DOCSLIB.ORG

Norway's Financial System Norges Bank

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Norway's Financial System Norges Bank 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.
Load more

Recommended publications
  • Annual Report 2007 Kredittilsynet’S Organisation the Board Finn Hvistendahl Organisation Chart Per 01.01.2008 Chairman
    Annual Report 2007 Kredittilsynet’s organisation Organisation chart per 01.01.2008 The Board Finn Hvistendahl Chairman Administration Director Deputy Director General General Gun Margareth Moy Bjørn Skogstad Aamo Personnel and organisation Staff General Counsel Cecilie Ask Head of Section Finance and Head of Communications Terje H. Bjørn Drevlo Insurance Solheim (acting) Strategy and International Coordinator Nina Moss Supervision Special Adviser/Controller Rune Grundekjøn Finance Executive Secretary Patricia Storgård Staff Deputy Director General Board Secretary Anne Kari Østmo Head of Section Sven-Henning Kjelsrud Nils Johan Korsvik ICT (internal) Head of Section Licensing, Laws Per Sverre Frederichsen and Regulations Accounting Records and Auditing Management Head of Section Supervision and Archives Kjell Arne Aasgaarden Deputy Director General Head of Section Analysis and Anne Merethe Bellamy Lone Tudborg Lakhan Reporting Financial Head of Section Reporting Emil R. Steffensen Supervision Banking Head of Section Supervision Siw-Mette Thomassen Auditors Capital Markets Head of Section and External Per Jostein Brekke Accountants Supervision Deputy Director General Insurance Head of Section Staff Eirik Bunæs Supervision Kjersti Elvestad Head of Section IT Hanne Myre Supervision Solvency Regulation and Head of Section Securities Frank Robert Berg Risk Models Institutions Head of Section Head of Section Bjørn Andersen Eystein Kleven Market Conduct Head of Section Estate Geir Holen Agencies and Brokers, Debt Collection Firms Head of Section Wilhelm Mohn Grøstad Kredittilsynet is responsible for the supervision of banks, finance companies, mortgage companies, e-money institutions, insurance companies, pension funds, insurance intermediaries, investment firms, securities fund management, regulated markets incl. stock exchanges, clearing houses and securities depositories, real estate agencies, debt collection agencies, external accountants and auditors.
    [Show full text]
  • UNITED STATES DISTRICT COURT NORTHERN DISTRICT of GEORGIA ATLANTA DIVISION in Re
    Case 1:17-md-02800-TWT Document 739 Filed 07/22/19 Page 1 of 7 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF GEORGIA ATLANTA DIVISION MDL Docket No. 2800 In re: Equifax Inc. Customer No. 1:17-md-2800-TWT Data Security Breach Litigation CONSUMER ACTIONS Chief Judge Thomas W. Thrash, Jr. PLAINTIFFS’ MOTION TO DIRECT NOTICE OF PROPOSED SETTLEMENT TO THE CLASS Plaintiffs move for entry of an order directing notice of the proposed class action settlement the parties to this action have reached and scheduling a hearing to approve final approval of the settlement. Plaintiffs are simultaneously filing a supporting memorandum of law and its accompanying exhibits, which include the Settlement Agreement. For the reasons set forth in that memorandum, Plaintiffs respectfully request grant the Court enter the proposed order that is attached as an exhibit to this motion. The proposed order has been approved by both Plaintiffs and Defendants. For ease of reference, the capitalized terms in this motion and the accompanying memorandum have the meaning set forth in the Settlement Agreement. Case 1:17-md-02800-TWT Document 739 Filed 07/22/19 Page 2 of 7 Respectfully submitted this 22nd day of July, 2019. /s/ Kenneth S. Canfield Kenneth S. Canfield Ga Bar No. 107744 DOFFERMYRE SHIELDS CANFIELD & KNOWLES, LLC 1355 Peachtree Street, N.E. Suite 1725 Atlanta, Georgia 30309 Tel. 404.881.8900 [email protected] /s/ Amy E. Keller Amy E. Keller DICELLO LEVITT GUTZLER LLC Ten North Dearborn Street Eleventh Floor Chicago, Illinois 60602 Tel. 312.214.7900 [email protected] /s/ Norman E.
    [Show full text]
  • How Selection Mechanisms in Financial Institutions Contribute to Regional Path Development
    How selection mechanisms in financial institutions contribute to regional path development Martin Gjelsvik Research Manager/Professor II IRIS/University of Stavanger, Norway E-mail: [email protected] Abstract This paper addresses an issue absent in most studies on regional economic development, the role of financial institutions. The study concentrates on how the financial institutions select which firms and projects to fund, and how the selection mechanisms enable or constrain development trajectories in their respective regions. The study is guided by an evolutionary perspective on regional economic development, invoking the concept of path dependency. In that context, financial institutions may contribute to path extension, path renewal, path transplantation or path creation. The paper is based on a study of financial institutions in four Norwegian regions, and offers micro-level insights on what is selected to form the four respective path developments. We find that banks primarily support path extensions and to some degree path renewal. Venture capital has turned into private equity funds and has become more risk averse. They contribute primarily to restructuring of existing industries. Seed capital to fund start-ups is scarce, and has become even scarcer after the financial crisis. 1 Introduction Financial institutions are obviously a vital element in the regional innovation ecology. However, they are mostly absent in accounts of regional innovation systems. When financial institutions are dealt with in this context, the focus is generally confined to the role of venture capital. Surprisingly, the role of banks in regional development are left out. This paper addresses this gap by discussing the role of a differentiated set of financial institutions, including banks, venture capital, seed capital and wealthy individuals.
    [Show full text]
  • Country Profile, Norway
    Update April 2009 COUNTRY PROFILE, NORWAY Introduction and Country Background 2 Banking Environment 4 Financial Authorities 6 Legal & Regulatory Issues 8 Market Dominant Banks 11 Clearing Systems 14 Payments & Collections Methods & Instruments 16 Electronic Banking 19 Cash Pooling Solutions 21 Tax Issues 23 Source and Contacts 28 Page 1 of 28 Country profile, Norway Introduction and Country Background Norway’s rugged Key Facts coastline facing the North Atlantic sea Capital - Major Cities Oslo – Bergen, Trondheim, Stavanger stretches over 2,500 Area 324,220 km2 km Population 4.799 million (01-2009 estimate) Languages Norwegian Currency NOK (Norwegian Kroner) Telephone Code +47 National/ Bank 2009 — 1 Jan; 9-10, 13 Apr; 1, 17, 21 May; 1 Jun; 25- Holidays 26 Dec Bank Hours Generally from 8:15–15:30 Mon-Fri* Business Hours 10.00–17.00 Mon–Fri, to 19.00 Thu, 9:00–14.00 Sat Stock Exchange Oslo Børs (Oslo Stock Exchange) Leading Share Index OSEBX Overall Share Index OSEAX There is usually a designated day during the week when business hours are ex- tended. However, this day varies from bank to bank. Measured by per cap- Economic Performance ita GDP, Norway is among the wealthiest 2005 2006 2007 2008 countries in the Exchange Rate – NOK/EUR1 8.00 8.05 8.0153 8.2194 world, supported in Exchange Rate – NOK/USD1 6.4450 6.4180 5.8600 5.6361 large part by its ex- Money Market Rate (%)1 2.15 3.02 4.79 6.01 ploitation of oil and Consumer Inflation (%)2 1.6 2.3 0.8 3.2 gas reserves Unemployment Rate (%)3 4.6 3.4 2.5 2.5 GDP (NOK billions)4 1,946 1,995
    [Show full text]
  • SPAREBANKEN PLUSS Annual Report ANNUAL REPORT
    SPAREBANKEN PLUSS Annual Report ANNUAL REPORT MACROECONOMIC ENVIRONMENT For the Oslo Stock Exchange, 2008 was a turbulent year. During the first 2008 was affected by the global financial crisis, which hit American half of the year, prices fell by 5.6 per cent. During the first part of the and European banks hard. During the course of the autumn of 2008, third quarter, prices continued to fall, and in September and October the American house mortgage loan giants, Freddy Mac and Fannie plummeted by 25 and 23 per cent respectively. Overall, prices on the Mae, were placed under public administration. In the wake of this, Oslo Stock Exchange fell by 54.1 per cent in 2008. several large investment banks were restructured, merged or acquired by the state. In many countries, it became necessary to introduce and The Norwegian krone weakened during the autumn of 2008, and implement comprehensive measures in order to re-establish trust in the the tightness in the labour market eased markedly. Figures from NAV financial institutions. showed an increase in unemployment, which at the end of December was 2.0 per cent. On a seasonally adjusted basis, there were 64,211 Turbulence and uncertainty in the financial markets brought about jobless, including people relying on local, municipal initiatives a situation in which the inter-bank market ceased to function. Banks all over the world were uncertain about their own and other banks’ BUSINESS AREA AND MARKET financial situation and avoided lending to each other. This triggered Sparebanken Pluss provides services within the areas of financing, savings increased interest rates in the money markets.
    [Show full text]
  • Norway's Financial System
    2021 NORWAY’S FINANCIAL SYSTEM AN OVERVIEW Key figures – Norway’s financial system GDP Government Pension Cash in Loans from financial institutions (gross domestic product) Fund Global (GPFG) circulation to private individuals, businesses and local governments 3 413bn 10 914bn 41bn 5 828bn GDP (mainland) 3 043bn Total domestic bonds Oslo Børs market Bank Average daily turnover in outstanding capitalisation deposits the foreign exchange market 2 439bn 2 778bn 2 930bn 257bn Number of Total assets of Card transactions Debt-to-GDP banks insurance companies per capita per annum ratio 134 1 982bn 456 229% 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: http://www.norges-bank.no ISSN 2535-4078 (online) Contents PREFACE AND READER’S GUIDE 7 THE FINANCIAL SYSTEM 8 The primary tasks of the financial system 9 Providing consumers and businesses with borrowing and saving opportunities 9 Providing payment services 11 Risk management 12 Box: What is money? 12 Supervision and regulation of the financial system 13 Box: Risks in the financial system 14 International cooperation 15 1 FINANCIAL MARKETS 17 1.1 Money markets 17 1.1.1 Money market participants 18 Box: Turnover in securities: exchange-traded and OTC 18 Box: Liquidity 19 1.1.2 Unsecured money market instruments 20 1.1.3 Short-term paper and Treasury bills 20 Box: Norges Bank’s liquidity management and overnight lending rate 21 1.1.4 Secured money
    [Show full text]
  • Annual Report 2005 Dnb NOR Groupdnb NOR 2005
    Annual report 2005 DnB NOR Group 2005 NORDnB Group www.dnbnor.com • Frits Thaulow, A Winterday, 1890 • The works of art featured in the annual report are The annual report has been produced by DnB NOR Shareholders registered as owners in DnB NOR ASA part of DnB NOR’s collection. This is one of Norway’s Corporate Communications, Group Financal Report- with the Norwegian Central Securities Depository largest private art collections, consisting of over ing and DnB NOR Graphic Centre. (VPS) can now receive annual reports electronically 10 000 works of art dating back from the end of the Design: Marit Høyland, Graphic Centre instead of by regular mail. For more information, 1800s to the present day. The works of art are on Photos: Stig B. Fiksdal and Anne-Line Bakken please contact your VPS registrar or go directly to display in DnB NOR’s offices in Norway and abroad, Print: Grafix AS www.vps.no/erapport.html. where they can be enjoyed by employees, customers and other visitors. 2005 in brief 4 Key fi gures and fi nancial calendar 5 From the desk of the CEO 6 What DnB NOR aspires to be 8 Directors’ report 10 Corporate governance 28 Risk and capital management 32 Stakeholders • Shareholders Contents • Customers 50 • Employees 52 • Society and the environment 5 Business areas 58 Staff and support units 76 Annual accounts 79 Auditor’s and Control Committee’s reports 158 Special articles • Pension reform 160 • Stability in the Norwegian economy 162 Contact information 164 Governing bodies 166 The Group’s annual report has been approved by the Board of Directors in the original Norwegian version.
    [Show full text]
  • The Norwegian Banks in the Nordic Consortia: a Case of International Strategic Alliances in Banking 1
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics Financial The Norwegian Banks in the Nordic Institutions Consortia: A Case of International Center Strategic Alliances in Banking by Siv Fagerland Jacobsen Adrian E. Tschoegl 97-39 THE WHARTON FINANCIAL INSTITUTIONS CENTER The Wharton Financial Institutions Center provides a multi-disciplinary research approach to the problems and opportunities facing the financial services industry in its search for competitive excellence. The Center's research focuses on the issues related to managing risk at the firm level as well as ways to improve productivity and performance. The Center fosters the development of a community of faculty, visiting scholars and Ph.D. candidates whose research interests complement and support the mission of the Center. The Center works closely with industry executives and practitioners to ensure that its research is informed by the operating realities and competitive demands facing industry participants as they pursue competitive excellence. Copies of the working papers summarized here are available from the Center. If you would like to learn more about the Center or become a member of our research community, please let us know of your interest. Anthony M. Santomero Director The Working Paper Series is made possible by a generous grant from the Alfred P. Sloan Foundation The Norwegian Banks in the Nordic Consortia: A Case of International Strategic Alliances in Banking 1 August 1997 Release 1.05 (Not released yet) Comments are welcome. Abstract: Despite the scholarly interest in joint ventures and strategic alliances, the consortium bank movement represents an under-researched phase in post-war banking history.
    [Show full text]
  • Sparebankstiftelsen DNB NOR Årsrapport
    Sparebankstiftelsen DNB NOR Årsrapport Forside: Nær 70 fjellrockentusiaster brukte en langhelg i sommerferien til å arbeide dugnad for Vinjerock på Eidsbugarden i Jotunheimen i 2011. Arrangementet som gikk under navnet Krafsefestivalen, samlet frivillige fra hele landet. Vinjerock har fått bidrag til utbedring av festivalområdet av Sparebankstiftelsen DNB NOR. Januar 2011 Juni 2011 • Representanter for kulturlivet og frivil- • Telemark Museum får en samling av lighets-Norge inviteres til idémyldring porselen laget på Porsgrunn Porselens- for det som skal bli Oslos nye kulturhus i fabrikk på 1800-tallet i gave. Øvre Slottsgate 3. • Den nye utescenen på Akershus festning, • Raftostiftelsen, som hvert år deler ut som stiftelsen har bidratt til, blir Raftoprisen til menneskerettighets- høytidelig åpnet av daværende forsvars- forkjempere, åpner sitt nye undervisn- minister Grete Faremo og Oslos ingstilbud, Rettighetstanken. Sparebank- ordfører Fabian Stang. stiftelsen DNB NOR har bidratt med 1,4 millioner kroner. Juli 2011 • Festivalen Valdres Sommersymfoni Februar 2011 arrangeres, denne gang med nytt • Det kommer inn 1.690 gavesøknader konsertflygel. innen fristen 15. februar. Prioriterte • Nær 70 fjellrockentusiaster bruker en områder for 2011 er: Kulturminner og langhelg i sommerferien til å arbeide Ut i naturen. dugnad for Vinjerock i Jotunheimen. Med midler fra stiftelsen utbedres festivalområdet. Mars 2011 • Henie Onstad Kunstsenter får 4,5 mil- August 2011 lioner kroner over en treårs periode i gave til kjøp av ung eksperimentell samtids- • Kull 2 starter på Dannelsesprogrammet; kunst, og formidling av denne. ledelsesprogrammet som gis som inspi- rasjon til unge folk engasjert i frivillige organisasjoner. April 2011 • For første gang vises Svelviks historie i • Norsk Fjellmuseum i Lom får 2,469.000 et eget spill som engasjerer hele lokal- kroner til å tilgjengeliggjøre Klimapark miljøet.
    [Show full text]
  • Det Viktigste Er Ikke Å Kunne Fly, Men Å Lage Fine Spor.”
    Årsrapport 2004 ”Det viktigste er ikke å kunne fly, men å lage fine spor.” Innhold Vital – Norges største liv- og pensjonsselskap, side 1 Tre ting på en gang – administrerende direktør, side 3 2004 i korte trekk, side 4 Hovedtall/nøkkeltall (proforma), side 5 Lovendring for fremtiden, side 7 Kapitalforvaltning – lave renter og gode aksjemarkeder, side 8 Bedriftsmarked – sterk fl yttebalanse, side 9 Personmarked – sterk økning i salget, side 10 Offentlig marked – størst blant private selskaper, side 11 Vitals ledelse, side 12 Organisasjon, side 15 Vitals styrende organer, side 16 Årsberetning og regnskap, side 19 (Se egen innholdsfortegnelse) Beretninger – revisor, aktuar og kontrollkomité, side 50 Embedded Value per 31. desember 2004, side 53 Fra liv til pensjon Forsikringstekniske forhold, side 54 Defi nisjoner, side 56 Årene som kommer vet vi ikke så mye om, Vitals kontorer, side 58 men når det gjelder året som gikk har vi mye å fortelle. Bildene i denne årsrapporten er hentet fra årets Vital-kalender. I tillegg til at den viser kalenderåret 2005 fra januar til desember , presenterer den en visuell reise gjennom alle livets faser. Fra de første skrittene vi tar til den siste perioden vi lever her på kloden. Fra første tegn til liv og frem til pensjonsalderen. Vital – Norges største liv- og pensjonsselskap Vital Forsikring ASA er det største selskapet innen livsforsikring og pensjonssparing i Norge og Vital Link AS er det klart ledende selskapet innen unit linked-forsikring her i landet. Vital Forsikring, med datterselskapene Vital Eiendom og Vital Visjon: Vital gjør fremtiden enklere. Pekon, og søsterselskapet Vital Link, utgjør forretningsområdet Liv- og pensjon i DnB NOR-konsernet.
    [Show full text]
  • Three Episodes of Financial Fragility in Norway Since the 1890S by Karsten R Gerdrup*
    BIS Working Papers No 142 Three episodes of financial fragility in Norway since the 1890s by Karsten R Gerdrup* Monetary and Economic Department October 2003 * Central Bank of Norway (Norges Bank) BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2002. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Abstract This paper provides for the first time a comparative study of three major banking crises in Norway (1899-1905, 1920-28 and 1988-92), and presents financial and macroeconomic data spanning more than 130 years. Financial sector development appears to be closely linked to booms and busts in economic activity during these years. The boom periods that preceded each of the three crises all have some common features: they were characterised by significant bank expansion, considerable asset price inflation and increased indebtedness. The non-financial sector increased its debt only slightly more than its income during the first two boom periods, but subsequent deflation increased its debt burden.
    [Show full text]
  • Dokument1 (Page 2)
    Gjensidige NOR ASA Kirkegata 18, P.O. Box 1172 Sentrum, N-0107 Oslo Telephone: (+47) 22 31 90 50 www.gjensidigenor.no/investor/english Annnnuualal RepRepooorrt Gjensidign gee NOR ASA 2002 Annua l Report Gjensi d ige NOR ASA 200 ige NOR ASA 2 Contents Contacts 1 Financial summary Gjensidige NOR ASA Gjensidige NOR Kapitalforvaltning AS OTHER UNITS President and CEO: Olav Hytta Managing Director: Erik Garaas Cresco 2 Gjensidige NOR ASA Head offi ce: Kirkegata 18, Oslo Offi ce address: Drammensveien 288, Managing Director: Roar Dybvik Postal address: P.O. Box 1172 Sentrum, Lysaker Offi ce address: Klæbuveien 194, N-0107 Oslo Postal address: P.O. Box 276, Trondheim 3 Highlights 2002 Telephone: +47 22 31 90 50 N-1326 Lysaker Postal address: N-7483 Trondheim Telephone: +47 22 96 80 00 Telephone: +47 73 58 79 00 4 President and CEO Gjensidige NOR Sparebank ASA President and CEO: Olav Hytta Gjensidige NOR Næringseiendom AS Vika Bank 5 Report of the Board of Directors Offi ce address: Kirkegata 18, Oslo Managing Director: Halvard Bergby Managing Director: Kjell Sletner Postal address: P.O. Box 1172 Sentrum, Offi ce address: Drammensveien 288, Offi ce address: Olav V ’s gate 5, Oslo N-0107 Oslo Lysaker Postal address: P.O. Box 1172 Sentrum, 15 Financial Statements Telephone: +47 22 31 90 50 Postal address: P.O. Box 276, 0107 Oslo N-1326 Lysaker Telephone: +47 22 01 44 40 61 Key fi gures Gjensidige NOR Spareforsikring ASA Telephone: +47 22 96 80 00 Managing Director: Bård Benum 64 Shares and shareholders Offi ce address: Tinghusplassen 3, Gjensidige NOR Pensjonstjenester AS Trondheim Managing Director: Terje Pedersen INVESTOR RELATIONS Postal address: N-7469 Trondheim Offi ce address: Drammensveien 288, 67 Property fi nancing Chief Financial Offi cer: Geir Bergvoll Telephone: +47 73 58 71 11 Lysaker Telephone: +47 22 31 99 80 Postal address: P.O.
    [Show full text]