Financial accounts

Updated

Next update

Not yet determined

Financial accounts for households. Key figures. Billion NOK and percentage
2nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
1Seasonal adjusted
Assets5 3285 4325 5225 6655 841
Liabilities4 0224 0374 1064 1114 224
Net financial assets1 3061 3961 4161 5541 616
 
Net lending267-24598
Other changes14783447954
 
Debt to income ratio1239.3238.7237.9237.1238.1
Debt growth (per cent)14.74.84.94.65.0

See selected tables from this statistics

Table 1 
Financial assets, liablilities and net lending by institutional sectors. Last period. NOK million.

Financial assets, liablilities and net lending by institutional sectors. Last period. NOK million.
2nd quarter 2021Non-financial corporations1Financial corporationsGeneral governmentHouseholds & NPISHRest of the world
1Including reconciliation sector
 
Net finanical assets-5 087 692370 27113 618 9991 829 251-10 730 829
 
Assets9 613 94515 751 38915 625 9036 084 2308 587 867
Cash and currency, etc.5 53822 92796529 44619 163
Deposits1 006 4221 333 005512 2571 627 6731 628 097
Debt securities225 0762 873 3123 099 32421 8892 682 081
Loans2 131 6427 063 2101 049 351107 6151 273 951
Equity4 645 4262 429 22910 264 8741 481 6722 186 836
Investment fund shares or units149 2741 488 26923 492360 828192 343
Insurance and pension entitlements98 58832 815117 6321 929 74833 232
Other accounts receivable1 346 156241 204551 937520 669406 266
 
Liabilities14 701 63715 381 1182 006 9044 254 97919 318 696
Cash and currency, etc.058 6730019 366
Deposits05 071 552001 035 902
Debt securities863 7412 681 318759 75204 596 871
Loans4 463 5471 130 631847 2454 011 9721 172 374
Equity7 915 7382 103 6360010 988 663
Investment fund shares or units01 689 27400524 932
Insurance and pension entitlements02 191 5600020 455
Other accounts payable1 429 734224 550392 288242 682776 978
 
Net lending, sum 4 last quarters85 95162 038-1 72160 319-206 587

Table 2 
Households' financial assets, liabilities and net lending. NOK million.

Households' financial assets, liabilities and net lending. NOK million.
2nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Net financial assets1 306 2721 395 9731 416 0991 554 0471 616 276
 
Assets5 328 2525 432 4925 522 1855 665 2395 840 658
Cash and currency30 75330 29429 84028 76528 751
Deposits1 453 9841 441 1131 437 0601 464 5301 540 971
Debt securities13 85014 56816 38514 63414 162
Loans108 281108 949109 624107 392107 615
Equity1 235 1081 276 6501 337 0321 380 9771 394 302
Investment fund shares or units231 520251 153262 889282 971308 674
Insurance and pension entitilements1 764 7521 815 0671 809 8221 862 0981 929 571
Other accounts receivable485 683490 145515 016519 397512 014
 
Liabilities4 021 9804 036 5194 106 0864 111 1924 224 382
Loans3 786 6293 837 1063 880 6963 912 4223 982 913
Other accounts payable234 818198 900225 060198 620241 333
 
Net lending25 9886 536-23 89658 5278 389

Table 3 
Interlinkages of creditor and debtors. Loan. NOK million.

Interlinkages of creditor and debtors. Loan. NOK million.
2nd quarter 2021Debtor sector
Non-financial corporations1Financial corporationsGeneral governmentHouseholds & NIPSHRest of the world
1Including reconciliation sector.
 
Creditor sector
Assets
Non-financial corporations11 739 6873 90217 20612 752358 095
Financial corporations1 665 313594 949474 7503 872 980455 218
General government68 436411 524106 434103 896359 061
Households & NIPSH94 88611 3951 33400
Rest of the world895 225108 861247 52122 3440
 
Flows
Non-financial corporations158-8 32310804 226
Financial corporations12 50867 0745 79469 481-1 089
General government-8841 59602 083-22 026
Households & NIPSH0218100
Rest of the world19 086-1 133-76 19400

Table 4 
Interlinkages of creditors and debtors. Debt securities. NOK million.

Interlinkages of creditors and debtors. Debt securities. NOK million.
2nd quarter 2021Debtor sector
Non-financial corporations1Financial corporationsGeneral governmentRest of the world
1Including reconciliation sector.
 
Creditor sector
Stocks
Non-financial corporations131 94465 22521 678106 229
Financial corporations231 251807 546264 9091 569 606
General government33 35550 750104 5522 910 667
Household & NIPSH3 6206 8911 00910 369
Rest of the world563 5711 750 906367 6040
 
Flows
Non-financial corporations11 6641 1457 87718 539
Financial corporations6 430-77 460-32 44429 971
General government4 005279-1 311130 586
Household & NIPSH7955-243-308
Rest of the world6 769-5 151-13 1630

Table 5 
Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.

Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.
2nd quarter 2021Issuing sector
Non-financial corporations1Financial corporationsRest of the world
1Including reconciliation sector.
 
Holding sector
Stocks
Non-financial corporations13 391 17170 1961 025 217
Financial corporations626 565594 9111 158 091
General government844 432175 0258 647 984
Households & NIPSH1 060 667261 64383 996
Rest of the world1 711 799463 6420
 
Flows
Non-financial corporations110 281-1 211-2 614
Financial corporations5 1754 36633 160
General government-1 175-277-194 589
Households & NIPSH2 7565451 187
Rest of the world44 58116 0090

Table 6 
Domestic sectors' financial assets and liabilities towards the rest of the world. Last period. NOK million.

Domestic sectors' financial assets and liabilities towards the rest of the world. Last period. NOK million.
2nd quarter 2021Non-financial corporations1Financial corporationsGeneral governmentHouseholds & NIPSHSum domestic sectors
1Including reconciliation sector.
 
Net financial assets-1 316 951485 61111 295 522266 64710 730 829
 
Assets1 975 6034 918 99212 042 689381 41219 318 696
Cash and currency, etc.019 3660019 366
Deposits13 076991 91222 8798 0351 035 902
Debt securities106 2291 569 6062 910 66710 3694 596 871
Loans358 095455 218359 06101 172 374
Equity1 088 7391 165 6228 650 30683 99610 988 663
Investment fund shares or units40 487441 1293 63439 682524 932
Insurance and pension entitlements020 4550020 455
Other accounts receivable365 48180 78991 378239 330776 978
 
Liabilities3 292 5544 433 381747 167114 7658 587 867
Cash and currency, etc.019 1630019 163
Deposits01 628 097001 628 097
Debt securities563 5711 750 906367 60402 682 081
Loans895 225108 861247 52122 3441 273 951
Equity1 711 799475 037002 186 836
Investment fund shares or units0192 34300192 343
Insurance and pension entitlements033 2320033 232
Other accounts payable119 24167 950126 65492 421406 266

About the statistics

The financial accounts are designed to provide a comprehensive and consistent survey of institutional sectors’ financial assets, liabilities and financial transactions.

Definitions

Definitions of the main concepts and variables

1. Net lending defined in non-financial accounts (capital account) =

saving + net capital transfers - net acquisition of non-financial assets

2. Net lending defined in financial accounts =

net acquisition of financial assets - net incurrence of liabilities

Savings is non-consumed income and can be invested in financial or non-financial assets. If savings exceed non-financial investments, a sector has surplus of funds and becomes a net lender to other sectors. In the financial transaction account, this means that the sector acquire more financial assets than liabilities. On the other hand, if savings are less than non-financial investments, investments have to be funded either by selling financial assets or incurring debts. For example, household investments in non-financial assets mainly reflect the purchase of new housing and fixed investments by unincorporated enterprises. They typically finance substantial parts of these investments by incurring debt in the form of loans.

Net financial assets (net financial wealth) = total financial assets - total liabilities

The financial balance sheet shows the financial position of a sector at the end of the reference period and is broken down into categories of financial assets and liabilities. The predominant assets held by, for example, the households are insurance technical reserves, currency and deposits, while loans provided by financial corporations (banks etc) constitute the main proportion of liabilities.

Changes in net financial asset = net lending + other change in assets, net

The change in the financial balance sheet during the reference period is a result of accumulated financial transactions and other changes in assets. The latter category mainly reflects revaluations due to changes in market prices of financial instruments.

Standard classifications

Accounting system

The accounting system provides the framework and contents required for compiling national accounts statistics. In the system, each financial asset has a counterpart liability. This is reflected by the data structure of the financial accounts which is three-dimensional; creditor sector * debtor sector * financial instrument.

 

Institutional sector classification

Each institutional sector comprises institutional units with broadly similar behaviour. The institutional units are grouped into mutually exclusive institutional sectors on the basis of economic activity, organisational structure and ownership. Institutional units are autonomous entities that are capable, in their own right, of owning assets, incurring liabilities and engaging in economic activities and in transactions with other entities. In most cases, the institutional unit is identical to the legal unit or persons or groups of persons in the form of households.

The institutional sector classification in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The main sectors of system are detailed below:

 1 Total economy

The total economy of a country consists of all institutional units having their centre of predominant economic interest in the economic territory of that country. Such uints are known as resident units, irrespsctive of natonalty and legal form.

Braches and other establishment of Norwegian corporation abroad are not included. See rest of world.

11 Non-financial corporations

The sector covers institutional units engaged in the market production of non-financial products and services. The main sector is divided into the following sub-sectors: 

  • Public enterprises, owned by central government
  • Public enterprises, owned by local government
  • Private non-financial enterprises including private non-profit institutions serving enterprises

The reconciliation sector, which shows the inconsistencies between debtor and creditor sector information, is treated as a separate sector. The data for the reconciliation sector has been added to the non-financial corporation sector in the reports to Eurostat and OECD.

  12 Financial corporations

The sector covers institutional units engaged the market production of financial services and in financial activities. The sector comprise entities that are credit intermediaries or offer insurance products and services, mutual funds, financial holding companies, but also entities whose main activities are financial auxiliary services (e. g. brokerage services, fund management services, financial register services etc.). The main sector is divided into the following sub-sectors:

  • Norges Bank
  • Other monetary financial institutions
  •      Banks (commercial and savings banks)
  •      Mortgage companies
  •      Money market funds
  • Other financial intermediaries, except insurance corporations and pension funds
  •      Mutual funds expect money market funds
  •      Finance companies
  •      Investment trusts and private equity funds
  •      Financial holding companies and financial auxiliaries
  •      State lending institutions and state investment companies
  • Insurance corporations and pension funds
  •      Life-insurance companies and
  •      Non-life insurance companies
  •      Pension funds

  13 General government

The sector covers all state, municipal and county municipal administrative bodies. The Government Pension Fund - Global (previously known as Petroleum Fund) and The Government Pension Fund - Norway (previously known as the National Insurance Scheme Fund) are also included. Public corporations and unincorporated public enterprises (financial or non-financial) are not included.

In addition to carrying out political responsibilities, the general government sector provides and enforces regulations, produces public services (mainly non-market) and redistributes income and wealth. The general government sector has tax revenues and borrowed capital at its disposal. The main sector is divided into the following sub-sectors:

  •  Central government
  •  Local government

14 Households

The households sector covers wage-earners, retirees, recipients of national insurance benefits, unincorporated enterprises and tenant-owner’s associations etc. The households consume goods and

services, supplies labour and as entrepreneurs, supplies the production of market goods and services. The sector comprises the &“consumers of the economy´´. Total consumption expenditure is partly financed by the households themselves, partly by general government and partly non-profit institutions serving households. The households also produces goods and services for their own consumption. The services related to housing is the largest part of the self-produced, self-consumed service. Because the property in tenant-owner’s associations are considered as owner-tenant properties, the tenant-owner associations are included in the households sector.

  15 Non-profit institutions serving households (NPISH)

NPISHs consist of non-profit institutions that are separate legal entities, which serve households and which are principally engaged in the production of non-market goods and services intended for households. Their main resources, apart from those derived from occasional sales, are transfers from general government, voluntary contributions by households and corporations, and property income.

  2 Rest of the world

This institutional sector includes all non-resident institutional units that enter into transactions with resident units, or have other economic links with resident units. This includes:

  • Non-resident institutional units controlled by foreign or Norwegian corporations.
  • Natural persons who are permanent resident abroad (including Norwegian citizens)
  • Staff of foreign embassies, foreign embassies and consulates and  in Norway

 

 

The classification of financial assets and liabilities

The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claim to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.

Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:

AF1 Monetary gold and drawing rights (SDR)

Comprise gold and special drawing rights (SDRs). Norges Bank sold most of its gold reserves in the 4 th quarter of 2003 and the rest of the reserves in the 2 nd quarter of 2004. The financial accounts distinguish between the following types of detailed financial instruments:

  • Monetary gold
  • Special drawing rights (SDR)

AF2 Currency and deposits

Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks. The net reserves position with the IMF is also included. The financial accounts distinguish between the following types of detailed financial instruments:

  • Currency
  • Deposits
  •     Transferable deposits
  •     Other deposits

AF3 Dept securities

Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year. The financial accounts distinguish between the following types of detailed financial instruments:

  • Short-term securities
  • Long-term securities

AF4 Loans

This financial instrument includes lending forms other than tradable debentures and certificates and is mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The financial accounts distinguish between the following types of detailed financial instruments:

  • Short-term loans
  • Long-term loans

AF5 Shares and other equity

The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions. The financial accounts distinguish between the following types of detailed financial instruments:

  • Shares
  •      Quoted shares
  •      Unquoted shares
  • Equity certificates
  • Capital contributions
  • Mutual funds shares

AF6 Insurance technical reserves

The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included.

The financial accounts distinguish between the following types of detailed financial instruments:

  • Non-life insurance technical reserves and provisions for calls under standardised guarantees
  • Life insurance and annuity entitlements
  • Pension entitlements
  • Claims of pension funds on pension managers 

AF7 Financial derivatives and employee stock options

Financial derivatives are not quantified as a separate financial instrument but are included in AF8 Other accounts receivable/payable (see AF8).

  • Financial derivatives
  • Employee stock options

AF8 Other accounts receivabl e/payable

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included. The financial accounts distinguish between the following types of detailed financial instruments:

  • Trade credits and advances
  • Other accounts receivable/payable
  •     Tax claims/tax debt
  •     Other accounts receivable/payable excluding tax claims/tax debt

 

Administrative information

Name and topic

Name: Financial accounts
Topic: National accounts and business cycles

Responsible division

Division for Financial Accounts

Regional level

National level.

Frequency and timeliness

The first version of the accounts for quarter k is accessible about k+80 days after the end of the quarter in question. A normal procedure entails all of the input data accessible for the compilations being incorporated in the financial accounts database system about 2 years after the end of the accounting year (t + 2 years).

International reporting

Eurostat, Organisation for Economic Co-orporation and Development(OECD) and Bank for International Settlement (BIS).

Microdata

Not relevant

Background

Background and purpose

The financial accounts are designed to provide a consistent and comprehensive survey of institutional sectors assets, liabilities and financial transactions. The financial accounts also provide information on asset relationships between different sectors of the domestic economy and between Norway and the rest of the world.

Financial accounts were established by Norges Bank.The purpose was to meet the demand for financial accounts data to macroeconomic models. The financial accounts where published for the first time in 1990 with time series from the 4 th quarter of 1975. A revised database system was launched in 2003 and the name of the system was change to Finse. Responsibility for financial accounts were transferred from Norges Bank to Statistics Norway as of 1 January 2007.

Finse is the name of today’s database system for the financial accounts with time series from 4 th quarter of 1995. The system was revised for the second time in 2014 and results from the main revision were published on 3 december 2014 with time series to 2nd quareter of 2014.

 

Users and applications

The financial accounts are a part of the national accounts system, which has been an important tool for macroeconomic analysis for many years. Among other things, Statistics Norway's macroeconomic models are mainly based on the national accounts statistics. Other users of the financial accounts data are the Ministry of Finance, Norges Bank, research institutes, financial sector analysts, international organisations, the media etc.

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 08:00 am. Prior to this, a minimum of three months' advance notice is given inthe Statistics Release Calendar.

Coherence with other statistics

The relationship between financial accounts and other parts of the national accounts system is given by the balancing item net lending/net borrowing. In theory (SNA 2008 and ESA 2010), net lending derived from the non-financial accounts should be identical to net lending derived from the financial accounts. However, experience shows that significant discrepancies occur for several sectors in the system.

Legal authority

Not relevant

EEA reference

Council Regulation No 549/96 of 21 June 1996, The European system of national and regional accounts in the European Union (Text with EEA relevance).

Production

Population

The scope of the national accounts is defined in international guidelines in the System of National Accounts SNA 2008 (published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of national and regional accounts ESA 2010.

The institutional part of the national accounts system describes all economic transactions involving the various institutional sectors and provides information on the stocks of financial and non-financial capital. The delineation of the economy with regard to the rest of the world is based on the concept of resident units. A unit is a resident unit when it is engaged in economic activity in a territory for a long period of time i.e. when it has a centre of economic interest in the economic territory in question for at least one year.

The financial accounts contain two fundamental types of information: flows and stocks. Flows refer to changes in stocks that take place during a certain period of time while stocks refer to the situation at a certain point in time e.g. at the beginning or the end of a period. The financial accounts distinguish between three main types of events that can appear during an accounting period

  • Transactions

Changes in stocks that is due to change in ownership of financial assets based on mutual agreement between institutional entities. For example by buying/selling securities, or entering into contracts which simultaneously create a financial asset on one side and a counterpart liability on the other side. (e.g. loan contracts). These events are classified as transactions and they describe the entities behaviour in the financial markets.

  • Holding gains and losses

The values of financial assets can also change due to changes in prices or exchange rates. These events are classified in a separate category and recorded as other changes in stock on the revaluations account.

  • Other changes in volume

Changes that are due to extraordinary events (e.g. bankruptcies, natural catastrophes) or events of a non-economic nature (e.g. changes in statistical classifications, new definitions) are treated as a separate category and recorded as other changes in stock on the other change in volume of assets account.

Data sources and sampling

Financial accounts are mainly based on quarterly accounting statistics for financial corporations and mutual funds, quarterly balance of payments data and quarterly data from the Norwegian Central Securities Depository (VPS). The compilations are also based on annual accounting statistics for general government and different types of register-statistics. For areas with incomplete statistical coverage, it is necessary to rely on estimations, judgements and supplementary sources such as statistics for paid and assessed taxes and tax return statistics for individual taxpayers.

Collection of data, editing and estimations

The financial accounts are based on source statistics collected by other divisions in Statistics Norway.

The compilation process comprises a long list of reconciliation procedures and consistency checks, which also contributes to the quality assurance of the different statistical sources.

The source statistics may have to be adjusted in order to fulfil the requirements of the financial accounts; first source data have to be adapted to financial accounts data structure; source data are then balanced in the database system. In cases where we have two or more data sources for the same asset relationship, one data serie is selected according to predetermined rules. The most important choice is between creditor and debtor information. Discrepancies occur when there are differences in information given from the creditor and debtor respectively.

Discrepancies can be explained by different definitions or different estimations of value, but can also occur due to errors and shortcomings in the statistical sources. In cases where errors are revealed, this is reported to the division responsible for the compilation of the statistics in question.

Seasonal adjustment

Stocks and transactions are not adjusted. Rates and growth figures are published both adjusted and unadjusted.

Confidentiality

Not relevant

Comparability over time and space

The Finse database provides comparable quarterly figures over time from the 4th quarter of 1995. The old database system Findatr, provides comparable quarterly financial balance sheets from the 4th quarter of 1975. Net lending/net borrowing exists as an annual time series for all sectors in Findatr, with the exception of financial accounts for households and NPISH, which have been published on a quarterly basis since 1990.

Accuracy and reliability

Sources of error and uncertainty

The financial accounts are compiled using different statistical sources. The uncertainty in the financial accounts figures is related to the uncertainty in source data and the compilation methods. Since the database system is an integrated system containing many routines for balancing and consistency checks of data, one could assume that the financial accounts help reduce some of the uncertainty in the source data. On the other hand, the financial accounts require compilation of figures in areas where source statistics are very limited or even lacking. The uncertainty can be substantial in these areas.

Particular uncertainty is attached to three asset relationships in the financial accounts. This relates to claims and debt between households and private non-financial enterprises, and households and private non-financial enterprises` claims with regard to rest of the world. The absence of detailed accounting statistics for private non-financial enterprises in particular contributes to the uncertainty in quantifying of the asset relationships between the non-financial enterprise sector and other sectors.

Revision

Revisions are made between first released financial accounts figures and later released figures for the same quarter. The quarterly statistical sources cause small revisions in the financial accounts time series, while annual accounting statistics (general government and public non-financial enterprises) remain preliminary for longer periods and figures are objects of revisions before statistics are regarded as final. The preliminary financial accounts figures are therefore more uncertain than the final figures for a quarter.