Increase in net foreign assets

Definitions

Name and topic: Name: Foreign asset and liabilities
Topic: External economy

Responsible division: Division for Financial Accounts

Definitions of the main concepts and variables: Total foreign assets is equal to the sum of foreign assets at the end of each year.

Total foreign liabilities is equal to the sum of foreign liabilities at the end of each year.

Net assets (liabilities) is the difference between total assets and total liabilities.

Net change in assets (liabilities) is the net change in assets (liabilities) between two periods.

Standard classifications: Financial instruments: Assets and liabilities are grouped into main groups according to the European System of National Accounts (ESA 1995), with the aim of providing uniform groups. Classification of financial instruments is as follows: Gold, notes and coins, bank deposits, certificates and treasury bills, bonds, loans, shares etc, capital investments, insurance assets/ liabilities and other assets/liabilities. Certificates, treasury bills, bonds and shares were valued at nominal value until 1996. From 1996 and onwards, market value is used when available for these instruments.

Institutional sectors: The units are grouped into sectors, primarily according to socio-economic functions, inter alia in the main groups: general government, financial corporations, non-financial corporations, households and the rest of the world, according to the European System of National Accounts (ESA 1995).

Industry: Non-financial enterprises are grouped by industry according to the Standard Industrial Classification (SIC94), which is based on EU's international standard of industrial classification NACE rev. 1 (1993) and UN's standard industrial classification ISIC rev. 3.

Country: The country grouping in the census on foreign assets and liabilities comprises partly independent countries (Denmark, Sweden, France etc.), i.e countries where Norwegian sectors are holding relatively large assets and liabilities, and partly groups of independent countries or geographical areas (Other Europe, Africa etc.), where assets and liabilities are of a less important size.

Background

Background and purpose: The purpose of the statistics is to present a complete survey on Norway's foreign assets and liabilities at the end of each year, by financial instrument, debtor and creditor sector, debtor and creditor industry and debtor and creditor country. Figures covering Norway's foreign assets and liabilities were first published for the year 1919 (1 May), and from 1924 and onwards yearly (31 December).

Information about foreign owned share capital in the statistics is the basis for the surveys on foreign ownership in Norwegian enterprises, the SIFON-register, which was established in 1972. In 1992, the register was extended to comprise also groups of corporations (i.e Norwegian subsidiaries/subsidiary corporations where the Norwegian parent corporation is wholly or partly foreign owned).

Users and applications: The statistics are included in the Financial accounts, and are used a.o in National accounts, research institutes, international organizations, mass media, Norges Bank and other public agencies.

The SIFON-register is mainly used by research institutes and media, and is also used to decide whether a corporation is a foreign owned corporation in the institutional sector classification in the national accounts.

Coherence with other statistics: The statistics are based on the guidelines in the System of National Accounts (SNA 1993), European System of Accounts (ESA 1995), Manual on Monetary and Financial Statistics (IMF) and Balance of Payments Manual (IMF 1993).

Legal authority: Statistics Act Section 2.2 (1)

EEA reference: Council Regulation 2223/96 of 25 June 1996.

Production

Population: The statistics on Norway's foreign assets and liabilities has through the last years comprised reports from about 16 000 enterprises.

Data sources and sampling

The survey is in principle based on total censuses, and shall comprise all Norwegian units having foreign assets or liabilities at the end of each year. A special questionnaire is used for collecting figures from units in the institutional sectors central government, other financial corporations excl. financial auxiliaries, financial holding companies etc., pension funds, financial auxiliaries, counties, municipalities, central government enterprises, other state enterprises, local government enterprises, other municipal enterprises and private, non-financial enterprises.

Figures are collected through electronically reporting for the following sectors: Norges Bank, state lending institutions, commercial and savings banks, mortgage companies, finance companies, mutual funds, life insurance companies etc. and non-life insurance companies.

The survey is in principle based on total censuses, but in practice some accounts are not collected due to lack of an overview of the population.

Collection of data, editing and estimations

The data collected are balance sheet figures covering foreign assets and liabilities distributed on debtor and creditor instrument and debtor and creditor country.

Controls are in place upon reception, and control routines are in place during the data entry process.

Not Relevant.

Confidentiality: If there are less than three observations in one cell, numbers will not be published.

Comparability over time and space: Revison of international standards and major changes in accounting legislation might lead to break in the time series.

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Foreign asset and liabilities, 2001

About the statistics

Definitions

Administrative information

Background

Production

Accuracy and reliability

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Foreign asset and liabilities, 2001

Content

About the statistics

Definitions

Administrative information

Background

Production

Accuracy and reliability