This is an archived release.
Upswing for savings scheme for youth
At the end of 2007, home investment savings with tax deduction for young people (BSU) amounted to NOK 13.5 billion. This is an increase of nearly 1 billion or 7.1 per cent from 2006, and represents the highest twelve-month growth since December 2002.
BSU deposits follow a seasonal pattern with large deposits in December, some withdrawals in the first months of the year and a levelling out in subsequent months. The concentration of deposits in December is due to the fact that investments in BSU give tax deduction up to NOK 3 000. To withdraw money from a BSU account and avoid tax liability, several conditions have to be met (see box). The figures suggest that, with the exception of December, there are small movements in the BSU accounts throughout the year, but a large part of the withdrawals take place early in the year.
At the end of 2007, total BSU deposits amounted to NOK 13.5 billion. This is an increase of almost NOK 1 billion compared to 2006. From November to December 2007, the increase in deposits was 8.3 per cent. This is the highest monthly growth since 2003. The twelve-month growth was 7.1 per cent in the same period, the highest since December 2002.
At end-January 2008, total BSU deposits amounted to NOK 13.3 billion, a decrease of NOK 180 million from December. The 1.3 per cent decrease from December to January is larger than in the corresponding period in the two previous years, but consistent with the normal seasonal pattern for these deposits.
Home investment savings with tax deduction for young people (BSU)
Home investment savings with tax deduction for young people (BSU) is a savings scheme for people under 34 years of age. Total savings for one year is NOK 15 000 and total savings in the scheme is NOK 100 000. The scheme guarantees a loan four times the savings amount, and gives a yearly tax deduction of up to NOK 3 000. In order to avoid tax liability for withdrawals, the entire amount must be used for housing purposes. This includes buying a house or an apartment, or repayments on mortgages for a house purchased after the saving started.
The statistics is now published as Banks and mortgage companies.