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ANNUAL REPORT 2015 Karen Helene Ulltveit-Moe B

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ANNUAL REPORT 2015 Karen Helene Ulltveit-Moe B 2015 ANNUAL REPORT NORGES BANK 200 years NORGES BANK’S BICENTENARY The two-year-old Storting (the Norwegian parliament) adopted an act to establish a central bank for the new nation of Norway in 1816. The first Norges Bank Act was sanctioned by the King on 14 June 1816. The bicentenary celebration is an opportunity for Norges Bank to open its doors, invite people in and reach out across the country to provide the public with deeper insight into its history and mission in society. SYMPOSIUM A Norges Bank symposium will be held to celebrate the Bank’s bicentenary: “The interaction between monetary policy and financial stability: going forward”. The symposium will focus on the lessons that can be drawn from the financial crisis – on the interaction between monetary policy and financial stability, experience and expectations of macroeconomic policy, and the scope for fine-tuning the financial sector. EDUCATION CENTRE An interactive education centre targeting school-age students will be opened at Norges Bank. With its interactive game “Horisont”, students will be set the task of building up an economy from scratch, from a barter economy to a modern monetary economy. BICENTENARY COIN A special edition 20-krone bicentenary circulation coin will be launched in the bicentenary year. EVENTS IN THE BICENTENARY YEAR 2016 5 January 10 June tecture and Design. The exhibition Launch of bicentenary portal: Book Launch will be displayed in the vault itself! http://www.norges-bank.no/ Norges Bank 1816-2016 en/200th-anniversary Norges Bank 1816-2016: A Pictorial All the entries received in the con- History test to design the bicentenary cir- 18 February culation coin, including the winning Annual Address 14 June design, will be on display at the Norges Bank, Oslo Trondheim: Official Bicentenary Museum of Contemporary Art. Celebration 2 March The official event celebrating 31 August Annual Address for students Norges Bank’s bicentenary will be Kristiansand Case championship kick-off held on 14 June in Trondheim, Norges Bank will take part in a University of Oslo where Norges Bank was head- regional banking conference. quartered from 1816 to 1897. 7 April 28 September Speech to invited foreign embassy 16 June Bergen representatives International Symposium Speeches to Norges Bank’s Norges Bank, Oslo “The interaction between mone- regional network and preliminary tary policy and financial stability: case competitions for students. 12 April going forward” Opening of “The Silver Tax”, a joint Kongsberg Norges Bank, Oslo exhibition by the University Speeches to Norges Bank’s region- Museum of Bergen, Bergen City al network and company visits. 19 June Museum and KODE (Art Museums Opening of the exhibition at the Open House of Bergen). Norwegian Mining Museum: “The A Norges Bank bicentenary cele- king and the elk: Two hundred bration will be held in the square 11 October years of coin and medal design” facing the entrance to the Bank, Trondheim Bankplassen, and in the Bank itself. Speeches to Norges Bank’s 12 April regional network and preliminary Speech at the Norwegian The public is invited to participate in case competitions for students. Academy of Science and Letters one of four lectures or a guided tour Oslo of the Bank to learn about the Bank’s 12 October history and mission in society. Light Lillehammer 2 May refreshments will be served at Bank- Regional network conference for Molde plassen, and there will be various local business and industry Speeches to Norges Bank’s region- activities for all the family. representatives and students. al network and visit to Molde high school. Two temporary exhibitions will be 27 October opened in Norges Bank’s previous Case championship finals 3 May premises at Bankplassen, which Norges Bank, Oslo Bodø are now museums: Norges Bank will attend the busi- 16 December ness and industry conference, The exhibition “Open Up! Norges Speeches to Norges Bank’s “Opp lyst!”, and meet with stu- Bank’s Bicentenary” will be on at regional network dents. the National Museum of Art, Archi- Norges Bank, Oslo 18-19 May Stavanger Speeches to Norges Bank’s THE BICENTENARY ON SOCIAL MEDIA regional network. Opening of exhibition at the Norwegian Petro- www.norges-bank.no/200-ar/ leum Museum “From Petroleum Wealth to Financial Assets”, http://www.norges-bank.no/en/200th-anniversary company visits and preliminary case competitions for students. Norges Bank 200 years Norges Bank 2015 ANNUAL REPORT CONTENTS PART I PART II ANNUAL REPORT OF THE EXECUTIVE NORGES BANK’S ANNUAL FINANCIAL BOARD 2015 5 STATEMENTS 2015 29 Norges Bank’s Executive Board 6 Income statement 33 Responsibilities and governance structure 8 Balance sheet 34 Composition and work of the Executive Statement of cash flows 36 Board in 2015 10 Statement of changes Selected key figures 12 in equity 37 Annual Report of the Executive Board 2015 15 Notes 38 Objectives and values 15 Independent auditor’s report 133 Changes in the governance structure 15 Resolution of the Supervisory Council Monetary policy 16 on the financial statements for 2015 135 Financial stability 17 The Supervisory Council’s statement Investment management at Norges Bank 18 on the minutes of the meetings of Foreign exchange reserves 18 the Executive Board and its supervision Government Pension Fund Global 18 of the Bank 135 Corporate governance, risk management and internal control 20 Balance sheet composition and financial risk 21 Financial statement highlights 22 PART III Distribution of total comprehensive income 22 NORGES BANK’S ACTIVITIES 137 Corporate social responsibility 23 Chapter 1 A transparent central bank 23 Monetary policy 139 Responsible investment 23 Growth as expected, although somewhat Research and knowledge-sharing 24 weaker outlook in the period to the Ethical conduct 25 March monetary policy meeting 139 Human resources and working environment 26 Developments broadly in line with projections in the period to the May monetary policy meeting 140 Weaker growth outlook in the period to the June monetary policy meeting 141 Fall in oil prices and weaker growth outlook in the period to the September monetary policy meeting 142 Norges Bank Oslo 2016 Head office: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, 0107 Oslo, Norway Telephone: +47 22 31 60 00 Telefax: +47 22 41 31 05 Design: Brandlab Reg.nr.: 0629/7 Layout: 07 Media AS Email: [email protected] The text is set in 9 point. Azo Sans Website: http://www.norges-bank.no Photos: Nils Stian Aasheim, Ole Walter Jacobsen, Governor: Øystein Olsen Espen Schive, Charlotte Jakset, Colourbox.com, Deputy Governor: Jon Nicolaisen Istock Slightly weaker-than-expected Chapter 5 developments and weaker krone in International cooperation 173 the period to the November meeting 143 Increased quotas and credit agreements Further fall in oil prices and somewhat with the IMF 173 weaker growth outlook in the period Regular contact and cooperation with to the December meeting 144 other central banks and international organisations 174 Chapter 2 Technical assistance to central banks Financial stability 151 in Malawi and Zambia 176 Sound profitability and increase in capital ratios 151 Chapter 6 New liquidity requirements 153 Research 177 Advice on the countercyclical capital buffer 153 Research activities 177 Conferences, workshops and seminars 177 Chapter 3 Support for economic research and studies 178 Markets and investment management 158 Book project to mark Norges Bank’s Management of banking system liquidity 158 bicentenary in 2016 179 Banks’ krone liquidity and Norges Bank’s market operations in 2015 160 Chapter 7 Money market premiums 160 Communication 180 Collateral for loans from Norges Bank 161 Press conferences 180 Investment management 162 Speeches and lectures 180 Foreign exchange reserves 162 Norges Bank’s website and social media 181 Claims on the IMF 163 Publications 181 Government Pension Fund Global (GPFG) 164 Establishment of the Norges Bank Tasks performed on behalf of Education Centre 182 the Government 164 Government debt in 2015 164 Appendix 183 Account management for the Government 166 Governing bodies, management and Transfers to the GPFG 166 organisation 2016 183 Chapter 4 Payment systems, banknotes and coins 167 Oversight of financial infrastructure 167 Norges Bank’s settlement system 168 Banknotes and coins 169 Counterfeit Norwegian banknotes 170 Organisation of cash distribution 170 Commemorative coin issues 171 New banknote series 172 978-82-7553-906-7 Annual Report, online ANNUAL REPORT OF THE EXECUTIVE BOARD 2015 NORGES BANK’S EXECUTIVE BOARD The composition of the Executive Board was changed at the beginning of 2016. Ms Liselott Kilaas resigned from the Executive Board after twelve years as a member. Ms Kathryn Moore Baker and Mr Steinar Juel were appointed as new members. Mr Egil Matsen was appointed to a new Deputy Governor position. On 31 December 2015, Mr Jan Erik Martinsen resigned as employee representative and was succeeded by Ms Mona Helene Sørensen. Øystein Olsen B. 1952. Appointed Governor of Norges Bank and Chair of the Executive Board from 1 January 2011 for a term of up to six years. Work experience includes posts as Director General of Statistics Norway and Director General at the Ministry of Finance. Mr Olsen has also chaired or served as a member of a number of government-appointed commissions. Mr Olsen holds a postgraduate degree in economics (cand. oecon.) from the University of Oslo. Jon Nicolaisen B. 1959. Appointed Deputy Governor and First Deputy Chair of the Executive Board on 1 April 2014 for a term of up to six years. Work experience includes posts as Head of Economic Policy Department of the Ministry of Finance, Head of Section in the OECD Secretariat and Executive Director of Norges Bank Monetary Policy. In the period 30 June 2015 to 30 June 2017, Mr Nicolaisen is co-chair of the Financial Stability Board’s (FSB) Regional Consultative Group for Europe with the First Deputy Governor of Banque de France, Ms Anne Le Lorier.
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