This is an archived release.
High growth in savings continues
Home investment savings with tax deduction for young people (BSU) amounted to almost NOK 20 billion at end-December 2010. This is an increase of NOK 2.8 billion or 16.2 per cent compared to end-December 2009.
As from 1 January 2009, the yearly savings amount was raised from NOK 15 000 to NOK 20 000, and the total savings amount was raised from NOK 100 000 to NOK 150 000. The revised regulations for BSU deposits were probably an important factor in the unprecedented levels of twelve-month growth rates in 2009, which varied from 11.6 to 18.7 per cent. However, the high growth rates have continued throughout 2010 as well, varying from 16.2 to 18.3 per cent.
At end-December 2010, BSU deposits in Norwegian banks amounted to almost NOK 20 billion. This is an increase of NOK 2.8 billion, or 16.2 per cent compared to end-December 2009. From November 2010 to December 2010, BSU deposits increased by close to NOK 1.5 billion, or 8.1 per cent. The increase is in line with the seasonal pattern of these types of deposits, which is influenced by the fact that investments in BSU give rights to a tax deduction of up to NOK 4 000, and adaptations to tax rules often take place late in the year. However, the monthly increase from November to December 2010 was larger than previous years. By comparison, the equivalent monthly increase in 2007, 2008 and 2009 was NOK 1, 1.3 and 1.4 billion respectively.
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. The total savings for one year amount to NOK 20 000 and total savings in the scheme are limited to NOK 150 000. In 2009 the regulations for BSU deposits were revised and the saving amounts were increased from NOK 15 000 and NOK 100 000 respectively. The scheme guarantees a loan from the depository bank up to four times the savings amount, and gives a yearly tax deduction of up to 20 per cent. In order to avoid tax liability for withdrawals, the entire amount must be used for housing purposes, i.e. buying a house or an apartment, or repayments on mortgages for a house purchased after the savings started.
The statistics is now published as Banks and mortgage companies.
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