343995
/en/bank-og-finansmarked/statistikker/verdipapirer/kvartal
343995
statistikk
2018-08-24T08:00:00.000Z
Banking and financial markets
en
verdipapirer, SecuritiesSecurities markets , Banking and financial markets
true

Securities

Updated

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Main figures - VPS. Last 4 quarters. NOK billion
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
Stocks (market value)
Shares (listed)2 344.02 456.92 499.42 704.4
Shares (unlisted)435.2461.8436.5441.3
Long-term debt securities issued in Norway1 935.31 971.22 012.52 034.8
Short-term debt securities issued in Norway158.5152.3156.6147.6
Equity certificates53.054.954.254.6
 
Dividends/coupon payments
Shares (listed)8.219.28.556.2
Shares (unlisted)3.91.00.63.7
Long-term debt securities issued in Norway7.89.311.919.4
Short-term debt securities issued in Norway0.20.20.20.2
Equity certificates0.00.00.12.8

See more tables on this subject

Table 1 
Stocks of securities registered with the VPS, by holding sector and type of security. Last quarter. Market value. NOK million

Stocks of securities registered with the VPS, by holding sector and type of security. Last quarter. Market value. NOK million
2nd quarter 2018
Shares (listed)Shares (unlisted)Equity certificatesLong-term debt securitiesShort-term debt securities
 
Total2 704 439441 33954 5632 034 817147 624
 
Non-financial corporations337 090232 2966 93142 64013 970
Public unincorporated enterprises, owned by central government00000
Public incorporated enterprises, owned by central government3 11781903 40513 586
Public unincorporated enterprises, owned by local government10000
Public incorporated enterprises, owned by local government1 1146847814 587343
Private non-financial incorporated enterprises330 924230 1556 79320 86541
Private non-financial unincorporated enterprises8825381030
Private non-profit institutions serving enterprises1 846385523 6790
 
Financial corporations262 697123 11111 1751 290 45493 487
Norges Bank00000
Banks7 58730 2961 319442 68230 893
Mortgage companies03684 6935 917
Finance companies01050
State lending institutions etc.2611 507000
Financial holding companies3 15942 30325 721174
Mutual funds145 0541 3165 483286 56425 087
Investment trusts and private equity funds7 7994 8461881 0370
Other financial enterprises, except insurance companies and pension funds72 54236 5982 5684 5233 411
Life insurance companies and pension funds23 9495 6631 392403 16722 710
Non-life insurance companies2 34757921862 0625 295
 
General government914 1711 782148118 79530 672
Central government913 7251 0422108 68030 659
Local government44674014610 11613
 
Non-profit institutions serving households31 8461 58719 4847 442684
 
Households97 10824 2719 3798 60455
Unincorporated enterprises within households1981260
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.00000
Employees, recipients of property income, pensions and social contributions, students etc.97 08924 1909 3778 59855
 
Rest of the world1 061 36558 2047 434566 8698 756
 
Unspecified sector1618811140

Table 2 
Net purchases of securities registered with the VPS, by purchasing sector and type of security. Latest quarter. Market value. NOK million

Net purchases of securities registered with the VPS, by purchasing sector and type of security. Latest quarter. Market value. NOK million
2nd quarter 2018
Shares (listed)Shares (unlisted)Equity certificatesLong-term debt securities issued in NorwayShort-term debt securities issued in Norway
 
Total698-11428326 152-8 623
 
Non-financial corporations-1 7632 263260-1 737-4 676
Public unincorporated enterprises, owned by central government00000
Public incorporated enterprises, owned by central government-2 14330228-3 117
Public unincorporated enterprises, owned by local government....000
Public incorporated enterprises, owned by local government46-75-31-1 655-1 555
Private non-financial incorporated enterprises3212 343292-244-4
Private non-financial unincorporated enterprises12-31-60
Private non-profit institutions serving enterprises1-4-2-600
 
Financial corporations1 5521 49927621 341-3 667
Norges Bank0..000
Banks5044784822 035924
Mortgage companies0....1 900930
Finance companies0..0..0
State lending institutions etc...51000
Financial holding companies513....684174
Mutual funds2 69021086670-3 290
Investment trusts and private equity funds243-21612870
Other financial enterprises, except insurance companies and pension funds-2 1021 28311279179
Life insurance companies and pension funds-96-3048-1 565-1 585
Non-life insurance companies-199-211-2 548-1 000
 
General government631-2167-14 636-1 032
Central government641....-14 585-1 032
Local government-10-2167-510
 
Non-profit institutions serving households-9522-285-173-1
 
Households-1 324-142173-374-9
Unincorporated enterprises within households11..-10
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0....00
Employees, recipients of property income, pensions and social contributions, students etc.-1 325-144173-372-9
 
Rest of the world1 677-3 541-14821 730764
 
Unspecified sector21101..

Table 3 
Paid out dividends on listed shares registered with the VPS, by paying sector. NOK million

Paid out dividends on listed shares registered with the VPS, by paying sector. NOK million
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
 
Total8 21519 2028 54956 159
 
Non-financial corporations8 09319 0548 34135 925
Public unincorporated enterprises, owned by central government0000
Public incorporated enterprises, owned by central government5 73311 5205 76513 327
Public unincorporated enterprises, owned by local government0000
Public incorporated enterprises, owned by local government......270
Private non-financial incorporated enterprises2 3617 5332 57722 328
Private non-financial unincorporated enterprises0000
Private non-profit institutions serving enterprises0000
 
Financial corporations......17 794
Norges Bank0000
Banks......1 268
Mortgage companies0000
Finance companies0000
State lending institutions etc.0000
Financial holding companies......12 620
Mutual funds0000
Investment trusts and private equity funds........
Other financial enterprises, except insurance companies and pension funds......357
Life insurance companies and pension funds0000
Non-life insurance companies......3 550
 
General government0000
Central government0000
Local government0000
 
Non-profit institutions serving households0000
 
Households0000
Unincorporated enterprises within households0000
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0000
Employees, recipients of property income, pensions and social contributions, students etc.0000
 
Rest of the world1221482072 440

Table 4 
Paid out dividends on listed shares registered with the VPS, by receiving sector. NOK million

Paid out dividends on listed shares registered with the VPS, by receiving sector. NOK million
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
 
Total8 21519 2028 54956 159
 
Non-financial corporations7302 9175878 326
Public unincorporated enterprises, owned by central government0000
Public incorporated enterprises, owned by central government......60
Public unincorporated enterprises, owned by local government........
Public incorporated enterprises, owned by local government......1
Private non-financial incorporated enterprises7242 9075848 230
Private non-financial unincorporated enterprises......2
Private non-profit institutions serving enterprises610332
Financial corporations6091 0675836 613
Norges Bank0000
Banks87176225129
Mortgage companies0000
Finance companies0000
State lending institutions etc.........
Financial holding companies......2
Mutual funds3946632803 000
Investment trusts and private equity funds3102118
Other financial enterprises, except insurance companies and pension funds6987272 790
Life insurance companies and pension funds4912047521
Non-life insurance companies79352
General government4 2047 9434 22216 756
Central government4 2037 9414 22116 744
Local government22..12
Non-profit institutions serving households184561 404
Households3257452282 152
Unincorporated enterprises within households........
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0000
Employees, recipients of property income, pensions and social contributions, students etc.3257452282 152
Rest of the world2 3246 0742 91720 806
Unspecified sector54106102

Table 5 
Issues of debt securities, by issuing sectors. Face values in NOK million

Issues of debt securities, by issuing sectors. Face values in NOK million
2nd quarter 20173rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
Debt securities issued in Norway
Long-term debt securities issued in Norway141 62790 204110 312126 080146 477
- domestic issuers99 21266 77398 48998 927123 469
Short-term debt securities issued in Norway80 37567 50162 25371 03767 976
- domestic issuers79 39266 99861 87570 58767 876
 
Debt securities issued by Norwegian entities abroad
Long-term debt securities issued abroad58 93131 75860 144117 79765 314
Sertifikater emittert i utlandet237 436261 287278 289330 375196 909
 
Non-financial corporations
Long-term debt securities issued in Norway23 29113 70333 90223 00123 724
Long-term debt securities issued abroad03 3554 7678 7268 169
Short-term debt securities issued in Norway17 97715 65910 54310 05113 195
Short-term debt securities issued abroad23 76331 00423 07743 97487 646
 
Financial corporations
Long-term debt securities issued in Norway58 16538 90047 95457 22167 912
Long-term debt securities issued abroad58 93128 40455 376109 06957 145
Short-term debt securities issued in Norway1 7501 0002 000275910
Short-term debt securities issued abroad213 673230 283255 212286 400109 263
 
General government
Long-term debt securities issued in Norway17 75514 17016 63418 70631 833
Long-term debt securities issued abroad00000
Short-term debt securities issued in Norway59 66650 34049 33160 26153 772
Short-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway42 41623 43211 82227 15223 008
Short-term debt securities issued in Norway982503378450100

Table 6 
Debt securities, by issuing sectors. Outstanding amounts. Face values in NOK million

Debt securities, by issuing sectors. Outstanding amounts. Face values in NOK million
2nd quarter 20173rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
 
Debt securities issued in Norway
Long-term debt securities issued in Norway1 897 2581 920 6551 958 9002 001 6252 029 923
domestic issuers1 618 9571 635 9551 674 6621 720 1521 733 271
Stort-term debt securities issued in Norway156 855158 594152 441156 816147 838
domestic issuers155 676157 675151 635156 148147 523
 
Debt securities issued by Norwegian entities abroad
Long-term debt securities issued abroad1 694 0491 622 9561 681 9821 633 8911 614 505
Stort-term debt securities issued abroad100 626117 998119 31880 688117 239
 
Non-financial corporations
Long-term debt securities issued in Norway278 197279 406304 977316 958324 510
Long-term debt securities issued abroad376 220347 815331 491307 246300 503
Stort-term debt securities issued in Norway22 36424 48920 55220 58719 265
Stort-term debt securities issued abroad5 2374 2945 6416 66422 866
 
Financial corporations
Long-term debt securities issued in Norway875 922879 440881 050900 607906 125
Long-term debt securities issued abroad1 317 8301 275 1411 350 4911 326 6451 314 002
Stort-term debt securities issued in Norway1 8432 1151 8811 3751 335
Stort-term debt securities issued abroad95 390113 703113 67774 02494 372
 
Central government
Long-term debt securities issued in Norway464 839477 110488 634502 587502 636
Long-term debt securities issued abroad00000
Stort-term debt securities issued in Norway131 470131 072129 202134 186126 924
Stort-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway278 301284 700284 238281 473296 652
Stort-term debt securities issued in Norway1 179918806668315

Table 7 
Debt securities. Issues, redemptions, gross changes and outstanding amounts, by issuing sector. Face values in NOK million

Debt securities. Issues, redemptions, gross changes and outstanding amounts, by issuing sector. Face values in NOK million
Opening balanceIssues (face value) (NOK million)Redemptions (NOK million)Changes in sector classification and exchange rates (NOK million)Closing balance
Debt securities issued in Norway and by Norwegian entities abroad3 873 020476 677-455 12014 9283 909 505
Debt securities issued by Norwegian entitites3 590 879453 568-443 37011 4613 612 538
Debt securities issued in Norway2 158 441214 453-198 8043 6712 177 761
Debt securities issued by Norwegian entities in Norway1 876 300191 345-187 0572061 880 794
 
Non-financial corporations
Long-term debt securities issued in Norway316 95823 724-16 610438324 510
Long-term debt securities issued abroad307 2468 169-20 6545 742300 503
Short-term debt securities issued in Norway20 58713 195-14 5341719 265
Short-term debt securities issued abroad6 66487 646-73 9022 45822 866
 
Financial corporations
Long-term debt securities issued in Norway900 60767 912-62 145-249906 125
Long-term debt securities issued abroad1 326 64557 145-71 2321 4441 314 002
Short-term debt securities issued in Norway1 375910-95001 335
Short-term debt securities issued abroad74 024109 263-90 5271 61294 372
 
Central government
Long-term debt securities issued in Norway502 58731 833-31 7840502 636
Long-term debt securities issued abroad00000
Short-term debt securities issued in Norway134 18653 772-61 0351126 924
Short-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway281 47323 008-11 2973 468296 652
Short-term debt securities issued in Norway668100-450-3315

Table 8 
Debt securities issued in Norway, by borrowing sectors and remaining maturity. Outstanding amounts at face value (NOK million)

Debt securities issued in Norway, by borrowing sectors and remaining maturity. Outstanding amounts at face value (NOK million)
<= 1 year> 1 year <= 2 years> 2 years <= 5 years> 5 years <= 10 years> 10 years <= 20 years> 20 yearsTotal
Original maturity
Outstanding amounts in total from debt securities issued in Norway147 64817 578597 848848 858519 04646 7832 177 761
Non-financial corporations19 2654 015136 309129 99847 4746 714343 775
Banks1 3351 887159 978115 05725 34320 471324 071
Other financial corporations05 881102 700404 12455 24515 439583 389
Central government and social security funds74 0000037 000362 515.473 515
Local government52 9242 97149 27042 7547 865261156 045
Non-profit institutions serving households
Households
Rest of the world1252 824149 591119 92620 6043 898296 968
 
Remaining maturity
Outstanding amounts in total from debt securities issued in Norway448 478319 340963 514379 17926 48240 7682 177 761
Non-financial corporations47 00954 537156 61672 41410 3222 877343 775
Banks57 72159 244144 19440 4422 15020 319324 070
Other financial corporations62 917132 133317 76247 8778 56014 139583 388
Central government and social security funds150 5150149 000174 000..473 515
Local government70 32618 89246 50818 8191 500.156 045
Non-profit institutions serving households00....0
Households00....0
Rest of the world59 99054 535149 43325 6273 9503 433296 968

Table 9 
Outstanding amounts from debt securities issued abroad by domestic borrowing sectors and maturity. Outstanding amounts at face value in NOK million.

Outstanding amounts from debt securities issued abroad by domestic borrowing sectors and maturity. Outstanding amounts at face value in NOK million.
Original maturity <= 1 yearOriginal maturity > 1 year <= 2 yearsOriginal maturity > 2 years <= 5 yearsOriginal maturity > 5 years <= 10 yearsOriginal maturity > 10 years <= 20 yearsOriginal maturity > 20 yearsTotal
Original maturity
Outstanding amounts in total from debt securities issued by Norwegian entities abroad117 2397 102544 921601 922316 316144 2451 731 745
Non-financial corporations22 866029 23389 261104 750154 520323 369
Banks91 8852 629138 16472 63956 09010 840372 247
Other financial corporations2 4874 473377 524440 022155 47556 1441 036 125
 
Remaining maturity
Outstanding amounts in total from debt securities issued by Norwegian entities abroad328 326227 992693 580319 15599 86862 8231 731 744
Non-financial corporations36 03429 03982 01498 58749 83327 862323 369
Banks142 14156 740155 2457 6125 5394 970372 247
Other financial corporations150 150142 213456 321212 95644 49629 9901 063 263

About the statistics

The securities statistics provide a current overview of the issue and ownership of securities registered in VPS as well as Norwegian entities' debt securities abroad. Parts of the data basis are also input to the national accounts, balance of payments, financial sector accounts and credit indicators.

Definitions

Definitions of the main concepts and variables

Listed shares entails shares listed for trade at the Oslo Stock Exchange (OSE) or Oslo Axess.

Unlisted shares entails shares not listed for trade at an exchange, do not have a listed market price, and are therefore usually less liquid.

Long-term debt securities are debt securities with a duration longer than one year that can be divided between several lenders as standardized partial long-term debt securities without the borrower's approval. A long-term debt security is a negotiable financial instrument. 

Short-term debt securities are debt securities with duration less than one year. 

An issue is the opening of a new loan. 

The issuer is the institutional owner who raised the loan and registers it in his balance sheet (the original borrower). The institutional owner is not always an individual legal entity.

The borrower is the institution registering the loan in his balance sheet. This institution may differ from the issuing institution as a result of mergers, demergers, bankruptcies etc.

The market values of the stocks of securities in Norway are determined by available prices. For listed securities, they will mainly be market prices from the OSE. For unlisted securities, the latest available prices from transactions, annual assessment rates from tax purposes or nominal prices are chosen in a preferred order. From the 4th quarter of 2006, observed transaction rates are used to estimate market values of non-listed securities.

Transaction prices are based upon information about actual payments registered in the VPS, or calculated amounts if no actual payments are available. Where no actual payments are specified, market prices from OSE are used for individual trading dates in order to determine traded amounts for transactions. From the 4th quarter of 2006 observed transaction rates are used to estimate transaction values for non-listed securities

Dividends/coupon payments are actual paid out amounts during a period.

Standard classifications

Sector and industry categorization information is based on what is registered at the Coordinating Register for Legal Entities Enterprises. This classification is based on international requirements in SNA2008/ESA2010 and NACE Rev.2.

The securities number is the loan's unique identification. It is assigned by the Norwegian Central Securities Depository and based on the international standard ISO 6166:2001.

 CFI is an abbreviation for Classification of Financial Instruments and is based on the international standard ISO 10962:2001. The Norwegian Central Securities Depository is responsible for the assignment of CFI codes.

Administrative information

Name and topic

Name: Securities
Topic: Banking and financial markets

Next release

Responsible division

Division for Financial Markets Statistics

Regional level

National level, no regional divisions.

Frequency and timeliness

Quarterly. Normally published 6-7 weeks after the end of the statistics quarter

International reporting

BIS.

Microdata

Time series are stored in a database solution.

Background

Background and purpose

The statistics consists of data from the previously published statistics, “Debt securities” and “ Securities registered with the Norwegian Central Securities Depository” , published as " Securities "as of Q1 2016.  "Securities"' data series go back to Q4 2014,while older data series can be found by use of the statistics "Debt Securities" and "Securities registered within The Norwegian Central Securities Depository".  

The purpose of the statistics is to provide a current overview of the issue and ownership of securities registered in VPS as well as Norwegian entities' debt securities abroad. Parts of the data basis are also input to the national accounts, balance of payments, financial sector accounts and credit indicators.

Figures for outstanding amounts of long-term debt securities are available back to 1899. Figures for issues of long-term debt securities are available back to 1914. Historical figures on nominal yields are available back to 1900.Figures for short-term debt securities are available back to 1985. Figures for issues outside Norway by residents are available back to 1988.

Details of figures on numbers of issues of debt securities in Norway are available from 1998, while details of figures on numbers of issues abroad are available from 2001.

 

Users and applications

Major users, in addition to Statistics Norway, are users representing the securities market, public authorities and research institutes.

Equal treatment of users

No external users have access to the statistics before they are published and accessible simultaneously for all users on ssb.no.  Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar

Coherence with other statistics

The statistics is adjusted in accordance with the national accounts recommendations.

Legal authority

The Statistics Act § 2-2

EEA reference

Council regulation 2223/96

Production

Population

The statistics consists of data from the previously published statistics, “Debt securities” and “ Securities registered with the Norwegian Central Securities Depository” , published as " Securities "as of Q1 2016. The statistics presents stock and transaction data in face values as well as market values for the following types of securities registered in VPS:

  • All shares issued by public limited companies (PLC) and a share of private limited companies. Also included are a part of or the whole share capital of foreign registered Companies..
  • Equity certificates, including all equity certificates listed on the Oslo Stock Exchange.
  • Bonds, including all bonds of short- or long maturity issued in Norway in NOK or foreign currency. Bonds in foreign currency are included in the statistics from the 4th quarter of 2006.
  • Short-term debt securities issued in Norway in NOK or foreign currency, including treasury bills issued by the Norwegian state since July 2000. Short-term debt securities in foreign currency are included in the statistics from the 4th quarter of 2006.

In addition, the statistics have information about issues and outstanding amounts in nominal values from debt securities issued by Norwegian entities abroad. 

For all debt securities issued in Norway and abroad, the statistics also have information about numbers of issues and the link between outstanding amounts, issues, redemptions and changes in outstanding amounts caused by changes in sector classification and exchange rates in nominal values.  From 2013, debt securities that have been converted into shares or other types of loans are included as "Changes in sector classification and exchange rates".

Data sources and sampling

Full sample. Information from The Norwegian Central Securities Depository (VPS), Oslo Stock Exchange (OSE), Norwegian Trustee and forms (RA-0622) contending details from issues sent to Statistics Norway

Collection of data, editing and estimations

Extracts of primary data from securities in Norway are received monthly from the Norwegian Central Securities Depository (VPS). Market values are received currently from Oslo Stock Exchange (OSE) and exchange rate information is received by the Norges Bank. Data from debt securities issued by Norwegian entities abroad are sent by issuers to Statistics Norway every month by use of a form (RA-0622).

Data is controlled at an individual security level (ISIN level) against previous reported periods. The development in the value of listed shares and bonds is revised against data published by OSE and VPS. Figures for outstanding debts are co-ordinated with the accounting statistics. Details of debt securities issued by residents abroad are also controlled against data reported to the BIS and other national and international registers.

Data series are revised on an ongoing basis and published together with data for the new statistical period.

Seasonal adjustment

Not relevant

Confidentiality

Statistics Norway's standard confidentiality rules apply.

Comparability over time and space

All "Securities"' data series go back to Q4 2014,while older data series can be found by use of the statistics "Debt Securities" and "Securities registered within The Norwegian Central Securities Depository". 

Changes in legislation, changes in regulations for registration requirements in the VPS, and the introduction of new classification standards may lead to interrupted time series.

2006: Adjustment in securities statistics:

An change in the statistics to a more detailed reporting in the 4th quarter of 2006, means that the sector and industry categorization is based on information from the Central Coordinating Register for Legal Entities Enterprises, and no longer from the Central Security Depository (VPS) itself. This caused some changes in the ownership of some securities. The sectors “Other financial corporations” and “Other non-financial corporations” and “Local government and municipal enterprises” were significantly affected by this change.

Further, the adjustment in the statistics lead to more use of observed prices from transactions for calculation of market values of securities, which particularly improved the estimation in value of unlisted shares. Calculations showed that the total value of unlisted shares registered with the VPS increased by NOK 107 billion (64 per cent) as a consequence of changed method of calculation.

The adjustment of the securities statistics also meant that bonds issued in foreign currency was included in the statistics. This lead to a NOK 20 billion increase in the market value of the stocks of bonds.

Changes in the periodic distribution of issues and outstanding amounts of debt securities from 2007:

In publications up to 2007 and the statistics bank, the periodic distribution of issues and outstanding amounts of debt securities up to 2007 is based on information about the date of the loan's approvement. This date can deviate from the date of which an issue actually took place. The periodic deviation may cause marginal errors for total amounts, but errors may be more obvious at sector level.  The periodic distribution of issues and outstanding amounts of debt securities in 2007 - 2011 is based on a combination of information about the date of the loan's approvement and issue dates. The periodic distribution of issues and outstanding amounts of debt securities from 2011 is based on details of actual issue dates whereby the distribution of issues and outstanding amounts for periods should be correct. 

 2012: New standard for sector classification was introduced.

 A new institutional sector classification was introduced from January 2012. One of the most significant changes is that the demarcation between financial – and non-financial sector was shifted so that financial sector increased in size. In addition, some new financial sectors were introduced such as “investment trusts and private equity funds” and “financial holding companies”.

 The introduction of the new sector classification leads to a break in the statistics. The new tables will contain data from the first quarter of 2012 and onwards. The older tables will not be updated with new time series.

 2012: New divide between listed - and unlisted shares

 From 2012 and onwards, the statistics the distinguishes between listed - and unlisted registered with the VPS. Listed shares entails shares registered for trade at the Oslo Stock Exchange or Oslo Axess.

 From 2013, debt securities that have been converted into shares or other types of loans are included as "Changes in sector classification and exchange rates".

Updated information about debt securities:

time series breaks may exist due to access to new information, alterations in the legal framework and in the registration rules of the Norwegian Central Securities Depository.

The tables are updated with figures for these new data from 2012.

 

Accuracy and reliability

Sources of error and uncertainty

To the degree that the fixed delivery from VPS contains errors or defects, this could affect the statistics. Processing and control routines have been established in order to detect and correct such errors and defects.

In cases where an owner of a security is registered on a nominee account of a financial enterprise, and in cases where different types lending of securities occur, others than the genuine owners will be registered in the VPS register. This can to some extent cause the application of sectors to owners of holdings and transactions to be imperfect.

In publications up to 2007 and the statistics bank, the periodic distribution of issues and outstanding amounts of debt securities up to 2007 is based on information about the date of the loan's approvement. This date can deviate from the date of which an issue actually took place. The periodic deviation may cause marginal errors for total amounts, but errors may be more obvious at sector level.  The periodic distribution of issues and outstanding amounts of debt securities in 2007 - 2011 is based on a combination of information about the date of the loan's approvement and issue dates. The periodic distribution of issues and outstanding amounts of debt securities from 2011 is based on details of actual issue dates whereby the distribution of issues and outstanding amounts for periods should be correct. 

The statistics on issues by Norwegian residents outside Norway is based on data reported to Norges Bank from the issuers. Unless all the issues are reported, the statistics will contain non-response errors. Due to non-response errors which have been discovered, figures for Norwegian entities' issues abroad were corrected in statistics published in Q3 and Q4 2013, Q3 2015 and Q1 2016.

Revision

Data may be revised in future publications.