The credit indicator C2, January 2010

The general public’s gross domestic debt C2 amounted to NOK 3 427 billion at end-January, up from NOK 3 408 billion at end-December.

Decline in non-financial enterprises’ debt

Non-financial enterprises’ gross domestic debt amounted to NOK 1 167 billion at end-January. The twelve-month growth to end-January was -1.5 per cent, down from -1.3 per cent to the previous month. During 2009, the twelve-month growth decreased by 16.8 percentage points.

The growth based on the three-month moving average (see box) of the non-financial gross debt was -5.5 per cent for the period November-January 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 be an indication that the twelve-month growth will continue to fall.

Rise in household debt growth

Household gross domestic debt totalled NOK 2 000 billion at end-January. The twelve-month growth was 7.0 per cent to end-January, up from 6.7 per cent to the previous month.

Growth rates affected by the portfolio shifts

Of the general public’s gross domestic debt, 58 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -6.3 per cent to end-December to -5.9 per cent to end-January. Mortgage companies’ loans amounted to NOK 802 billion and the twelve-month growth went down from 39.4 per cent to 38.0 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 3.5 per cent to end-January, compared to 3.3 per cent the previous month.

The twelve-month growth rate in bond debt decreased from 22.8 per cent to end-December to 21.2 per cent to end-January. The growth rate in certificate debt went down from -2.9 per cent to end-December to -9.5 per cent to end-January.