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2018 NORWAY’S FINANCIAL SYSTEM AN OVERVIEW Key figures – Norway’s financial system GDP Government Pension (gross domestic product) Fund Global Cash as a share of NOK 3 299bn (GPFG) means of payment GDP NOK 8 488bn 2.3% (mainland) 2 802bn Total assets of Average daily turnover in Number of insurance companies the foreign exchange market banks NOK 1 620bn NOK 333bn 136 Loans from financial Total domestic bonds Oslo Børs market undertakings outstanding capitalisation NOK 5 079bn NOK 1 971bn NOK 2 520bn Bank Card transactions Debt-to-GDP deposits per capita per annum ratio NOK 2 439bn 411 206% 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 2535-3985 (print) ISSN 2535-3993 (online) ISBN 978-82-8379-049-8 (print) ISBN 978-82-8379-046-7 (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 Risk management 13 Box: What is money? 13 Financial trends 14 Supervision and regulation of the financial system 15 Box: Risks in the financial system 15 International cooperation 16 1 FINANCIAL MARKETS 18 Box: Turnover in securities: exchange-traded and OTC 18 1.1 Money market 19 Box: Liquidity 19 1.1.1 Money market participants 20 1.1.2 Unsecured money market instruments 20 Box: Norges Bank’s liquidity management and overnight lending rate 21 1.1.3 Short-term paper and Treasury bills 22 1.1.4 Secured money market instruments 22 1.1.5 Money market reference rates 23 Box: Derivatives 24 1.1.6 Interest rate derivatives market 25 1.2 Bond market 26 Box: Bond yields and bond risk premiums 27 1.2.1 Key concepts in the bond market 28 Box: Secured funding 29 1.2.2 Norwegian bond issuers 30 Box: Norwegian Banks’ and mortgage companies’ bond funding abroad 31 1.2.3 Bond investors 33 1.2.4 Primary bond market 33 1.2.5 Secondary bond market 34 1.2.6 Other bond market participants 36 1.3 Foreign exchange 36 1.3.1 FX market 36 Box: Currency codes (ISO 4217) 36 1.3.2 FX market instruments 37 1.3.3 Trading structure and turnover in the FX market 37 1.3.4 FX for travel and holidays 39 1.4 Equities 39 1.4.1 Corporate structure and funding 39 1.4.2 Equity markets 40 1.4.3 Size of the Norwegian equity market 41 1.4.4 Issuers 42 1.4.5 Investors 42 1.4.6 Equity indices on Oslo Børs 43 1.4.7 Equity-related derivatives 43 2 FINANCIAL INSTITUTIONS 44 Box: Financial Institutions Act 44 2.1 Financial groups 45 2.2 Banks 45 2.2.1 Banks’ tasks 46 Box: Consumer credit 46 Box: Commercial and savings banks 47 Box: Evolution of the Norwegian banking sector over the past 50 years 48 Box: Creating money 49 Box: Definitions of money supply measures 50 2.2.2 Structure of Norway’s banking sector 51 2.2.3 Banks’ assets and funding 52 Box: Deposit platforms 52 2.2.4 Regulating banks – why and how? 54 2.2.5 Capital adequacy regulation 55 2.2.6 Liquidity regulation 55 2.2.7 Deposit insurance in Norway 56 2.2.8 Crisis management in the banking sector 56 2.3 Mortgage companies 57 2.3.1 Covered bond mortgage companies 57 2.3.2 Other mortgage companies 57 2.4 Government lending schemes 58 2.5 Insurance companies 58 Box: Government lending institutions 59 Box: The pension system in Norway 60 2.5.1 Types of insurance 61 2.6 Pension funds 63 Box: Regulation of insurance companies 63 2.7 Mutual funds 64 2.7.1 Mutual funds classified by asset 65 2.7.2 Other classifications of mutual funds 65 2.7.3 Regulation of mutual funds 66 2.8 Other financial institutions 66 2.8.1 Finance companies 66 2.8.2 Securities firms 66 2.8.3 Investment companies 66 2.8.4 Venture capital companies 66 2.8.5 Crowdfunding 67 3 FINANCIAL INFRASTRUCTURE 68 3.1 Retail payment services 69 3.1.1 Cash 69 Box: The Single Euro Payments Area (SEPA) 69 3.1.2 Payment cards 70 Box: How does a BankAxept card payment work? 71 Box: Mobile payments 72 Box: Fast payments 73 3.1.3 Bank transfers 74 Box: Revised Payment Services Directive (PSD2) and the Interchange Fee Regulation 74 3.2 Interbank systems 75 3.2.1 Norges Bank’s settlement system (NBO) 75 3.2.2 The Norwegian Interbank Clearing System (NICS) 77 Box: Central bank digital currencies 77 3.2.3 Foreign exchange settlement risk and the CLS foreign exchange settlement system 78 3.3 Securities settlement (VPO) 78 Box: Herstatt risk 78 3.3.1 How are trades made? 79 3.3.2 How does securities settlement work? 79 Box: Central securities depositories 79 3.4 Central counterparties 80 3.4.1 Use of central counterparties 80 Box: TARGET2-Securities (T2S) 80 3.4.2 Central counterparties and financial stability 82 3.4.3 Central counterparties and systemic risk 82 Box: European legislation on securities and derivatives 83 AppENDIX 1: REGULATION OF FINANCIAL MARKETS AND TRADING VENUES 84 AppENDIX 2: BANK CAPITAL REGULATION 86 Preface and reader’s guide Norway’s financial system provides a general over- The aim of this report is to promote public under- view of the financial system in Norway, its tasks and standing of the financial system. The report will be how these tasks are carried out. This report is meant revised annually to ensure that it is kept up to date as a reference guide and textbook and is intended for and maintains its relevance as a reference and text- a broad audience. The focus is on presenting the book. Readers are encouraged to suggest improve- financial system in a simplified manner. Financial ments or report errors, ambiguities or inadequate system professionals will also be able to find useful explanations. All comments should be sent to: dnfs@ information. Hyperlinks to other, more detailed norges-bank.no. Norges Bank publications and to other institutions have been inserted in the text, enabling the reader to Oslo, June 2018 delve more deeply into topics of interest. The introduction provides an overall overview of all the components of the financial system and recent changes. Section 1 describes the various markets: the money, bond, foreign exchange and equity markets, and the financial derivatives markets. Section 2 discusses the most important financial insti- tutions: banks, mortgage companies, insurance com- panies, pension schemes and various funds, etc. Section 3 describes the financial system infrastruc- ture, which includes the payment system and systems for the payment and transfer of securities, foreign currency and derivatives. 8 NORGES BANK NORWAY'S FINANCIAL SYSTEM 2018 INTRODUCTION The financial system The financial system plays an important role in the A broader definition of the financial system may economy, with three primary tasks: include other functions. These may be institutions and mechanisms that provide security for contracts • Providing consumers and businesses with borrow- that are entered into and that ensure credible informa- ing and saving opportunities, tion for effective credit intermediation and risk man- • Providing payment services and agement. These could be functions such as supervi- • Risk management sion, regulation, registration of ownership rights, accounting, auditing, credit ratings and other financial In a well-functioning financial system, these tasks are analyses. performed securely and efficiently. A system that is resilient to shocks reduces the probability of financial Norges Bank is the central bank of Norway and an crises. important part of Norway’s financial system. Norges Bank has the sole right to issue banknotes and coins The financial system consists of many different insti- and functions as bankers’ bank. In practice, this tutions, markets and financial market infrastructures. means that banks hold accounts at the central bank In this report, the financial system is divided into and use them to settle interbank payments. Norges financial markets, financial institutions and financial Bank is also an advisory and executive body for mon- infrastructure (Table 1). etary policy, ie it sets the interest rate on banks’ deposits in Norges Bank. This rate forms the basis for The users of the system are, for the most part, the the interest rate level in Norway. Furthermore, Norges members of society: businesses, public undertakings Bank has supervisory and regulatory responsibilities and almost all individuals. with regard to the financial system and the Bank manages the country’s foreign exchange reserves and the Government Pension Fund Global. This report Table 1 1. Financial markets 2. Financial institutions 3. The financial infrastructure Marketplaces for issuing and Institutions such as banks, mort- Ensures that payments and trading financial instruments. gage companies, pension funds, trades in financial instruments The properties of these instru- insurance companies, mutual are recorded and settled. The ments may vary with regard to funds, etc. They act as interme- legislation and standard agree- return, risk, maturity, etc. In diaries between economic ments governing these pro- financial markets, savers can agents and play important roles cesses are part of the financial invest in corporate equity or in related to the financial system’s infrastructure, as are computer debt by lending directly to main tasks. systems and systems of com- various borrowers. munication between financial system participants.
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