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Annual Report 2018 | Norges Bank ANNUAL REPORT of the EXECUTIVE BOARD 1 NORGES BANK ANNUAL REPORT /2018 Our mission Norges Bank’s mission is to promote economic stability and manage substantial assets on behalf of the Norwegian people. The Bank conducts monetary policy, monitors the stability of the financial system and promotes robust and efficient payment systems and financial markets. Norges Bank is responsible for the management of Norway’s foreign exchange reserves and the management of the Government Pension Fund Global (GPFG) on behalf of the government. The investment strategy of the GPFG is designed to obtain the highest possible return within the framework of the investment mandate. Annual Report 2018 | Norges Bank ANNUAL REPORT OF THE EXECUTIVE BOARD 1 1 This is Norges Bank Norges Bank is Norway’s central bank. The foundation of Norges Bank in 1816 was an important part of the nation-building process following the dissolution of the union with Denmark. The Storting (Norwegian parliament) gave the central bank two main tasks: to issue a Norwegian currency, the speciedaler, and to extend credit to firms and private individuals. Today, Norges Bank no longer extends credit. On the other hand, the Bank has been assigned a number of other tasks that it performs on behalf of the Norwegian people. The Bank has executive and advisory responsibilities in the area of monetary policy, 2 manages Norway’s foreign exchange reserves and the Government Pension Fund Global (GPFG) and is responsible for promoting efficient and robust payment systems and financial markets. In addition, the Bank has the sole right to issue Norwegian banknotes and coins, as has always been the case. Norges Bank normally sets the policy rate eight times a year. The operational target of monetary policy is low and stable inflation, with annual consumer price inflation of close to 2.0% over time. As part of its work to promote stability in the financial system, the Bank has been assigned responsibility for preparing a decision basis and providing advice to the Ministry of Finance regarding the level of the countercyclical capital buffer requirement imposed on banks. The Bank is responsible for the management of the GPFG. The objective is to achieve the highest possible return net of costs within the framework of the investment mandate. Even though Norges Bank acts on behalf of the government and the nation, the Bank plays an independent role in the Norwegian state system. Annual Report 2018 | Norges Bank ANNUAL REPORT OF THE EXECUTIVE BOARD 1 Our vision and our values Norges Bank is committed to being a transparent and well-run central bank. We aim to be at the forefront of monetary policy innovation and payment system modernisation. We are responsible for safeguarding and building financial wealth for future generations. We pursue a policy of open and active communication to promote understanding of the Bank’s role and the performance of its tasks. The Bank’s core values are team spirit, integrity, innovation and excellence. We aim to maintain a cost-efficient and prudent use of resources and to provide good working conditions, exercise ownership rights responsibly and be environmentally conscious. 3 Norges Bank’s policy rate. Percent 10 8 6 4 2 0 -2 2001 2006 2011 2016 Source: Norges Bank Consumer price index. Twelve-month change. Percent 6 CPI 5 Inflation target 4 4 3 2 1 0 -1 -2 2001 2006 2011 2016 Sources: Statistics Norway and Norges Bank Annual Report 2018 | Norges Bank ANNUAL REPORT OF THE EXECUTIVE BOARD 1 5 Norges Bank’s policy rate was raised to 0.75% in 2018 6 Market value of the Government Pension Fund Global. In billions of NOK 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 Equity investments Real estate investments Fixed income investments Annual Report 2018 | Norges Bank ANNUAL REPORT OF THE EXECUTIVE BOARD 1 The market value of the Government Pension Fund Global was NOK 8 256bn at the end of 2018 7 In Norges Bank’s electronic settlement system, interbank payments totalling on average NOK 248bn were settled daily in 2018 8 Annual Report 2018 | Norges Bank ANNUAL REPORT OF THE EXECUTIVE BOARD 1 9 2014 2015 2016 2017 2018 Change over past five years 213 219 221 236 248 2014 2015 2016 2017 2018 Employees 763 856 923 922 953 Employees, Norges Bank Central Banking Operations 327 330 347 342 345 Employees, Norges Bank Investment Management 428 518 568 573 601 10 Annual Report 2018 | Norges Bank ANNUAL REPORT OF THE EXECUTIVE BOARD 1 11 Norges Bank has 953 permanent employees from 38 countries w Strategy for 2017–2019 and status report The strategy for 2017–2019 identified the challenges facing Norges Bank at the start of the strategy period. The following is a brief status report on the action Norges Bank has taken so far to meet these challenges. MONETARY POLICY INNOVATION IN A WORLD OF LOW INTEREST RATES Challenge Actions The global economy is characterised by mod- Norges Bank was assigned a new monetary erate growth, low inflation and low interest policy mandate in 2018. The mandate is based rates. The Norwegian economy is also feeling on Norges Bank’s analysis of inflation target- the effects of restructuring following the ing experience in Norway. The Bank focused decline in petroleum sector investment. on increasing the relevance and quality of 12 Confidence in the inflation target has enabled model-based monetary policy analysis and monetary policy to facilitate restructuring started work to establish general principles for following the fall in oil prices, but the liquidity policy. Norwegian economy remains vulnerable. The financial crisis has challenged economic think- ing and led to a debate about the framework for monetary policy in many countries. FINANCIAL STABILITY AFTER THE FINANCIAL CRISIS Challenge 2019. The Bank started work on revising the The repercussions of the financial crisis decision-making basis for the countercyclical continue to affect the global economy. Low capital buffer, including stress tests. The and negative policy rates, low long-term inter- microdata underlying the Bank’s advice, est rates and the expansion of central bank decisions and assessments in the areas of balance sheets in many countries are creating financial stability and macroprudential policy challenges to global and domestic financial were expanded in terms of quality, relevance stability. The Norwegian economy is vulner- and volume. The use of different types of able to future shocks owing to high property microdata to shed light on monetary policy price inflation over time and the level of and macroprudential issues was strength- household debt. ened, boosting analytical capacity. Actions The Bank also joined an expert group In December 2018, Norges Bank recom- established by the European Systemic Risk mended increasing the countercyclical capital Board to develop a framework for the overall buffer to 2.5%, with effect from 31 December assessment of the macroprudential stance. Annual Report 2018 | Norges Bank w ANNUAL REPORT OF THE EXECUTIVE BOARD 1 AN EFFICIENT AND MODERN PAYMENT SYSTEM Challenge A joint project was launched in collaboration Payment system technology is developing at with the banking industry to facilitate real- a rapid pace. Payments are increasingly made time payments by the end of 2019. electronically based on customer deposits, while access to cash has diminished. Several The first report on central bank digital central banks are assessing whether to offer currencies (CBDC) was released, providing an payment solutions using electronic central overview of the relevant factors in an assess- bank money. Cybercrime is on the rise and ment of whether a CBDC should be introduced constantly poses new challenges. in Norway. Actions The continuity plan and the training The issuance of a new and more secure bank- programme to strengthen contingency 13 note series is on schedule. The new 100-krone arrangements for the payment system and 200-krone notes were put into circulation were further developed, and the IT security in 2017, while the 500-krone note was issued function that provides security monitoring in autumn 2018. Work on the 1000-krone note and incident management 24 hours a day was is proceeding as planned. strengthened. A TRANSPARENT, PREDICTABLE AND ACCESSIBLE CENTRAL BANK Challenge policy meetings are now published on an To maintain confidence in the way Norges ongoing basis. The content of the minutes is Bank accomplishes its tasks, transparency included in the Executive Board’s assessment, with regard to all the Bank’s activities is essen- which is published at the same time as the tial. Openly communicating our decisions and interest rate decision. Previously, the minutes response patterns enhances predictability and remained confidential before they could be understanding. In a rapidly changing media released with a 12-year lag. landscape, there is an increasing need for available and accessible information about the To simplify monetary policy and financial stabil- Bank’s tasks and performance. By pursuing a ity communication, Norges Bank added a visual policy of open communication, we can foster online summary in Norwegian of the Monetary knowledge-based societal debate. Policy Report entitled Kort fortalt [In brief], which is particularly tailored to social media. Actions The Bank also launched the Bankplassen blog, The number of interest rate decisions was a blog for Norges Bank staff to share views increased from six to eight per year and the about current issues. minutes from the Executive Board’s monetary Strategy for 2017–2019 LONG-TERM AND RESPONSIBLE MANAGEMENT OF THE GOVERNMENT PENSION FUND GLOBAL Challenge Norges Bank advises the Ministry of Finance The value of the Government Pension Fund on the investment strategy and published its Global (GPFG) has increased considerably in advice in 2017 and 2018 on a total of 18 occa- recent years and is now more than 2.5 times sions.
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