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Norges Bank Annual Report 2010

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Norges Bank Annual Report 2010 Annual Report 2010 Annual Report 2010 Contents PART I. Highlights in 2010 Norges Bank’s Executive Board Annual Report of the Executive Board 2010 Monetary policy and financial stability . 8 Investment management . 9 Organisation and personnel . 10 Use of resources and restructuring . 10 Gender equality and diversity . 12 Health, environment and safety . 12 Internal control and risk management . 12 Ethical rules . 13 Norges Bank’s financial statements . 13 Distribution of profit . 14 PART II. Financial statements Norges Bank 2010 Profit and loss account . 19 Balance sheet at 31 December 2010 . 20 Notes . 22 Auditor’s report 2010 . 86 Report on the financial statements . 86 Report on other legal and regulatory requirements 87 Resolution of the Supervisory Council on the Norges Bank | Oslo 2011 financial statements for 2010 . 88 Head office: Bankplassen 2 The Supervisory Council’s statement on the postal address: p.o. Box 1179 Sentrum, minutes of the meetings of the Executive Board n-0107 oslo, norway telephone: +47 22 31 60 00 and its supervision of the Bank in 2010 . 88 telefax: + 47 22 41 31 05 registration no.: 0629/7 e-mail: [email protected] Website: http://www.norges-bank.no PART III. Governor: Øystein olsen Deputy Governor: Jan F. Qvigstad Norges Bank’s activities this report was designed and printed by 07 Gruppen AS, oslo. Chapter 1. Organisation, management the text is set in 10.3 point times/9 point univers and use of resources . 92 photos: nancy Bundt p. 7, 93, 134, 137 and 138. Promoting economic stability in Norway . 92 André Clemetsen p. 17, 96, 112, 115, 119, 123 and 129. Organisation of activities . 92 Fotofolk ltd p. 91. norges Bank p. 11, 98 og 133. ISBn 978-82-7553-592-2 (online) 2 Annu Al report 2010 Contents Values . 94 Collateral for loans from Norges Bank . 124 Focus on core functions . 94 Centralised securities settlement in Europe . 125 Distribution of costs by main function . 94 Government accounts in Norges Bank . 125 Norges Bank – a specialist enterprise . 97 NOTES AND COINS . 126 Communications activities . 97 No change in cash circulation in 2010 . 126 Speeches . 99 Low seizure of counterfeit Norwegian notes . 126 Website . 99 Organisation of cash distribution . 127 Other publications . 99 Chapter 4. Investment management . 128 Chapter 2. Monetary policy . 100 Foreign exchange reserves and claims MONETARY POLICY IN 2010 . 100 on the IMF . 128 Turbulence in the wake of the financial crisis . 100 Government Pension Fund Global . 131 Modest upturn . 100 Government Petroleum Insurance Fund . 131 Renewed turbulence . 100 Low inflation . 103 Chapter 5. International cooperation . 132 LIQUIDITY POLICY IN 2010 . 106 Loans and support in connection with Norges Bank adopted a new liquidity the international financial crisis . 132 management system . 106 Loan agreements with the International Supply of NOK liquidity . 107 Monetary Fund (IMF) . 132 The swap arrangement . 107 Loan agreement with Seðlabanki Íslands . 132 Money market premiums . 108 Regular contact and cooperation with other central EVALUATION – USE OF INSTRUMENTS . 110 banks and international organisations . 132 Minor fluctuations in the money market . 110 Technical assistance to the Reserve Bank Historical response patterns . 110 of Malawi . 135 Monetary growth and inflation . 111 EVALUATION – PERFORMANCE OVER TIME 113 Chapter 6. Other functions . 136 Inflation is low and stable . 113 Foreign exchange transactions . 136 EVALUATION – INFLATION EXPECTATIONS . 114 Government debt 2010 . 136 Confidence in the inflation target . 114 Research in 2010 . 139 Participation in the research community . 139 Chapter 3. Financial stability . 116 Support for economic research . 139 WORK ON FINANCIAL STABILITY . 116 Norges Bank’s bicentenary project . 140 New regulation of bank capital and liquidity . 116 FINANCIAL INSTITUTIONS AND Appendix . 141 FINANCIAL MARKETS . 118 Norges Bank’s governing bodies, management The state of the Norwegian financial system . 118 and organisation . 141 Norges Bank’s recommendations for measures . 118 Participation in international supervisory bodies . 121 PAYMENT SYSTEMS . 122 Norges Bank’s responsibility and role in monitoring the Norwegian payment system . 122 No disturbances in Norges Bank’s settlement system . 122 NORGES BANK A nnuAl report 2010 3 Norges Bank is Norway’s central bank . The Bank is a separate legal entity owned by the state . The Bank’s activities are regulated by the Norges Bank Act. the Bank shall promote economic stability in norway. norges Bank has executive and advisory responsibilities in the area of monetary policy and is responsible for promoting robust and efficient payment systems and financial markets.n orges Bank manages norway’s foreign exchange reserves and the Government pension Fund Global (GpFG). norges Bank is to be an efficient organisation while maintaining high professional and ethical standards. the objectives of the Bank’s core activities are price stability, financial stability and added value in invest- ment management. exeCuTIve BOARd Governor of norges Bank (Chair) deputy Governor of norges Bank SupeRvISORy COunCIl (deputy Chair) Audit Committee Compensation Committee Secretariat functions1) Office of the Internal Audit legal Counsellor Supervisory Council director of Communications Governor of norges Bank nBIM deputy Governor of norges Bank CeO/deputy CeO Strategic Relations Compliance norges Bank norges Bank norges Bank Invest- Treasury Admini- Operations Risk Financial Administration Monetary policy ment stration2) Stability incl. compliance 1) performs secretariat functions for the executive Board, the Compensation Committee, Audit Committee, safeguards the legal framework for central bank activities and the executive Board’s external communication. 4 Annu Al report 2010 Highlights in 2010 Norges Bank’s key policy rate was raised by 0 2. 5 per- The GPFG announced its first investment in real estate . centage point in May and thereafter kept unchanged A final agreement and completion of the transaction at 2% to end-2010 . Underlying inflation was below to purchase 25% of a portfolio of properties in Regent the inflation target in 2010 and decreased through the Street in London is expected in spring 2011 . Real estate year . is a new investment area that is intended to make the most of the GPFG’s long-term profile and size . Renewed turbulence arose in international financial markets due to uncertainty about government finances The Supervisory Council implemented changes in its in some European countries . Government bond yields oversight and control tasks for the Bank on the basis for these countries rose sharply . After arranging a of amendments to Sections 5 and 30 and a new Section rescue package for Greece in May, the EU and IMF 30a of the Norges Bank Act . The Central Bank Auditor quickly established a loan scheme that could also has been replaced by an external auditor for the Bank include other countries . In November Ireland had to chosen by the Supervisory Council . An engagement request assistance from the EU and the IMF, making contract was signed with Deloitte AS for the next six it the first country to receive funds from the European years . A separate secretariat, the Office of the Super- Financial Stability Facility (ESFS), a crisis fund es- visory Council, has been established to assist the tablished by the euro area countries . Supervisory Council with professional and administra- tive tasks . The Supervisory Council issued a separate A third daily gross clearing (primarily card payments annual report to the Storting on its oversight of the and Internet bank transfers) was introduced for settle- Bank for the first time in 2010 . ment in Norges Bank . This increases time efficiency in the Norwegian payment system . Øystein Olsen was appointed the new governor of Norges Bank in October to succeed Svein Gjedrem, To dampen demand for central bank liquidity and who stepped down at the end of December . promote greater interbank market activity, on 15 December 2010, Norges Bank’s Executive Board ap- proved an amendment to the Regulation on the Access of Banks to Borrowing and Deposit Facilities in Norges Bank etc . The amendment allows for a new liquidity management system in which only a certain amount of banks’ deposits – a quota – will bear interest at the key policy rate . Deposits in excess of this quota will bear a lower interest rate . The system will be intro- duced on 3 October 2011 . A broad-based rise in global equity and fixed income markets provided the Government Pension Fund Global (GPFG) with a return of 9 .6% in 2010 . The market value of the GPFG passed NOK 3tn, after in- creasing by more than NOK 1tn in three years . NORGES BANK A nnuAl report 2010 5 Norges Bank’s Executive Board The Executive Board supervises the executive and advisory activities of the Bank and consists of seven members, all appointed by the King . Employees have two members who participate in meetings when the Executive Board deals with administrative matters . Members of the Executive Board Øystein Olsen Liselott Kilaas Eirik Wærness (Appointed governor of norges Bank (Appointed 1 January 2004 - 31 Decem- (Appointed 1 January 2010 - 31 Decem- as from 1 January 2011 for a term of 6 ber 2007. reappointed 1 January 2008 ber 2013) years) - 31 December 2011) Managing director, econ pöyry. Has p ostgraduate degree in economics Managing director, Aleris norge. Gra- work experience from the norwegian (Cand. oecon) from the university of duate of university of oslo and Institute Ministry of Finance, total e&p norge o slo (1977). His work experience inclu- for Management Development (IMD) in and Statoil. Wærness is an economist des positions as director general, eco- l ausanne. Member of the board of with norwegian and international quali- nomic policy Department, Ministry of directors at telenor and has broad expe- fications and research experience. Finance, and director general, Statistics rience from the ICt sector, petroleum norway. He was also professor II at BI industry and consultancy norwegian School of Management. Jan Erik Martinsen (Appointed 1 January 2001 - 31 Decem- Asbjørn Rødseth ber 2012) Jan F.
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