The credit indicator C2, March 2010

The general public's gross domestic debt C2 amounted to NOK 3 455 billion at end-March, up from NOK 3 446 billion at end-February.

Decline in household debt growth

Household gross domestic debt totalled NOK 2 012 billion at end-March. The twelve-month growth was 6.4 per cent to end-March, down from 6.7 per cent to the previous month.

Reduction in non-financial enterprises' debt growth

Non-financial enterprises' gross domestic debt amounted to NOK 1 174 billion at end-March. The twelve-month growth was -1.7 per cent to end-March, down from -1.2 per cent to the previous month. Except for the last period, this twelve-month growth has decreased every month since November 2008.

The growth based on the three-month moving average (see box) of the non-financial gross debt was 2.4 per cent for the period January-March compared with the previous three months. The fact that the growth based on the three-month moving average is higher than the twelve-month growth could be an indication that the twelve-month growth will rise.

Growth rates affected by the portfolio shifts

Of the general public's gross domestic debt, 56 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -8.7 per cent to end-February to -8.6 per cent to end-March. Mortgage companies' loans amounted to NOK 911 billion and the twelve-month growth went down from 46.4 per cent to 45.6 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 3.8 per cent to end-March, compared to 3.5 per cent the previous month.

The twelve-month growth rate in bond debt decreased from 15.0 per cent to end-February to 7.8 per cent to end-March. The growth rate in certificate debt went down from -4.5 per cent to end-February to -16.2 per cent to end-March.