Financial accounts

Updated: 8 September 2023

Next update: 7 December 2023

Annual change in debt for the household sector
Annual change in debt for the household sector
2nd quarter 2023
3.0
%
Financial accounts for households. Key figures. Billion NOK and percentage
Financial accounts for households. Key figures. Billion NOK and percentage
2nd quarter 20223rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
Assets6 2096 1526 2356 3436 523
Liabilities4 4634 4724 5354 5404 606
Net financial assets1 7461 6801 7001 8031 917
Net lending46-32-203466
Other changes-93-34406948
Debt to income ratio1 250.3248.2249.4249.2248.3
Debt growth (per cent)1 4.94.23.63.43.0
1Seasonal adjusted
Explanation of symbols

Selected tables and charts from this statistics

  • 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.
    2nd quarter 2023
    Non-financial corporations1 Financial corporationsGeneral governmentHouseholds & NPISHRest of the world
    Net finanical assets-5 677 499496 67917 845 5312 154 628-14 819 339
    Assets11 643 64617 366 98620 201 0976 792 43810 596 355
    Cash and currency, etc.5 02381 41789730 97574 181
    Deposits1 115 5061 454 233639 9511 769 6641 868 101
    Debt securities316 0133 085 8034 415 61716 0443 106 526
    Loans2 991 2187 944 7851 246 591130 2591 697 528
    Equity4 829 7652 478 54812 986 3591 591 5342 402 155
    Investment fund shares or units173 3021 532 41327 367471 870170 537
    Insurance and pension entitlements63 09534 56950 7972 143 54845 650
    Other accounts receivable2 140 505326 745801 953632 837895 460
    Liabilities17 321 14516 870 3072 355 5664 637 81025 415 694
    Cash and currency, etc.0114 6730077 820
    Deposits05 592 666001 254 789
    Debt securities1 012 4672 954 753779 17406 193 609
    Loans5 590 4031 322 6381 173 8694 371 0501 552 421
    Equity8 371 2522 028 6400013 888 469
    Investment fund shares or units01 787 42800588 061
    Insurance and pension entitlements02 311 5890026 070
    Other accounts payable2 307 266310 946369 257266 1561 543 875
    Net lending, sum 4 last quarters19 51243 2011 278 50251 791-1 393 006
    1Including reconciliation sector
    Explanation of symbols
  • Households' financial assets, liabilities and net lending. NOK million.
    Households' financial assets, liabilities and net lending. NOK million.
    2nd quarter 20223rd quarter 20224th quarter 20221st quarter 20232nd quarter 2023
    Net financial assets1 745 5971 679 6041 700 0081 803 0691 916 918
    Assets6 209 0926 151 5076 234 9866 343 0946 523 204
    Cash and currency29 61928 68529 50228 99930 262
    Deposits1 638 9921 610 4311 604 7731 616 9771 679 163
    Debt securities9 9529 45910 2388 9039 104
    Loans145 537125 560127 030128 545130 259
    Equity1 466 4411 459 2881 470 5521 483 7401 489 253
    Investment fund shares or units343 690336 263351 322385 522414 574
    Insurance and pension entitilements1 985 9631 984 2872 024 7232 068 1112 143 461
    Other accounts receivable583 803592 624612 154616 951621 724
    Liabilities4 463 4954 471 9034 534 9784 540 0254 606 286
    Loans4 178 5984 219 5554 259 9274 297 9634 341 111
    Other accounts payable284 742252 135274 924241 874264 691
    Net lending45 673-32 179-19 63234 14066 270
    Explanation of symbols
  • Interlinkages of creditor and debtors. Loan. NOK million.
    Interlinkages of creditor and debtors. Loan. NOK million.
    2nd quarter 2023
    Debtor sector
    Non-financial corporations1 Financial corporationsGeneral governmentHouseholds & NIPSHRest of the world
    Creditor sector
    Assets
    Non-financial corporations1 2 469 2964 98817 29420 306479 334
    Financial corporations1 928 404733 230511 3184 189 698582 135
    General government44 732453 165117 642140 100490 952
    Households & NIPSH109 67519 2071 37700
    Rest of the world1 038 296112 048526 23820 9460
    Flows
    Non-financial corporations1 2521 085-16425036 236
    Financial corporations35 52828 0733 51834 66431 989
    General government588-54407 520-98 433
    Households & NIPSH1 060655-300
    Rest of the world-38 7191 355-71 89600
    1Including reconciliation sector.
    Explanation of symbols
  • Interlinkages of creditors and debtors. Debt securities. NOK million.
    Interlinkages of creditors and debtors. Debt securities. NOK million.
    2nd quarter 2023
    Debtor sector
    Non-financial corporations1 Financial corporationsGeneral governmentRest of the world
    Creditor sector
    Stocks
    Non-financial corporations1 34 9494 41327 528249 123
    Financial corporations257 158866 844267 4641 694 337
    General government34 10258 94176 2894 246 285
    Household & NIPSH3 9407 1361 1043 864
    Rest of the world682 3182 017 419406 7890
    Flows
    Non-financial corporations1 -2 8722 273-3 843-85 789
    Financial corporations7 361-3 138-28 107-18 872
    General government1 6091 234-8 503142 404
    Household & NIPSH-178301-64-50
    Rest of the world4 735-26 232-7 8280
    1Including reconciliation sector.
    Explanation of symbols
  • Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.
    Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.
    2nd quarter 2023
    Issuing sector
    Non-financial corporations1 Financial corporationsRest of the world
    Holding sector
    Stocks
    Non-financial corporations1 3 291 382107 0781 304 556
    Financial corporations670 464405 3991 377 893
    General government1 064 665188 45611 038 556
    Households & NIPSH1 129 520332 906101 967
    Rest of the world1 919 104482 4700
    Flows
    Non-financial corporations1 10 22328742 669
    Financial corporations19 644-5 1407 258
    General government-36 848484181 268
    Households & NIPSH3 2791 558727
    Rest of the world-27 9292 6480
    1Including reconciliation sector.
    Explanation of symbols
  • 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.
    2nd quarter 2023
    Non-financial corporations1 Financial corporationsGeneral governmentHouseholds & NIPSHSum domestic sectors
    Net financial assets-998 604616 12914 872 017329 79714 819 339
    Assets3 195 4705 786 84515 960 531472 84825 415 694
    Cash and currency, etc.077 8200077 820
    Deposits59 7111 162 95620 67911 4431 254 789
    Debt securities249 1231 694 3374 246 2853 8646 193 609
    Loans479 334582 135490 95201 552 421
    Equity1 364 8721 380 55711 041 073101 96713 888 469
    Investment fund shares or units50 833487 8103 50545 913588 061
    Insurance and pension entitlements026 0700026 070
    Other accounts receivable991 157112 748130 309309 6611 543 875
    Liabilities4 194 0745 170 7161 088 514143 05110 596 355
    Cash and currency, etc.074 1810074 181
    Deposits01 868 101001 868 101
    Debt securities682 3182 017 419406 78903 106 526
    Loans1 038 296112 048526 23820 9461 697 528
    Equity1 919 104483 051002 402 155
    Investment fund shares or units0170 53700170 537
    Insurance and pension entitlements045 6500045 650
    Other accounts payable541 901105 752125 702122 105895 460
    1Including reconciliation sector.
    Explanation of symbols

About the statistics

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

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.

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. As from Q4 2021 the Equity certificates are included in Quoted shares. The financial accounts distinguish between the following types of detailed financial instruments:

  • Shares
  • Quoted shares
  • Unquoted shares
  • Other equity
  • 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

Name: Financial accounts
Topic: National accounts and business cycles

7 December 2023

Division for Financial Accounts

National level

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).

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

Not relevant

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 quarter of 2014.

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.

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.

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.

Not relevant

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).

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.

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.

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.

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

Not relevant

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.

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.

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.

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