The credit indicator C2, November 2009

Non-financial enterprises’ gross domestic debt amounted to NOK 1 172 billion at end-November. The twelve-month growth to end-November was -0.3 per cent, down from 1.0 per cent to the previous month.

The growth based on the three-month moving average (see box) to the non-financial gross debt was -2.3 per cent for the period September-November compared with the previous three months. The fact that the growth based on the three-month moving average is lower than the twelve-month growth could indicate that the twelve-month growth will continue to fall.

Rise in household debt growth

Household gross domestic debt totalled NOK 1 987 billion at end-November. The twelve-month growth was 7.0 per cent to end-November, up from 6.7 per cent to the previous month. The rise in household debt growth in the last two months has not been higher since March 2006.

Growth rates affected by the portfolio shifts

The general public’s gross domestic debt C2 amounted to NOK 3 409 billion at end-November, of which 59 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -6.1 per cent to end-October to -5.5 per cent to end-November. Mortgage companies’ loans amounted to NOK 776 billion and the twelve-month growth went down from 47.7 per cent to 41.1 per cent in the same period. The growth rates are affected by transfers of loans from banks to mortgage companies. This is due to the new legislation on covered bonds. The growth rate for banks and mortgage companies in total was 4.0 per cent to end-November, compared to 4.1 per cent the previous month.

The twelve-month growth rate in bond debt continued to rise from 18.5 per cent to end-October to 20.1 per cent to end-November. This was the highest twelve-month growth since October 2003. The growth rate in certificate debt on the other hand went down from 23.3 per cent to end-October to 5.9 per cent to end-November.