This is an archived release.
High growth in deposits from enterprises
Non-financial enterprises’ deposits in Norwegian banks amounted to NOK 549 billion at end-January 2011. This equals an increase of NOK 47 billion, or 9.5 per cent, from January 2010. This is the highest twelve-month growth since April 2008.
Total deposits in Norwegian banks amounted to NOK 2 401 billion at end-January 2011; an increase of NOK 56 billion from the previous month. Compared to end-January last year, the deposits have increased by NOK 86 billion, or 3.7 per cent. This is 3 percentage points higher than the corresponding growth last month.
Total deposits consist of transaction deposits and other deposits (see text box for definitions) and amounted to respectively NOK 966 billion and NOK 1 435 billion at end-January this year. The twelve-month growth to end-January was 5.8 per cent for the transaction deposits, while other deposits increased by 2.4 per cent.
The share of the two types of deposits varies for different groups of bank customers. Other deposits constitute most of the total deposits for employees, social security recipients and students, while private limited companies etc. only account for about a third of the total deposits.
Increased growth in deposits for non-financial enterprises
An amount of NOK 549 billion of the total deposits in Norwegian banks at end-January stems from non-financial enterprises. The twelve-month growth for this period was 9.5 per cent, up from 6.2 per cent to the previous month. Both transaction deposits and other deposits contributed to the overall growth this year.
Deposits constitute most of the money supply M2 , where the twelve-month growth for the non-financial enterprises was 8.8 per cent to end-January, up from 5.6 per cent to end-December . The debt growth for non-financial enterprises has also been increasing since April 2010, and according to the credit indicator C2 the twelve-month growth amounted to 3.8 per cent to end-January 2011.
Households’ growth in deposits increased compared to the last year
Deposits in Norwegian banks from households totalled NOK 828 billion at end-January this year; an increase from NOK 788 billion since end-January last year. This equals a twelve-month growth of 5.0 per cent; a decrease from 5.4 per cent in December 2010, while compared to the corresponding growth to end-January last year it reveals an increase from 3 per cent.
Transaction or working accounts
Deposits in working accounts are deposits that can be used for direct transactions without generating any additional costs beyond ordinary transaction costs.
Other deposits include deposits on accounts that cannot be used for direct transactions without generating any additional costs beyond ordinary transaction costs, or accounts with restrictions on direct transactions.
The statistics is now published as Banks and mortgage companies.