Government Pension Fund Norway (discontinued), 1st half-year 2005

The value of stocks and shares on the Oslo Stock Exchange increased by 19.7 per cent in the same period. The lower result of the National Insurance Scheme Fund is mainly due to the Fund's large holdings of interest-bearing bonds and securities. The Fund has limited permission to invest in the stock exchange market.

Figures from the National Insurance Scheme Fund show a NOK 7.1 billion increase in loans since the end of 2004. Total loans at the end of June 2005 amounted to NOK 106.1 billion, and accounted for 58 per cent of the Fund's total capital.

The value of shares and other equities was NOK 54.0 billion at the end of June. At the same time, the value of bonds amounted to NOK 25.4 billion. These represent 24 per cent and 14 per cent of the Fund's total portfolio respectively.

As of 31 December 2004, the National Insurance Scheme Fund's commercial papers, bonds and shares are valued at market value. Previously, these financial assets were valued at original cost, while unrealised gains/losses were recorded as other financial assets.

Tables:

• Table 1 National Insurance Scheme Fund. Balance sheet. 30 June 2000 - 30 June 2005. NOK million
• Table 2 National Insurance Scheme Fund. Bonds and shares and other equity by debtor sector. NOK million