407859
/en/nasjonalregnskap-og-konjunkturer/statistikker/finsek/kvartal
407859
statistikk
2020-06-05T08:00:00.000Z
National accounts and business cycles
en
finsek, Financial accounts, financial investments, households and non-profit organisations, general government, abroad, balance sheets, FINSEFinancial accounts , National accounts and business cycles
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Financial accounts

Updated

Next update

Key figures

4.5 %

annual growth in debt for the household sector

Financial accounts for households. Key figures. Billion NOK and percentage
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Seasonal adjusted
Assets4 8354 9384 9645 0385 011
Liabilities3 7273 8143 8303 8903 901
Net financial assets1 1071 1241 1341 1481 110
 
Net lending29-2-14-2664
Other changes54192440-102
 
Debt to income ratio1233.1232.3231.9233.3235.0
Debt growth (per cent)15.55.55.04.94.5

See selected tables from this statistics

Table 1 
Financial assets, liablilities and net lending by institutional sectors. Last period. NOK million.

Financial assets, liablilities and net lending by institutional sectors. Last period. NOK million.
1st quarter 2020Non-financial corporations1Financial corporationsGeneral governmentHouseholds & NPISHRest of the world
1Including reconciliation sector
 
Net finanical assets-4 319 821293 51511 582 7301 271 005-8 827 429
 
Assets8 891 22415 035 72013 663 2915 199 7788 406 382
Cash and currency, etc.3 93427 6981 27429 80722 457
Deposits879 1551 492 262466 6651 443 9471 733 528
Debt securities167 8842 814 0403 438 92318 0862 857 711
Loans2 034 1396 920 672978 142105 5061 412 923
Equity4 252 6491 946 7388 172 0001 194 0781 655 452
Investment fund shares or units68 9991 052 66915 794210 383126 033
Insurance and pension entitlements125 22632 934104 0231 691 67036 402
Other accounts receivable1 326 009224 155471 731502 079383 760
 
Liabilities13 211 04514 742 2052 080 5613 928 77317 233 811
Cash and currency, etc.061 4680023 702
Deposits04 963 897001 051 660
Debt securities796 6742 838 011735 21204 926 747
Loans4 341 0941 171 814981 2153 763 2641 193 995
Equity6 647 2321 884 663008 689 022
Investment fund shares or units01 175 71700298 161
Insurance and pension entitlements01 971 0820019 173
Other accounts payable1 362 057275 830351 293164 086754 468
 
Net lending, sum 4 last quarters-58 7197 437166 85028 912-144 480

Table 2 
Households' financial assets, liabilities and net lending. NOK million.

Households' financial assets, liabilities and net lending. NOK million.
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Net financial assets1 107 2631 124 4001 134 1681 148 0191 109 984
 
Assets4 834 6604 938 4434 964 1715 038 4585 010 922
Cash and currency31 16031 41530 31531 46929 120
Deposits1 281 4681 347 7951 327 5601 318 5681 365 369
Debt securities11 47011 45012 10011 65411 411
Loans102 371102 540103 531105 474105 506
Equity1 126 1651 132 9191 145 9371 164 8601 134 392
Investment fund shares or units179 261182 438187 386202 638172 739
Insurance and pension entitilements1 633 2231 665 3411 691 6451 717 3501 691 403
Other accounts receivable465 764460 701461 833482 596496 885
 
Liabilities3 727 3973 814 0433 830 0033 890 4393 900 938
Loans3 566 0683 626 8393 666 3043 702 9653 736 815
Other accounts payable160 901186 590163 367187 179163 053
 
Net lending28 676-1 667-14 441-26 45663 970

Table 3 
Interlinkages of creditor and debtors. Loan. NOK million.

Interlinkages of creditor and debtors. Loan. NOK million.
1st quarter 2020Debtor sector
Non-financial corporations1Financial corporationsGeneral governmentHouseholds & NIPSHRest of the world
1Including reconciliation sector.
 
Creditor sector
Assets
Non-financial corporations11 620 6444 02119 45917 339372 676
Financial corporations1 651 981640 752459 6333 622 682545 624
General government86 192377 316137 919101 020275 695
Households & NIPSH88 14115 6931 67200
Rest of the world894 136134 032362 53222 2230
 
Flows
Non-financial corporations1-25-1 842768014 126
Financial corporations58 320151 980-2 07031 40162 058
General government-4 43710 81815 871888-76 252
Households & NIPSH088-5600
Rest of the world-17 40810 061-27 51400

Table 4 
Interlinkages of creditors and debtors. Debt securities. NOK million.

Interlinkages of creditors and debtors. Debt securities. NOK million.
1st quarter 2020Debtor sector
Non-financial corporations1Financial corporationsGeneral governmentRest of the world
1Including reconciliation sector.
 
Creditor sector
Stocks
Non-financial corporations126 40185 06713 09043 326
Financial corporations184 113809 135247 9711 572 821
General government19 50136 63279 6803 303 110
Household & NIPSH3 0416 4851 0707 490
Rest of the world563 6181 900 692393 4010
 
Flows
Non-financial corporations11 118-1 586-35020 322
Financial corporations78674 33612 89778 712
General government1 499-2 08212 523-4 949
Household & NIPSH18-462281-38
Rest of the world47 542-56 12125 8940

Table 5 
Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.

Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.
1st quarter 2020Issuing sector
Non-financial corporations1Financial corporationsRest of the world
1Including reconciliation sector.
 
Holding sector
Stocks
Non-financial corporations13 065 80760 089970 173
Financial corporations516 832555 546836 760
General government651 902121 4046 741 201
Households & NIPSH833 810247 89153 762
Rest of the world1 298 413349 9610
 
Flows
Non-financial corporations15 408-1 178-17 665
Financial corporations1 936674-31 971
General government30938873 649
Households & NIPSH1 0971 547-1 169
Rest of the world-25 070-4 5290

Table 6 
Domestic sectors' financial assets and liabilities towards the rest of the world. Last period. NOK million.

Domestic sectors' financial assets and liabilities towards the rest of the world. Last period. NOK million.
1st quarter 2020Non-financial corporations1Financial corporationsGeneral governmentHouseholds & NIPSHSum domestic sectors
1Including reconciliation sector.
 
Net financial assets-1 012 68762 4899 573 738203 8898 827 429
 
Assets1 857 9274 617 21910 446 355312 31017 233 811
Cash and currency, etc.023 7020023 702
Deposits34 951991 37315 9689 3681 051 660
Debt securities43 3261 572 8213 303 1107 4904 926 747
Loans372 676545 624275 69501 193 995
Equity1 047 081843 8666 744 31353 7628 689 022
Investment fund shares or units1 128273 15688122 996298 161
Insurance and pension entitlements019 1730019 173
Other accounts receivable357 99484 15793 623218 694754 468
 
Liabilities2 870 6144 554 730872 617108 4218 406 382
Cash and currency, etc.022 4570022 457
Deposits01 733 528001 733 528
Debt securities563 6181 900 692393 40102 857 711
Loans894 136134 032362 53222 2231 412 923
Equity1 298 413357 039001 655 452
Investment fund shares or units0126 03300126 033
Insurance and pension entitlements036 4020036 402
Other accounts payable110 78378 965107 81486 198383 760

About the statistics

The financial accounts are designed to provide a comprehensive and consistent survey of institutional sectors’ financial assets, liabilities and financial transactions.

Definitions

Definitions of the main concepts and variables

1. Net lending defined in non-financial accounts (capital account) =

saving + net capital transfers - net acquisition of non-financial assets

2. Net lending defined in financial accounts =

net acquisition of financial assets - net incurrence of liabilities

Savings is non-consumed income and can be invested in financial or non-financial assets. If savings exceed non-financial investments, a sector has surplus of funds and becomes a net lender to other sectors. In the financial transaction account, this means that the sector acquire more financial assets than liabilities. On the other hand, if savings are less than non-financial investments, investments have to be funded either by selling financial assets or incurring debts. For example, household investments in non-financial assets mainly reflect the purchase of new housing and fixed investments by unincorporated enterprises. They typically finance substantial parts of these investments by incurring debt in the form of loans.

Net financial assets (net financial wealth) = total financial assets - total liabilities

The financial balance sheet shows the financial position of a sector at the end of the reference period and is broken down into categories of financial assets and liabilities. The predominant assets held by, for example, the households are insurance technical reserves, currency and deposits, while loans provided by financial corporations (banks etc) constitute the main proportion of liabilities.

Changes in net financial asset = net lending + other change in assets, net

The change in the financial balance sheet during the reference period is a result of accumulated financial transactions and other changes in assets. The latter category mainly reflects revaluations due to changes in market prices of financial instruments.

Standard classifications

Accounting system

The accounting system provides the framework and contents required for compiling national accounts statistics. In the system, each financial asset has a counterpart liability. This is reflected by the data structure of the financial accounts which is three-dimensional; creditor sector * debtor sector * financial instrument.

 

Institutional sector classification

Each institutional sector comprises institutional units with broadly similar behaviour. The institutional units are grouped into mutually exclusive institutional sectors on the basis of economic activity, organisational structure and ownership. Institutional units are autonomous entities that are capable, in their own right, of owning assets, incurring liabilities and engaging in economic activities and in transactions with other entities. In most cases, the institutional unit is identical to the legal unit or persons or groups of persons in the form of households.

The institutional sector classification in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The main sectors of system are detailed below:

 1 Total economy

The total economy of a country consists of all institutional units having their centre of predominant economic interest in the economic territory of that country. Such uints are known as resident units, irrespsctive of natonalty and legal form.

Braches and other establishment of Norwegian corporation abroad are not included. See rest of world.

11 Non-financial corporations

The sector covers institutional units engaged in the market production of non-financial products and services. The main sector is divided into the following sub-sectors: 

  • Public enterprises, owned by central government
  • Public enterprises, owned by local government
  • Private non-financial enterprises including private non-profit institutions serving enterprises

The reconciliation sector, which shows the inconsistencies between debtor and creditor sector information, is treated as a separate sector. The data for the reconciliation sector has been added to the non-financial corporation sector in the reports to Eurostat and OECD.

  12 Financial corporations

The sector covers institutional units engaged the market production of financial services and in financial activities. The sector comprise entities that are credit intermediaries or offer insurance products and services, mutual funds, financial holding companies, but also entities whose main activities are financial auxiliary services (e. g. brokerage services, fund management services, financial register services etc.). The main sector is divided into the following sub-sectors:

  • Norges Bank
  • Other monetary financial institutions
  •      Banks (commercial and savings banks)
  •      Mortgage companies
  •      Money market funds
  • Other financial intermediaries, except insurance corporations and pension funds
  •      Mutual funds expect money market funds
  •      Finance companies
  •      Investment trusts and private equity funds
  •      Financial holding companies and financial auxiliaries
  •      State lending institutions and state investment companies
  • Insurance corporations and pension funds
  •      Life-insurance companies and
  •      Non-life insurance companies
  •      Pension funds

  13 General government

The sector covers all state, municipal and county municipal administrative bodies. The Government Pension Fund - Global (previously known as Petroleum Fund) and The Government Pension Fund - Norway (previously known as the National Insurance Scheme Fund) are also included. Public corporations and unincorporated public enterprises (financial or non-financial) are not included.

In addition to carrying out political responsibilities, the general government sector provides and enforces regulations, produces public services (mainly non-market) and redistributes income and wealth. The general government sector has tax revenues and borrowed capital at its disposal. The main sector is divided into the following sub-sectors:

  •  Central government
  •  Local government

14 Households

The households sector covers wage-earners, retirees, recipients of national insurance benefits, unincorporated enterprises and tenant-owner’s associations etc. The households consume goods and

services, supplies labour and as entrepreneurs, supplies the production of market goods and services. The sector comprises the &“consumers of the economy´´. Total consumption expenditure is partly financed by the households themselves, partly by general government and partly non-profit institutions serving households. The households also produces goods and services for their own consumption. The services related to housing is the largest part of the self-produced, self-consumed service. Because the property in tenant-owner’s associations are considered as owner-tenant properties, the tenant-owner associations are included in the households sector.

  15 Non-profit institutions serving households (NPISH)

NPISHs consist of non-profit institutions that are separate legal entities, which serve households and which are principally engaged in the production of non-market goods and services intended for households. Their main resources, apart from those derived from occasional sales, are transfers from general government, voluntary contributions by households and corporations, and property income.

  2 Rest of the world

This institutional sector includes all non-resident institutional units that enter into transactions with resident units, or have other economic links with resident units. This includes:

  • Non-resident institutional units controlled by foreign or Norwegian corporations.
  • Natural persons who are permanent resident abroad (including Norwegian citizens)
  • Staff of foreign embassies, foreign embassies and consulates and  in Norway

 

 

The classification of financial assets and liabilities

The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claim to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.

Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:

AF1 Monetary gold and drawing rights (SDR)

Comprise gold and special drawing rights (SDRs). Norges Bank sold most of its gold reserves in the 4 th quarter of 2003 and the rest of the reserves in the 2 nd quarter of 2004. The financial accounts distinguish between the following types of detailed financial instruments:

  • Monetary gold
  • Special drawing rights (SDR)

AF2 Currency and deposits

Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks. The net reserves position with the IMF is also included. The financial accounts distinguish between the following types of detailed financial instruments:

  • Currency
  • Deposits
  •     Transferable deposits
  •     Other deposits

AF3 Dept securities

Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year. The financial accounts distinguish between the following types of detailed financial instruments:

  • Short-term securities
  • Long-term securities

AF4 Loans

This financial instrument includes lending forms other than tradable debentures and certificates and is mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The financial accounts distinguish between the following types of detailed financial instruments:

  • Short-term loans
  • Long-term loans

AF5 Shares and other equity

The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions. The financial accounts distinguish between the following types of detailed financial instruments:

  • Shares
  •      Quoted shares
  •      Unquoted shares
  • Equity certificates
  • Capital contributions
  • Mutual funds shares

AF6 Insurance technical reserves

The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included.

The financial accounts distinguish between the following types of detailed financial instruments:

  • Non-life insurance technical reserves and provisions for calls under standardised guarantees
  • Life insurance and annuity entitlements
  • Pension entitlements
  • Claims of pension funds on pension managers 

AF7 Financial derivatives and employee stock options

Financial derivatives are not quantified as a separate financial instrument but are included in AF8 Other accounts receivable/payable (see AF8).

  • Financial derivatives
  • Employee stock options

AF8 Other accounts receivabl e/payable

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included. The financial accounts distinguish between the following types of detailed financial instruments:

  • Trade credits and advances
  • Other accounts receivable/payable
  •     Tax claims/tax debt
  •     Other accounts receivable/payable excluding tax claims/tax debt

 

Administrative information

Name and topic

Name: Financial accounts
Topic: National accounts and business cycles

Next release

Responsible division

Division for Financial Accounts

Regional level

National level.

Frequency and timeliness

The first version of the accounts for quarter k is accessible about k+80 days after the end of the quarter in question. A normal procedure entails all of the input data accessible for the compilations being incorporated in the financial accounts database system about 2 years after the end of the accounting year (t + 2 years).

International reporting

Eurostat, Organisation for Economic Co-orporation and Development(OECD) and Bank for International Settlement (BIS).

Microdata

Not relevant

Background

Background and purpose

The financial accounts are designed to provide a consistent and comprehensive survey of institutional sectors assets, liabilities and financial transactions. The financial accounts also provide information on asset relationships between different sectors of the domestic economy and between Norway and the rest of the world.

Financial accounts were established by Norges Bank.The purpose was to meet the demand for financial accounts data to macroeconomic models. The financial accounts where published for the first time in 1990 with time series from the 4 th quarter of 1975. A revised database system was launched in 2003 and the name of the system was change to Finse. Responsibility for financial accounts were transferred from Norges Bank to Statistics Norway as of 1 January 2007.

Finse is the name of today’s database system for the financial accounts with time series from 4 th quarter of 1995. The system was revised for the second time in 2014 and results from the main revision were published on 3 december 2014 with time series to 2nd quareter of 2014.

 

Users and applications

The financial accounts are a part of the national accounts system, which has been an important tool for macroeconomic analysis for many years. Among other things, Statistics Norway's macroeconomic models are mainly based on the national accounts statistics. Other users of the financial accounts data are the Ministry of Finance, Norges Bank, research institutes, financial sector analysts, international organisations, the media etc.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08:00 am. Prior to this, a minimum of three months' advance notice is given inthe Statistics Release Calendar.

Coherence with other statistics

The relationship between financial accounts and other parts of the national accounts system is given by the balancing item net lending/net borrowing. In theory (SNA 2008 and ESA 2010), net lending derived from the non-financial accounts should be identical to net lending derived from the financial accounts. However, experience shows that significant discrepancies occur for several sectors in the system.

Legal authority

Not relevant

EEA reference

Council Regulation No 549/96 of 21 June 1996, The European system of national and regional accounts in the European Union (Text with EEA relevance).

Production

Population

The scope of the national accounts is defined in international guidelines in the System of National Accounts SNA 2008 (published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of national and regional accounts ESA 2010.

The institutional part of the national accounts system describes all economic transactions involving the various institutional sectors and provides information on the stocks of financial and non-financial capital. The delineation of the economy with regard to the rest of the world is based on the concept of resident units. A unit is a resident unit when it is engaged in economic activity in a territory for a long period of time i.e. when it has a centre of economic interest in the economic territory in question for at least one year.

The financial accounts contain two fundamental types of information: flows and stocks. Flows refer to changes in stocks that take place during a certain period of time while stocks refer to the situation at a certain point in time e.g. at the beginning or the end of a period. The financial accounts distinguish between three main types of events that can appear during an accounting period

  • Transactions

Changes in stocks that is due to change in ownership of financial assets based on mutual agreement between institutional entities. For example by buying/selling securities, or entering into contracts which simultaneously create a financial asset on one side and a counterpart liability on the other side. (e.g. loan contracts). These events are classified as transactions and they describe the entities behaviour in the financial markets.

  • Holding gains and losses

The values of financial assets can also change due to changes in prices or exchange rates. These events are classified in a separate category and recorded as other changes in stock on the revaluations account.

  • Other changes in volume

Changes that are due to extraordinary events (e.g. bankruptcies, natural catastrophes) or events of a non-economic nature (e.g. changes in statistical classifications, new definitions) are treated as a separate category and recorded as other changes in stock on the other change in volume of assets account.

Data sources and sampling

Financial accounts are mainly based on quarterly accounting statistics for financial corporations and mutual funds, quarterly balance of payments data and quarterly data from the Norwegian Central Securities Depository (VPS). The compilations are also based on annual accounting statistics for general government and different types of register-statistics. For areas with incomplete statistical coverage, it is necessary to rely on estimations, judgements and supplementary sources such as statistics for paid and assessed taxes and tax return statistics for individual taxpayers.

Collection of data, editing and estimations

The financial accounts are based on source statistics collected by other divisions in Statistics Norway.

The compilation process comprises a long list of reconciliation procedures and consistency checks, which also contributes to the quality assurance of the different statistical sources.

The source statistics may have to be adjusted in order to fulfil the requirements of the financial accounts; first source data have to be adapted to financial accounts data structure; source data are then balanced in the database system. In cases where we have two or more data sources for the same asset relationship, one data serie is selected according to predetermined rules. The most important choice is between creditor and debtor information. Discrepancies occur when there are differences in information given from the creditor and debtor respectively.

Discrepancies can be explained by different definitions or different estimations of value, but can also occur due to errors and shortcomings in the statistical sources. In cases where errors are revealed, this is reported to the division responsible for the compilation of the statistics in question.

Seasonal adjustment

Stocks and transactions are not adjusted. Rates and growth figures are published both adjusted and unadjusted.

Confidentiality

Not relevant

Comparability over time and space

The Finse database provides comparable quarterly figures over time from the 4th quarter of 1995. The old database system Findatr, provides comparable quarterly financial balance sheets from the 4th quarter of 1975. Net lending/net borrowing exists as an annual time series for all sectors in Findatr, with the exception of financial accounts for households and NPISH, which have been published on a quarterly basis since 1990.

Accuracy and reliability

Sources of error and uncertainty

The financial accounts are compiled using different statistical sources. The uncertainty in the financial accounts figures is related to the uncertainty in source data and the compilation methods. Since the database system is an integrated system containing many routines for balancing and consistency checks of data, one could assume that the financial accounts help reduce some of the uncertainty in the source data. On the other hand, the financial accounts require compilation of figures in areas where source statistics are very limited or even lacking. The uncertainty can be substantial in these areas.

Particular uncertainty is attached to three asset relationships in the financial accounts. This relates to claims and debt between households and private non-financial enterprises, and households and private non-financial enterprises` claims with regard to rest of the world. The absence of detailed accounting statistics for private non-financial enterprises in particular contributes to the uncertainty in quantifying of the asset relationships between the non-financial enterprise sector and other sectors.

Revision

Revisions are made between first released financial accounts figures and later released figures for the same quarter. The quarterly statistical sources cause small revisions in the financial accounts time series, while annual accounting statistics (general government and public non-financial enterprises) remain preliminary for longer periods and figures are objects of revisions before statistics are regarded as final. The preliminary financial accounts figures are therefore more uncertain than the final figures for a quarter.