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NORGES BANK Annual Report 2013 Annual Report of the Executive Board 2013

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NORGES BANK Annual Report 2013 Annual Report of the Executive Board 2013 2013 ANNUAL REPORT 2013 ANNUAL REPORT CONTENTS Highlights in 2013 5 PART II NORGES BANK’S ANNUAL FINANCIAL STATEMENTS 2013 21 Income statement 23 PART I Balance sheet 24 ANNUAL REPOrt OF THE EXECUtiVE Statement of cash flows 26 BOarD 2013 7 Statement of changes in equity 27 Norges Bank’s Executive Board 8 Notes 28 Annual Report of the Executive Board 2013 9 Independent auditor’s report 135 Monetary policy, financial stability and Resolution of the Supervisory Council payment systems 9 on the financial statements for 2013 137 Investment management 11 The Supervisory Council’s statement Corporate social responsibility 12 on the minutes of the meetings of the Responsible investment 12 Executive Board and its supervision Ethics and anti-corruption work 13 of the Bank in 2013 137 Open communication 13 External environment 14 Contractors 14 Human resources 14 PART III Gender equality and diversity 14 NORGES BANK’S ACTIVITIES 139 Health, safety and environment 15 Chapter 1 Sickness absence and inclusive Responsibilities and organisation 140 workplace 15 Promoting economic stability in Norway 140 Internal control and risk management 16 Organisation 140 More about financial risk 16 Report on the financial statements 17 CHAPTER 2 Distribution of total comprehensive income 18 Monetary policy and financial stability 142 Monetary policy 142 Monetary policy in 2013 142 Minor fluctuations in the money market 149 Historical response pattern 150 Monetary growth and inflation 150 Inflation is low and stable 151 Confidence in the inflation target 152 Norges Bank Oslo 2014 Head office: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, N-0107 Oslo, Norway Telephone: +47 22 31 60 00 Design: Brandlab Telefax: +47 22 41 31 05 Layout: 07 Madia AS Registration no.: 0629/7 The text is set in 9 point Azo Sans E-mail: [email protected] Website: http://www.norges-bank.no Photos: Ole Walter Jacobsen, Espen Schive, Katrine Lunke, Ståle Andersen, Nils Stian Aasheim and Colourbox Governor: Øystein Olsen Deputy Governor: Jan F. Qvigstad 978-82-7553-789-6 online Financial stability 152 Slight decrease in cash in circulation 173 Solid earnings and higher capital ratios 152 Very low number of counterfeit Advice on the countercyclical Norwegian banknotes 173 capital buffer 156 Organisation of cash distribution 173 Higher capital-to-loan ratios for Commemorative coin issues 174 banks’ residential mortgages 156 Work underway on a new series Other consultative statements 158 of banknotes 175 Research in 2013 158 Published research 158 Chapter 5 Conferences, workshops and seminars 158 International cooperation 176 Support for economic research 159 Increased quotas and loan agreements Norges Bank’s bicentenary project 160 with the IMF 176 Loan agreement with Seðlabanki Íslands 176 Chapter 3 Regular contact and cooperation with other Markets and investment management 161 central banks and international organisations 177 Managing liquidity in the banking system 161 Technical assistance to the central banks Banks’ krone liquidity and Norges Bank’s of Malawi and Zambia 179 market operations in 2013 162 Swap arrangement 162 Chapter 6 Money market premiums 162 Other activities 180 Government debt in 2013 and account Communications 180 management for the government 163 Press conferences 180 Collateral for loans from Norges Bank 165 Speeches and lectures 180 Foreign exchange transactions 166 Norges Bank’s website and social media 181 Investment management 166 Publications 181 Foreign exchange reserves 167 Claims on the IMF 168 Appendix 183 Government Pension Fund Global 169 Governing bodies, management and organisation 183 Chapter 4 Executive Board 183 Payment systems, banknotes and coins 170 Internal Audit 183 Payment systems 170 Supervisory Council 183 Norges Bank’s responsibility and role in Office of the Supervisory Council 183 monitoring Norwegian payment systems 170 Central Banking Operations 184 Norges Bank’s settlement system 171 Norges Bank Investment Management 184 Banknotes and coins 173 HigHLigHts IN 2013 Norges Bank’s key policy rate was kept unchanged at 1.5% throughout 2013. Inflation drifted up though the year. At the end of 2013, underly- ing inflation was between 1¾% and 2¼%. On advice from Norges Bank, the Ministry of Finance decided that banks should hold a countercyclical capital buffer of 1%. Norges Bank decided that the design of the new banknote series will feature motifs illustrating the importance of the sea for Norway’s business sector and economic prosperity. The market value of the investment portfolio of the Government Pension Fund Global (GPFG) was NOK 5 038bn at the end of 2013, up from NOK 3 816bn at the end of 2012. The GPFG earned a return of 15.9%, or NOK 692bn, in 2013. ANNUal REPORT OF THE EXECUTivE BOard 2013 NOrgES BANK’S EXECUtiVE BOARD The Executive Board supervises the executive and advisory activities of the Bank and comprises seven members, all appointed by the Council of State. Two employee representatives attend meetings when the Executive Board considers administrative matters. Øystein Olsen Appointed Governor of Norges Bank as from 1 January 2011 for a term of six years. Postgraduate degree in economics (Cand. oecon.) from the University of Oslo (1977). Work experience includes positions as director general of the Economic Policy Department, Ministry of Finance, and as Director General of Statistics Norway. Jan F. Qvigstad Appointed Deputy Governor of Norges Bank as from 1 April 2008 for a term of six years. Postgraduate degree in economics (Cand. oecon.) from the University of Oslo (1975). Work experience includes posts as principal officer and assistant director, Economics Department, Ministry of Finance, and as Executive Director of Norges Bank Monetary Policy. Liselott Kilaas Appointed 1 January 2004–31 December 2007. Reappointed 1 January 2008–31 December 2011 and 1 January 2012–31 December 2015. Managing director, Aleris Norge. Graduate of the University of Oslo and International Institute for Management Development (IMD) in Lausanne. Ms. Kilaas is a member of the board of directors of Telenor and has broad experience from the ICT sector, petroleum industry and consultancy. Egil Matsen Appointed 1 January 2012–31 December 2015. Professor, Department of Economics, NTNU, research in the areas of macroeconomics and finance. Mr. Matsen also has work experience from Norges Bank and holds a doctorate in economics (Dr. oecon.) from the Norwegian School of Economics. Hilde Myrberg Appointed 1 January 2014–31 December 2017. Self-employed. deputy chair of the board of Petoro AS. Ms. Myrberg holds directorships at CGG Veritas SA and Nordic Mining ASA and is a member of the corporate assembly of Gjensidige AS. She held the positions of executive vice president and senior vice president, corporate governance, at Orkla ASA, 2006–2012. Kjetil Storesletten Appointed 1 January 2014–31 December 2017. Professor, Department of Economics, University of Oslo from 2012 and in the period 2003-2009. Previously affiliated with Stockholm University and the Federal Reserve Bank of Minneapolis. Current appointments include editor of the Scandinavian Journal of Economics and chairman of the board of the Review of Economic Studies. Mr. Storesletten has a business economics degree from the Norwegian School of Economics and a PhD in economics. Karen Helene Ulltveit-Moe Appointed 1 January 2014–31 December 2017. Professor, Department of Economics, University of Oslo from 2005. Previously affiliated with the Norwegian School of Economics. Ms. Ulltveit-Moe has also held directorships in a number of Norwegian companies and served on various official panels. Ms. Ulltveit-Moe is a research fellow at the Centre for Economic Policy Research (CEPR) and CESifo and has a PhD in economics. Employee representatives: Jan Erik Martinsen Employee of Norges Bank since 1975. Chief safety delegate in the period 1 January 1994–31 December 2000. Deputy chairman of Norges Bank’s Staff Association from 2001 to 2006 and chairman since 1 January 2007. Gøril Bjerkhol Havro Employee of Norges Bank since 2008. Ms. Bjerkhol Havro has a BA from the University of Oxford, a master’s degree in development studies from Nelson Mandela Metropolitan University in South Africa, and a business economics degree from HEC Paris. Work experience from the OECD. 8 NORGES BANK ANNUAL REPORT 2013 ANNUal REPORT OF THE EXECUTivE BOard 2013 Norges Bank’s activities are regulated by the Act work related to financial reporting, risk manage- of 24 May 1985 relating to Norges Bank and the ment and internal control. Internal Audit provides Monetary System etc. (Norges Bank Act). Norges independent assessments of risk management Bank’s management of the Government Pension and internal control for submission to the Execu- Fund Global (GPFG) is regulated by the tive Board. Internal Audit reports to the Audit Government Pension Fund Act and the mandate Committee. The Remuneration Committee com- for managing the GPFG issued by the Ministry of prises two of the external members of the Execu- Finance. Norges Bank is managed from the head tive Board. It is a preparatory and advisory body, office in Oslo. The Bank also has offices in responsible for matters concerning pay and remu- London, New York, Singapore and Shanghai. neration arrangements at the Bank. Pursuant to Section 5 of the Norges Bank Act, executive and advisory authority in Norges Bank MONETARY POLicY, FINANciaL is vested in the Executive Board, which manages ­sTabiLITY AND PAYMENT SYSTEms its resources. The Executive Board comprises seven members, all appointed by the Council of The conduct of monetary policy in 2013 was char- State. The Governor and Deputy Governor of acterised by low interest rates and sluggish Norges Bank are chairman and deputy chairman, growth in advanced economies, a pronounced respectively, of the Executive Board. The other depreciation of the krone and slower growth in five members are not employees of the Bank. Two the Norwegian economy. alternates have also been appointed for the five Internationally, there were signs of a moderate external members.
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