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Norges Bank’S Annual Financial Statements 2014 27 2014 ANNUAL REPORT 2014 ANNUAL REPORT CONTENTS HIGHLIGHTS IN 2014 5 PART II NORGES BANK’S ANNUAL FINANCIAL STATEMENTS 2014 27 PART I Income statement 29 ANNUAL REPORT OF THE EXECUTIVE Balance sheet 30 BOARD 2014 7 Statement of cash flows 32 Statement of changes in equity 33 Norges Bank’s Executive Board 9 Notes 34 Responsibilities and organisation 11 Independent auditor’s report 131 Annual Report of the Executive Board 2014 13 Resolution of the Supervisory Council Strategy 2014–2016 13 on the financial statements for 2014 133 Monetary policy, financial stability and The Supervisory Council’s statement payment systems 13 on the minutes of the meetings of the Investment management at Norges Bank 15 Executive Board and its supervision International reserves 15 of the Bank in 2014 133 Government Pension Fund Global 15 Corporate governance, risk management and internal control 16 Balance sheet composition and financial risk 17 PART III Financial statement highlights 18 NORGES BANK’S ACTIVITIES 135 Distribution of total comprehensive income 19 Chapter 1 Corporate social responsibility 20 Monetary policy 137 A transparent and well-run central bank 20 Minor changes in outlook in the period to Responsible investment 20 the March monetary policy meeting 137 Ethics and professional behaviour 22 Developments approximately as expected External environment 23 in the period to the May monetary policy Contractors 23 meeting 138 Human resources and working Somewhat weaker growth outlook in the environment 23 period to the June monetary policy meeting 139 Inflation and growth in norway slightly higher than expected in the period to the September monetary policy meeting 139 Falling oil prices and increased uncertainty in the period to the October monetary policy meeting 140 Sharp fall in oil prices and weaker growth outlook in the period to the December monetary policy meeting 141 Norges Bank Oslo 2015 Head office: Bankplassen 2 Postal address: P.O. Box 1179 Sentrum, Design: Brandlab N-0107 Oslo, Norway Layout: 07 Media AS Telephone +47 22 31 60 00 The text is set in 9 point Azo Sans Telefax: +47 22 41 31 05 Registration no.: 0629/7 Photos: Ole Walter Jacobsen, Espen Schive, Nils Stian E-mail: [email protected] Aasheim, Charlotte Jakset, Kari-Anne Røisgård, Website: http://www.norges-bank.no Therese Riiser Wålen and Synne Ekrem Governor: Øystein Olsen Deputy Governor: Jon Nicolaisen 978-82-7553-851-0 online Chapter 2 Chapter 5 Financial stability 147 International cooperation 168 Solid earnings and increase in capital ratios 147 Funding the IMF 168 New liquidity requirements 148 Loan agreement with Seðlabanki Íslands 168 Advice on the countercyclical capital buffer 149 Regular contact and cooperation with other central banks and international organisations 169 Chapter 3 Technical assistance to central banks in Markets and investment management 154 developing countries 171 Managing liquidity in the banking system 154 Banks’ krone liquidity and Norges Bank’s Chapter 6 market operations in 2014 155 Research in 2014 172 Money market premiums 155 Published research 172 Consultation response on regulation Conferences, workshops and seminars 172 of NIBOR setting 155 Support for economic research and studies 173 Collateral for loans from Norges Bank 156 Norges Bank’s bicentenary project 174 Investment management 157 Book project to mark Norges Bank’s Foreign exchange reserves 157 bicentenary in 2016 174 Claims on the IMF 158 Collaboration with the Museum of Government Pension Fund Global 159 Cultural History on the exhibition “For Tasks performed on behalf of the the love of freedom” to mark the government 159 bicentenary of the Norwegian Constitution 175 Government debt in 2014 159 Collaboration with the national archives Account management for the of Norway to transcribe the 1816 silver government 161 tax lists 175 Foreign exchange transactions 161 Chapter 7 Chapter 4 Communications activities 176 Payment systems, banknotes and coins 162 Press conferences 176 Norges Bank’s responsibility 162 Speeches and lectures 176 Oversight of financial infrastructure 162 Norges Bank’s website and social media 177 Norges Bank’s settlement system 163 Publications 177 Banknotes and coins 163 Cash in circulation 163 Appendix 179 Counterfeit norwegian banknotes 164 Governing bodies, management and Organisation of cash distribution 164 organisation 179 Commemorative coin issues 165 Executive Board 179 New banknote series 167 Employee representatives 179 Supervisory Council 179 Office of the Supervisory Council 179 Internal Audit 180 Norges Bank Central Banking Operations 180 Norges Bank Investment Management 180 Norges Bank Real Estate Management 180 HIGHLIGHTS IN 2014 Norges Bank’s key policy rate was lowered from 1.50% to 1.25% in December 2014. Inflation was stable through 2014. The consumer price index (CPI) rose by 2.0% between 2013 and 2014, while the consumer price index adjusted for tax changes and excluding energy products (CPI-ATE) rose by 2.4%. On the basis of Norges Bank’s advice, the Ministry of Finance kept the countercyclical capital buffer requirement for banks unchanged at 1%. Norges Bank’s foreign exchange reserves increased by NOK 120bn in the course of 2014 to NOK 449bn. Norges Bank decided on the security elements and motifs on which further work on the new banknote series will be based. The market value of the Government Pension Fund Global (GPFG) investment portfolio was NOK 6 431bn at the end of 2014, an increase of more than NOK 1 393bn on the previous year. Strong equity markets in the first half of the year and low interest rate levels contributed to a return of 7.6% on the GPFG in 2014 measured in foreign currency. The share of the GPFG invested in real estate rose to 2.2% at the end of 2014. The number of real estate investments was considerably higher in 2014 than in previous years. ANNUAL REPORT OF THE EXECUTIVE BOARD 2014 Karen Helene Ulltveit-Moe, Gøril Bjerkhol Havro, Jon Nicolaisen, Hilde Myrberg, Øystein Olsen, Egil Matsen, Liselott Kilaas, Jan Erik Martinsen and Kjetil Storesletten 8 NORGES BANK ANNUAL REPORT 2014 NORGES BANK’S EXECUTIVE BOARD The composition of the Executive Board was changed in 2014. Hilde Myrberg, Kjetil Store- sletten and Karen Helene Ulltveit-Moe were appointed new members as from 1 January 2014 and Hege Sjo was appointed alternate member, replacing Brit Rugland, Eirik Wærness, Ida Helliesen and Gøril Bjerkan (alternate). Jon Nicolaisen was appointed deputy governor of Norges Bank and deputy chair of the Board on 1 April, replacing Jan F. Qvigstad. In 2014, 14 Executive Board meetings were held, dealing with a total of 180 matters. The Audit Committee held five meetings and the Remuneration Committee four meetings. Øystein Olsen Karen Helene Ulltveit-Moe Appointed governor of Norges Bank as from 1 January Appointed for the period 1 January 2014– 2011 for a term of up to six years. Olsen holds a post­ 31 December 2017. Professor Ulltveit­Moe has a graduate degree in economics (Cand. oecon.) from the business economics degree from the University of University of Oslo. Work experience includes positions as Mannheim and a PhD in economics from the Norwegian director general of Statistics Norway and director general School of Economics. She holds the position of of the Economic Policy Department, Ministry of Finance. professor at the Department of Economics, University of Oslo. Professor Ulltveit­Moe has been a board Jon Nicolaisen member at a number of Norwegian companies and has Appointed deputy governor of Norges Bank as from chaired various government­appointed committees. 1 April 2014 for a term of up to six years. Nicolaisen She was previously affiliated with the Norwegian School holds a postgraduate degree in economics (Cand. of Economics and also has experience from Norges oecon.) from the University of Oslo. Work experience Bank. includes positions held at the Ministry of Finance and the OECD and as executive director of Norges Bank ALTERNATES: Monetary Policy. Espen R. Moen (1st alternate) Liselott Kilaas Appointed for the period 1 January 2012–31 December Appointed for the period 1 January 2004–31 December 2015. Professor Moen holds a postgraduate degree in 2007. Reappointed for the period 1 January 2008–31 economics (Cand. oecon.) from the University of Oslo December 2011 and 1 January 2012–31 December 2015. and a PhD in economics from the London School of Eco­ Kilaas holds an MSc in Statistics from the University of nomics (LSE). Professor Moen is a fellow of the European Oslo and an MBA from the International Institute for Economic Association and the Centre for Economic Management Development (IMD) in Lausanne. Kilaas is Policy Research. He holds the position of professor at group managing director of Aleris Norge. She has board the Department of Economics, University of Oslo. Pro­ experience from Telenor and other companies and has fessor Moen was previously affiliated with BI Norwegian extensive experience in the business sector. Business School, the Frisch Centre and the LSE. Egil Matsen Hege Sjo (2nd alternate) Appointed for the period 1 January 2012–31 December Appointed for the period 1 January 2014–31 December 2015. Professor Matsen holds a doctorate in economics 2017. Sjo holds a business economics degree from (Dr. oecon.) from the Norwegian School of Economics and Stirling University, Scotland and a postgraduate is head of the Department of Economics, NTNU, qualification in finance from the Norwegian School of conducting research in the areas of macroeconomics and Economics. Sjo has held the position of senior advisor at finance. Professor Matsen also has work experience from Hermes Fund Management Ltd. Norges Bank. Hege Sjo took up the position of departmental director at the Ministry of Trade, Industry and Fisheries Hilde Myrberg on 2 February 2015 and was therefore relieved of her Appointed for the period 1 January 2014–31 December duties as alternate member of Norges Bank’s Executive 2017.
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