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Growth remains stable in youth savings scheme
statistikk
2015-02-06T10:00:00.000Z
Banking and financial markets
en
orbofbm, Financial corporations, balance sheet, banks, mortgage companies, finance companies, state lending institutions, loans, deposits, financing, mortgages, bonds, commercial papers, shares, ownership interest, assets, liabilities, foreign banks, borrowers, balancesFinancial institutions and other financial corporations, Banking and financial markets
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Financial corporations, balance sheet, December 2014

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

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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.

Balance sheet. Selected figures. NOK million and per centPublished 6 February 2015
December 2013December 2014December 2013 - December 2014
Banks
Bank total assets4 270 9684 642 4298.7
Deposits2 878 7313 087 4437.3
Loans2 988 3073 378 71013.1
Mortgage companies
Bank total assets1 746 7051 945 09811
Loans1 502 9241 516 4570.9

Source: Statistics Norway

Figure 1. BSU-deposits

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.