2020 NORWAY’S FINANCIAL SYSTEM AN OVERVIEW Key figures – Norway’s financial system GDP (gross domestic product) Government Pension Cash in 3,549bn Fund Global (GPFG) circulation GDP 10,088bn 42bn (mainland) 3,039bn Bank Average daily turnover in Number of deposits the foreign exchange market banks 2,643bn 257bn 129 Loans from financial institutions to private individuals, businesses Total domestic bonds Oslo Børs market and local governments outstanding capitalisation 5,642bn 2,143bn 2,813bn Total assets of Card transactions Debt-to-GDP insurance companies per capita per annum ratio 1,849bn 475 208 Norway’s financial system Norges Bank Address: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, 0107 Oslo Telephone: +47 22316000 Telefax: +47 22413105 Email:
[email protected] Website: www.norges-bank.no ISSN 2535-3993 (online) ISBN 978-82-8379-164-8 (online) Contents PREFACE AND READER’S GUIDE 8 THE FINANCIAL SYSTEM 9 The primary tasks of the financial system 10 Providing consumers and businesses with borrowing and saving opportunities 10 Providing payment services 12 Box: What is money? 12 Risk management 13 Box: Risks in the financial system 14 Supervision and regulation of the financial system 15 International cooperation 15 1 FINANCIAL MARKETS 17 Box: Turnover in securities: exchange-traded and OTC 17 1.1 Money market 18 Box: Liquidity 18 1.1.1 Money market participants 19 1.1.2 Unsecured money market instruments 19 Box: Norges Bank’s liquidity management and overnight lending rate 20 1.1.3 Short-term paper and Treasury bills