Stable growth in savings scheme for youths
Banking and financial markets
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Financial corporations, balance sheetDecember 2011

As from 2016 the statistics is published with Banks and mortgage companies.



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Stable growth in savings scheme for youths

Home investment savings with tax deduction for young people (BSU) amounted to NOK 23.1 billion at end-December last year. This is an increase of NOK 3.2 billion compared to end-December 2010.

Banks. BSU deposits. December 2002-December 2011. NOK million and 12-month growth rate in per cent (right axis)

The 12-month growth for BSU savings was 16.2 per cent to end-December 2011, and hence unchanged compared to end-December the previous year. Compared to the 12-month growth to end-December 2009 this is a slight decrease of 1.2 percentage points from 17.4 per cent.

The growth in BSU deposits has been high and stable since the change in regulations of the saving scheme in 2009 (more info below). The 12-month growth peaked at 18.7 per cent in November 2009, and has been between 14.9 per cent and 18.3 per cent during the last two years.

Deposits in BSU savings schemes increased by nearly NOK 1.7 billion from November to December last year. This corresponds to a monthly growth rate of 7.9 per cent. The large 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 at the end of the year.

Large growth in bank deposits

Total deposits in banks were NOK 2 641 billion at end-December 2011. This is an increase of NOK 89.3 billion or 3.5 per cent compared to end-November the same year. The 12-month growth of total deposits was 12.6 per cent to end-December 2011, and was the highest growth rate in bank deposits since May 2009. The large increase stemmed from both transaction deposits from non-financial corporations and from abroad, plus other deposits from households and from abroad.

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.