 925-2 36310 247-18 254
Other changes30 39810 89014 87724 06320 589
Debt to income ratio1225.2224.7225.5226.6227.5
Debt growth (per cent)

The increase in households’ net financial assets mainly resulted from capital gains in recent years, especially increased retained earnings in unquoted shares. There are uncertainties in the calculation of these gains, especially for 2013 and 2014, where the complete data sources for the calculation are still not available. Total gains on shares, fund shares and other equity amounted to NOK 50 billon in the last four-quarter period.

Decrease in households’ net lending

The decrease in households’ net lending is mainly driven by an increase in borrowing from banks and mortgage companies and lower investments in insurance technical reserves and other assets. Borrowing in the last four-quarter period amounted to NOK 174 billion compared to NOK 168 billion in the previous period. As a result, households’ debt growth increased from 6.3 per cent in the previous period to 6.4 per cent in the last period.

Revision of deposits

The introduction of new codes for deposits in bank reporting from April 2015 and a new interpretation of the definitions of the two types of deposits has led to a revision of the distribution between transferable and other deposits. The revisions date back to the first quarter of 2012.