366000
/en/bank-og-finansmarked/statistikker/verdipapirer/kvartal
366000
statistikk
2019-02-22T08:00:00.000Z
Banking and financial markets
en
verdipapirer, SecuritiesSecurities markets , Banking and financial markets
true

Securities

Updated

Next update

Key figures

-15.8 %

changes in stocks of listed shares, market value

Main figures - VPS. Last 4 quarters. NOK billion
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
Stocks (market value)
Shares (listed)2 498.82 704.42 859.52 406.6
Shares (unlisted)434.2438.0456.3458.2
Long-term debt securities issued in Norway2 012.62 034.92 050.52 072.1
Short-term debt securities issued in Norway156.6147.6140.1143.9
Equity certificates54.254.658.456.2
 
Dividends/coupon payments
Shares (listed)8.556.210.023.0
Shares (unlisted)0.63.71.21.2
Long-term debt securities issued in Norway11.919.48.510.2
Short-term debt securities issued in Norway0.20.20.20.2
Equity certificates0.12.8....

See selected tables from this statistics

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
4th quarter 2018
Shares (listed)Shares (unlisted)Equity certificatesLong-term debt securitiesShort-term debt securities
 
Total2 406 609458 21656 2172 072 124143 915
 
Non-financial corporations309 180251 5897 55744 61519 356
Public unincorporated enterprises, owned by central government00000
Public incorporated enterprises, owned by central government6 16186303 98616 755
Public unincorporated enterprises, owned by local government10000
Public incorporated enterprises, owned by local government1 13782910515 828168
Private non-financial incorporated enterprises300 187249 3377 37921 0422 434
Private non-financial unincorporated enterprises6713481020
Private non-profit institutions serving enterprises1 628425663 6570
 
Financial corporations234 042119 92911 1271 314 13082 053
Norges Bank00000
Banks5 50230 5971 303462 10020 693
Mortgage companies03684 9798 727
Finance companies010100
State lending institutions etc.2381 521000
Financial holding companies1 41042 30524 14550
Mutual funds130 0941 5935 231288 85023 714
Investment trusts and private equity funds5 1514 5352061 0880
Other financial enterprises, except insurance companies and pension funds68 80635 5982 7934 4323 630
Life insurance companies and pension funds20 8073 5681 381407 09220 055
Non-life insurance companies2 03421020661 4355 184
 
General government812 7201 571170108 94430 850
Central government812 2951 049298 97030 838
Local government4245221689 97412
 
Non-profit institutions serving households28 9221 72519 3957 238638
 
Households87 19623 53610 0538 7828
Unincorporated enterprises within households1559260
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.00000
Employees, recipients of property income, pensions and social contributions, students etc.87 18123 47710 0508 7768
 
Rest of the world934 42359 7737 902588 40211 010
 
Unspecified sector1269312140

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
4th quarter 2018
Shares (listed)Shares (unlisted)Equity certificatesLong-term debt securities issued in NorwayShort-term debt securities issued in Norway
 
Total13 72410 6861 33914 4223 859
 
Non-financial corporations3 8155 9484841 1057 254
Public unincorporated enterprises, owned by central government00000
Public incorporated enterprises, owned by central government1 586602594 795
Public unincorporated enterprises, owned by local government....000
Public incorporated enterprises, owned by local government610029868
Private non-financial incorporated enterprises2 1975 9314735362 391
Private non-financial unincorporated enterprises-113020
Private non-profit institutions serving enterprises36-211110
 
Financial corporations4 186-3 112019 223-3 295
Norges Bank0..000
Banks-491-2 8894611 025-4 518
Mortgage companies0....4 2622 946
Finance companies0..0..0
State lending institutions etc.1796000
Financial holding companies......743-125
Mutual funds3 423107-171-4 076-630
Investment trusts and private equity funds-41980-40
Other financial enterprises, except insurance companies and pension funds1 235-46591930187
Life insurance companies and pension funds42938337 455-622
Non-life insurance companies-9-71-1 113-532
 
General government3 756-1317-9 657-1 685
Central government3 7536..-9 415-1 685
Local government4-1917-2430
 
Non-profit institutions serving households3-1211591093
 
Households3 061172372166-16
Unincorporated enterprises within households-1-5000
Private non-financial unincorporated enterprises inclusive housing cooperatives etc.0....00
Employees, recipients of property income, pensions and social contributions, students etc.3 062176372166-16
 
Rest of the world-1 1007 8083053 4761 598
 
Unspecified sector34100

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
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
 
Total8 54956 1599 95323 042
 
Non-financial corporations8 34135 9259 86022 884
Public unincorporated enterprises, owned by central government0000
Public incorporated enterprises, owned by central government5 76513 3276 42919 072
Public unincorporated enterprises, owned by local government0000
Public incorporated enterprises, owned by local government..270....
Private non-financial incorporated enterprises2 57722 3283 4313 812
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 world2072 44092158

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
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
 
Total8 54956 1599 95323 042
 
Non-financial corporations5878 3268511 152
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 enterprises5848 2308471 141
Private non-financial unincorporated enterprises..2....
Private non-profit institutions serving enterprises332410
Financial corporations5836 6135311 198
Norges Bank0000
Banks2251293885
Mortgage companies0000
Finance companies0000
State lending institutions etc.........
Financial holding companies..2....
Mutual funds2803 000362836
Investment trusts and private equity funds2118108
Other financial enterprises, except insurance companies and pension funds272 79057120
Life insurance companies and pension funds4752158137
Non-life insurance companies352511
General government4 22216 7564 70612 197
Central government4 22116 7444 70612 195
Local government..12..2
Non-profit institutions serving households61 404616
Households2282 152277574
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.2282 152277574
Rest of the world2 91720 8063 5507 749
Unspecified sector610232156

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
4th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
Debt securities issued in Norway
Long-term debt securities issued in Norway110 312126 080146 47775 217103 449
- domestic issuers98 48998 927123 46958 19589 942
Short-term debt securities issued in Norway62 25371 03767 97664 19368 163
- domestic issuers61 87570 58767 87664 09365 769
 
Debt securities issued by Norwegian entities abroad
Long-term debt securities issued abroad60 144116 39370 62052 92050 791
Sertifikater emittert i utlandet278 289330 375196 433167 082133 121
 
Non-financial corporations
Long-term debt securities issued in Norway33 90222 70123 7244 81514 210
Long-term debt securities issued abroad4 7678 7268 1698 3861 384
Short-term debt securities issued in Norway10 5437 0759 4338 0069 259
Short-term debt securities issued abroad23 07743 97487 64653 82353 416
 
Financial corporations
Long-term debt securities issued in Norway47 95457 22167 91242 56558 401
Long-term debt securities issued abroad55 376..62 45244 53549 407
Short-term debt securities issued in Norway2 0002759105502 572
Short-term debt securities issued abroad255 212286 400108 788113 26079 707
 
General government
Long-term debt securities issued in Norway16 63419 00631 83310 81517 330
Long-term debt securities issued abroad00000
Short-term debt securities issued in Norway49 33163 23757 53455 53853 939
Short-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway11 82227 15223 00817 02313 507
Short-term debt securities issued in Norway3784501001002 393

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
4th quarter 20171st quarter 20182nd quarter 20183rd quarter 20184th quarter 2018
 
Debt securities issued in Norway
Long-term debt securities issued in Norway1 958 9002 001 6252 029 9232 044 5342 063 935
domestic issuers1 674 6621 720 1521 733 2711 745 0101 767 933
Stort-term debt securities issued in Norway152 441156 816147 838140 350144 283
domestic issuers151 635156 148147 523140 146141 653
 
Debt securities issued by Norwegian entities abroad
Long-term debt securities issued abroad1 681 9821 628 2611 625 7831 648 9921 739 373
Stort-term debt securities issued abroad119 31880 688116 763100 97978 896
 
Non-financial corporations
Long-term debt securities issued in Norway304 977311 510319 262317 838321 326
Long-term debt securities issued abroad331 491312 302305 807313 796326 458
Stort-term debt securities issued in Norway20 55215 46114 22311 82811 627
Stort-term debt securities issued abroad5 6416 66422 8663 9008 851
 
Financial corporations
Long-term debt securities issued in Norway881 050899 607905 125917 906937 543
Long-term debt securities issued abroad1 350 4911 315 9601 319 9781 335 1961 412 915
Stort-term debt securities issued in Norway1 8811 3751 3351 3603 034
Stort-term debt securities issued abroad113 67774 02493 89697 07970 045
 
Central government
Long-term debt securities issued in Norway488 634509 035508 884509 265509 065
Long-term debt securities issued abroad00000
Stort-term debt securities issued in Norway129 202139 312131 966126 959126 992
Stort-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway284 238281 473296 652299 524296 002
Stort-term debt securities issued in Norway8066683152042 630

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 934 855355 525-371 306107 4144 026 488
Debt securities issued by Norwegian entitites3 635 127339 623-346 82499 9293 727 855
Debt securities issued in Norway2 184 884171 612-157 6849 4062 208 218
Debt securities issued by Norwegian entities in Norway1 885 156155 711-133 2061 9251 909 586
 
Non-financial corporations
Long-term debt securities issued in Norway317 83814 210-12 7892 067321 326
Long-term debt securities issued abroad313 7961 384-6 46617 744326 458
Short-term debt securities issued in Norway11 8289 259-9 460011 627
Short-term debt securities issued abroad3 90053 416-48 7843198 851
 
Financial corporations
Long-term debt securities issued in Norway917 90658 401-38 614-150937 543
Long-term debt securities issued abroad1 335 19649 407-47 34275 6541 412 915
Short-term debt securities issued in Norway1 3602 572-910123 034
Short-term debt securities issued abroad97 07979 707-111 0274 28670 045
 
Central government
Long-term debt securities issued in Norway509 26517 330-17 5311509 065
Long-term debt securities issued abroad00000
Short-term debt securities issued in Norway126 95953 939-53 905-1126 992
Short-term debt securities issued abroad00000
 
Rest of the world
Long-term debt securities issued in Norway299 52413 507-24 4787 449296 002
Short-term debt securities issued in Norway2042 3930332 630

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 Norway144 07313 955617 302849 321535 41748 1502 208 218
Non-financial corporations11 6273 248137 071127 52246 7776 707332 952
Banks2 8691 115170 281117 63029 02221 328342 245
Other financial corporations1655 875107 266408 29760 84115 889598 333
Central government and social security funds75 18601 00039 200364 879.480 265
Local government51 8062 46548 46942 23210 565255155 792
Non-profit institutions serving households
Households
Rest of the world2 4201 252153 214114 44123 3333 971298 631
 
Remaining maturity
Outstanding amounts in total from debt securities issued in Norway485 765285 918978 402386 68529 30242 1462 208 218
Non-financial corporations61 75238 148155 48464 37210 3222 874332 952
Banks59 64767 702153 38338 4861 85021 177342 245
Other financial corporations92 227117 192309 64954 9669 71014 589598 333
Central government and social security funds140 0871 200155 100183 878..480 265
Local government68 51517 06548 36720 3451 500.155 792
Non-profit institutions serving households00....0
Households00....0
Rest of the world63 53744 611156 41924 6385 9203 506298 631

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 abroad79 29411 449581 975649 233341 897154 3211 818 169
Non-financial corporations8 851027 82092 054124 946163 276335 309
Banks69 6623 721148 25671 55157 27110 880361 341
Other financial corporations7807 728405 899485 629159 68161 8031 121 520
 
Remaining maturity
Outstanding amounts in total from debt securities issued by Norwegian entities abroad322 319260 561716 755355 84297 21265 4821 818 171
Non-financial corporations37 35728 01875 412119 44845 40329 671335 309
Banks111 80580 900147 3807 20910 5543 492361 340
Other financial corporations173 156151 643493 963229 18641 25532 3181 150 855

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.