This is an archived release.
Growth remains stable in youth savings scheme
Home investment savings with tax deduction for young people (BSU) rose by NOK 4.8 billion in 2014. At the end of December, BSU deposits amounted to NOK 36.8 billion.
|December 2013||December 2014||December 2013 - December 2014|
|Bank total assets||4 270 968||4 642 429||8.7|
|Deposits||2 878 731||3 087 443||7.3|
|Loans||2 988 307||3 378 710||13.1|
|Bank total assets||1 746 705||1 945 098||11|
|Loans||1 502 924||1 516 457||0.9|
The twelve-month growth in the BSU deposits was between 13.5 and 14.9 per cent during 2014.The growth in BSU deposits was 1.4 percentage points higher in the last twelve months to end-December 2014 compared to the twelve-month growth to end-December 2013.
In December 2014, the BSU deposits increased by 2.7 NOK billion. This constitutes an increase of 7.8 per cent. In line with previous years, more than half of these deposits were invested in December. The annual savings in BSU deposits entitle the holder to an income tax deduction. Tax adjustments are often made at the end of the year.
Please note that revised data from a reporting bank has led to a break in the series in December 2012, which affects the twelve-month growth rates for the period December 2012 to November 2013. The dotted line in the diagram indicates the twelve-month growth adjusted for this revision.
Increase in BSU deposit limit
From 1 January 2014, the limit for savings in BSU deposits was increased to a total annual saving of NOK 25 000, and total savings in the scheme of NOK 200 000. From December 2013 to January 2014, these deposits increased by NOK 1.1 billion. In 2014, 23.0 per cent of the annual increase occurred in January, while in the year 2013, 16.1 per cent of the annual increase in BSU deposits occurred in January.
The limit for the BSU deposits was also changed on 1 January 2009, to an annual saving of 20 000 per year and a total saving of NOK 150 000. This adjustment led to a large rise in the twelve-month growth for BSU deposits the same year. At end-December 2008, the twelve-month growth was only 8.4 per cent, while the corresponding figure for end-December 2009 was 17.4 per cent.
The statistics is now published as Banks and mortgage companies.