External debt position, Q1 2007

The banks’ gross external debt grew by NOK 122 billion or 13.9 per cent from the end of the fourth quarter of 2006 to the end of the first quarter of 2007. The growth for the banks is mainly caused by a rise in the deposits of non-residents. The central government’s gross external debt increased by NOK 21 billion, or 2.6 per cent, from the end of the fourth of 2006 quarter to the end of the first quarter this year. An increase in not yet settled debt related to trade in securities explains most of the rise in the debt of the central government. The external debt of "other sectors" also increased during this period."Other sectors in total" mainly comprise financial enterprises except banks (financing companies, insurance companies etc.), non-financial enterprises and households.

The banks had the largest share, 37 per cent (NOK 999 billion), of Norway’s gross external debt by the end of the first quarter this year. The central government comprised 31 per cent (NOK 852 million). The shares of “Other sectors” and the Central bank of Norway’s were 23 and 5 per cent, respectively. Debt related to foreign direct investments in Norway comprised 5 per cent of the total gross external debt by the end of the 1st quarter of 2007.

Tables:

• Table 1 Norway's Gross External Debt Position by sector and financial instrument. 1st. Quarter 2003-1st. Quarter 2007. Million NOK