Increase in household net financial assets
Households’ net financial assets are increasing and amounted to almost NOK 1 000 billion at the end of the third quarter 2016. At the same time, household net lending is negative. Net positive gains in securities explain the increase in net financial assets.
|3rd quarter 2015||4th quarter 2015||1st quarter 2016||2nd quarter 2016||3rd quarter 2016|
|Assets||3 962 754||4 052 998||4 087 137||4 182 805||4 217 792|
|Liabilities||3 053 773||3 119 882||3 131 394||3 211 232||3 234 803|
|Net financial assets||908 981||933 116||955 743||971 573||982 989|
|Net lending||-24 965||3 264||12 736||-7 487||-20 273|
|Other changes||5 920||20 871||9 891||23 317||31 689|
|Debt to income ratio1||226.6||230.4||232.4||235.8||236.4|
|Debt growth (per cent)1||6.4||6.1||5.8||5.8||5.9|
Households’ net financial assets are estimated to NOK 983 billion at the end of the third quarter 2016. This is an increase from NOK 909 billion at the end of the third quarter 2015. Net lending over the last four quarters is computed to NOK -12 billion, which means that net borrowing has been larger than net investments in financial assets. The increase in net financial assets is therefore explained by positive gains in securities, which amounted to NOK 68 billion the last four quarters.
Unlisted shares and insurance technical reserves constitute more than 50 per cent of households’ financial assets, but these financial instruments are illiquid and unlisted shares are unevenly distributed among households. Net financial assets except these to financial instruments have a different development and amounted to NOK -1 227 billion at the end of the third quarter 2016, compared to NOK -1 151 billion at the end of the third quarter 2015.
Households’ assets for previous periods are revised in this version of the financial accounts. The stock of unlisted shares is revised upwards in the period from 1995 to 2016 and the transactions in unlisted shares, insurance technical reserves, loans (assets) and other assets are also revised upwards, but the revisions in transactions are mainly limited to the year 2015. The revisions are cause by updated data sources and an adjustment of the calculation of unlisted shares.