Chart 1.1 Common Equity Tier 1 (CET1) capital ratio and CET1 capital as a share of total assets. Norwegian banks overall.

(1)

0 3 6 9 12 15

1996 1999 2002 2005 2008 2011 2014

CET1 capital ratio (without transitional rule) CET1 capital ratio (with transitional rule) CET1 capital / total assets

Chart 1.1 Common Equity Tier 1 (CET1) capital ratio and CET1 capital as a share of total assets. Norwegian banks overall.

¹

Percent.

1996 – 2014 and 2015 Q2

1) Consolidated figures are used for banks that are banking groups. For the other banks, parent bank figures are used.

Source: Finanstilsynet (Financial Supervisory Authority of Norway)

(2)

0 50 100 150 200 250 300 350

0 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65 – 74 75 –

1987 – 1989 1990 – 1999 2000 – 2009 2010 – 2013

Chart 1.2 Debt to after-tax income ratio by age of main income earner.

Percent. 1987 – 2013

Sources: Statistics Norway and Norges Bank

(3)

0 2 4 6 8 10 12 14 16

1987 1990 1993 1996 1999 2002 2005 2008 2011 2014

With 3 percentage point interest rate increase Actual

Chart 1.3 Households’ interest burden.

¹

Actual and in the event of a three percentage point increase in lending and deposit rates. Percent.

1987 Q1 – 2014 Q4

1) Interest expenses as a percentage of disposable income adjusted for estimated reinvested dividend income for 2003 – 2005 and redemption/reduction of equity capital for 2006 Q1 – 2012 Q3 plus interest expenses.

(4)

0 50 100 150 200 250 300 350 400

1982 1987 1992 1997 2002 2007 2012

Commercial real estate (central Oslo²) - nominal prices Houses (Norway) - nominal prices

Commercial real estate (central Oslo²) - real prices Houses (Norway) - real prices

Chart 1.4 House and commercial real estate prices.

¹

Index. 1998 Q4 = 100. 1982 Q1 – 2015 Q2

1) House prices and GDP deflator are seasonally adjusted. Semi-annual commercial real estate prices are linearly interpolated.

2) Estimated selling prices for high-standard office premises in central Oslo.

Sources: Eiendom Norge, Eiendomsverdi, Finn.no, Dagens Næringsliv, OPAK, Statistics Norway and Norges Bank

(5)

Belgium Germany Norway Netherlands Switzerland UK Sweden France

0 50 100 150 200

Chart 1.5 US prime money market funds’ total bank exposures

¹

in Europe.

In billions of USD. As at 31 August 2015

1) J.P. Morgan estimate.

Source: J.P. Morgan

(6)

25 35 45 55 65 75

Jan-14 Jul-14 Jan-15 Jul-15

Average time to next interest rate reset Average time to maturity

Chart 1.6 Average maturity of US money market funds’

¹

assets.

Number of days. 3 January 2014 – 27 October 2015

1) Money market funds that invest in short-term paper issued by banks, referred to as prime funds.

Sources: JP Morgan and Norges Bank

(7)

90 100 110 120 130 140

2008 2009 2010 2011 2012 2013 2014 2015

Emerging markets including China¹ US

Sweden UK Japan Euro area

Chart 1.7 GDP. Seasonally adjusted volume index.

2008 Q1 = 100. 2008 Q1 – 2015 Q2

1) Emerging markets comprise China, Thailand, Poland, Turkey, Russia, Indonesia, India and Brazil. Weighted by Norwegian export weights.

Sources: Thomson Reuters and Norges Bank

(8)

0 2 4 6 8 10 12 14 16

2007 2009 2011 2013 2015

Chart 1.8 GDP China. Four–quarter growth. Percent. 2007 Q1 – 2015 Q3

Source: Thomson Reuters

(9)

80 100 120 140 160 180 200 220

2005 2007 2009 2011 2013 2015

China Singapore South Korea Thailand

Chart 1.9 Credit to private sector as a share of GDP.

Percent. 2005 Q1 – 2015 Q2

Sources: Thomson Reuters, Bank for International Settlements and Norges Bank

(10)

0 100 200 300 400 500

2010 2011 2012 2013 2014 2015

Chart 1.10 Industrial metal prices.

¹

January 2010 – October 2015

1) Industrial metals index.

Source: Thomson Reuters

(11)

0 50 100 150 200 250 300 350

2007 2009 2011 2013 2015

European senior bonds DNB senior bonds

European covered bonds Norwegian covered bonds

Chart 1.11 Risk premium

¹

in European and Norwegian bank bonds

²

. Basis points. Week 29 2007 – week 45 2015

1) Difference against German government bonds.

2) Maturity of approximately five years.

3) Denominated in NOK swapped into EUR.

Sources: Thomson Reuters and DNB Markets

3

(12)

0 20 40 60 80 100

2007 2008 2009 2010 2011 2012 2013 2014

Defined contribution pensions Defined benefit pensions

Chart 1.12 Gross premium due in private defined benefit and defined contribution pension schemes. Percent. 2007 – 2014

Source: Finance Norway

(13)

0 50 100 150 200 250

2009 2010 2011 2012 2013 2014 2015¹

Chart 1.13 Liabilities of paid-up policies.

In billions of NOK. 2009 – 2015

1) As at 30 June 2015.

Source: Finance Norway

(14)

Public defined benefit scheme Private defined benefit scheme Paid-up policies

Old individual contracts 1-year insurance products Investment decisions

Chart 1.14 Insurance liabilities by contract type.

As at 31 December 2014

Source: Finanstilsynet

42%

15%

20%

6%

1%

16%

(15)

0 500 1000 1500 2000 2500 3000 3500 4000

Life insurance

Pension funds¹

Non-life insurance

Mortgage companies

Banks Chart 1.15 Total assets for Norwegian financial institutions by category.

In billions of NOK. As at 30 June 2015

1) Includes private and municipal pension funds. Figures for pension funds are estimated.

Sources: Finanstilsynet and Norges Bank

(16)

-1 0 1 2 3 4 5

1987 1991 1995 1999 2003 2007 2011 2015

Loan loss ratio Average

Chart 2.1 Loan losses

¹

as a share of gross loans. Annualised.

All banks and mortgage companies. Percent. 1987 Q1 – 2015 Q2

1) Annual figures to end-1991, converted to quarterly figures.

Source: Norges Bank

(17)

0 3 6 9 12 15

1996 1999 2002 2005 2008 2011 2014

CET1 capital ratio (without transitional rule) CET1 capital ratio (with transitional rule) CET1 capital / total assets

Chart 2.2 Common Equity Tier 1 (CET1) capital ratio and CET1 capital as a share of total assets. Norwegian banks overall.

¹

Percent. 1996 – 2014 and 2015 Q2

1) Consolidated figures are used for banks that are banking groups. For the other banks, parent bank figures are used.

(18)

4.5 4.5 4.5

2.5 2.5 2.5

3.0 3.0 3.0

1.0 2.0

1.0

1.5 1.5

1.5

1.5 2.0

2.0

0 5 10 15 20 25

Minimum requirement Conservation buffer

Systemic risk buffer Buffer for systemically important banks Countercyclical buffer Additional Tier 1 capital

Tier 2 capital

Chart 2.3 Phase-in of Pillar 1 capital requirements in Norway.

¹

Percent of risk-weighted assets. 1 July 2014 – 1 July 2016

1) The minimum requirement and buffer requirements in the left-hand columns make up the CET1 requirement for each year. Additional Tier 1 capital and Tier 2 capital in the right-hand columns are added to arrive at the total Tier 1 requirement and total capital requirement, respectively.

Source: Ministry of Finance

15.5

17.0 13.5

12.0 10.0

13.5

(19)

Chart 2.4 Position of oil-related enterprises in the value chain

Seismic

segment Drilling Field

development

Operation, maintenance,

modification

Exploration Production

Offshore supply / support vessels

(20)

0 1 2 3 4 5 6 7 8

1990 1994 1998 2002 2006 2010 2014 2018

Adverse scenario Baseline scenario

Chart 2.5 Registered unemployment in baseline and adverse scenario.

Percentage of labour force. Annual average. 1990 – 2019

¹

1) Projections for 2015 – 2019.

Sources: Norwegian Labour and Welfare Administration (NAV), Statistics Norway and Norges Bank

(21)

0 1 2 3 4 5 6

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Lending rate Funding cost

3-month money market rate (Nibor) Key policy rate

Chart 2.6 The macro bank’s lending rate and funding cost

¹

, money market rate and key policy rate in the adverse scenario. Percent. Semi-annual average. 2014 H1 – 2019 H2

²

1) Interest rate cost on wholesale funding and deposit rate.

2) Projections for 2015 H2 – 2019 H2.

Sources: SNL Financial and Norges Bank

(22)

0 20 40 60 80 100 120

1985 1990 1995 2000 2005 2010 2015

Chart 2.7 House prices in baseline and adverse scenario.

Nominal prices. Index. 2015 = 100. Annual average. 1985 – 2019

¹

Sources: Eiendom Norge, Finn.no, Eiendomsverdi and Norges Bank

(23)

0 20 40 60 80 100 120

1985 1990 1995 2000 2005 2010 2015

Chart 2.8 Private consumption in baseline and adverse scenario.

Index. 2015 = 100. Annual average. 1985 – 2019

¹

(24)

0 5 10 15 20

1990 1994 1998 2002 2006 2010 2014 2018

Enterprises Households

Chart 2.9 Banks’ problem loans

¹

in the adverse scenario.

Percentage of lending to sector. Annual average. 1990 – 2019

²

1) Banks’ problem loans to enterprises. Problem loans to households for banks and mortgage companies.

2) Average for the second half of 1990. Projections for 2015 – 2019.

(25)

0 3 6 9 12 15

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

CET1 capital ratio

CET1 requirement without countercyclical buffer Leverage ratio

Expected minimum leverage ratio requirement in the EU

Chart 2.10 CET1 capital ratio and leverage ratio

¹

in the adverse scenario.

Macro bank. Percent. 2014 H1 – 2019 H2

²

1) Leverage ratio is calculated as: Tier 1 capital / Total assets.

(26)

8.5

3.0 3.0

1.1 2.5

0.9

0 3 6 9 12 15

Capital ratio Leverage ratio

Minimum requirement (Tier 1 capital)

Buffer for systemically important banks (CET1 capital)

Countercyclical capital buffer (CET1 capital)

Chart 2.11 Leverage ratio requirement in the UK from 2016. Percent

Source: Bank of England

(27)

0 5 10 15 20 25 Danske Bank

Swedbank SEB Handelsbanken Nordea AB Largest savings banks¹ Nordea Bank Norge DNB

Leverage ratio CET1 capital ratio

Chart 2.12 Leverage ratios and CET1 capital ratios for large Norwegian and Scandinavian banking groups. Percent. As at 30 June 2015

1) Weighted average of the five largest Norwegian regional savings banks.

Sources: Banks’ quarterly reports, Finanstilsynet and Norges Bank

(28)

3.5

-0.5

-2.8 -1.4

-3.7 -1.8

-4.0

-6 -4 -2 0 2 4 6 8

Starting point Normal profitability before crisis losses

Halved profitability before crisis losses

Norway (1988 – 1993)² Greece (2008 – 2013) Ireland (2008 – 2013)

Chart 2.13 Leverage ratio based on loss levels from previous crises.

¹

Percent

1) Total losses during the crisis are deducted from the starting level of the leverage ratio and provide an estimate of the post-crisis leverage ratio.

2) Adjusted to present-day total assets.

(29)

6.5

5.0

1.6 4.0

0.8 3.7

0.4

-6 -4 -2 0 2 4 6 8

Starting point Normal profitability before crisis losses

Halved profitability before crisis losses

Norway (1988 – 1993)² Greece (2008 – 2013) Ireland (2008 – 2013)

Chart 2.14 Leverage ratio based on loss levels from previous crises.

¹

Percent

1) Total losses during the crisis are deducted from the starting level of the leverage ratio and provide an estimate of the post-crisis leverage ratio.

2) Adjusted to present-day total assets.

Sources: SNL Financial, Finanstilsynet and Norges Bank

(30)

7%

6%

7%

6%

10%

46%

8%

Primary industries

Manufacturing

Retail trade, hotels and restaurants Shipping

Services Construction

Commercial real estate Other industries¹

Chart 2.15 Breakdown of banks’ loans to the corporate market.

All banks and mortgage companies. Percent. As at 30 June 2015

1) Other industries comprises Oil service, Other transportation, Electricity and water supply and Extraction of natural resources.

Source: Norges Bank

(31)

-100 -75 -50 -25 0 25 50 75 100

Commercial real estate

Construction Other non-financial

enterprises (excluding

Statoil)

Current assets Other assets Financial assets

Bulidings, land etc.

Bank debt Other debt Equity

Chart 2.16 Corporate ¹ balance sheets. Percent. As at 31 December 2014

1) All non-financial limited companies.

Source: Norges Bank

(32)

-10 0 10 20 30 40 50

1999 2001 2003 2005 2007 2009 2011 2013

Other non-financial enterprises (excluding Statoil) Construction

Commercial real estate

Chart 2.17 Earnings-to-debt ratio of enterprises

¹

.

Cash earnings

²

as a percentage of interest-bearing debt

³

.1999 – 2014

1) Only enterprises reporting bank debt in their financial statements.

2) Defined as ordinary profit before tax and operating depreciation and amortisation.

3) Defined as the sum of the items other long-term debt, short-term convertible loans, short-term notes and short-term debt to credit institutions.

Source: Norges Bank

(33)

10 15 20 25 30 35 40

1999 2001 2003 2005 2007 2009 2011 2013

Other non-financial enterprises (excluding Statoil) Commercial real estate

Construction

Chart 2.18 Equity ratio of enterprises

¹

.

Equity as a percentage of total assets. 1999 – 2014

1) Only enterprises reporting bank debt in their financial statements.

Source: Norges Bank

(34)

0 10 20 30 40

1999 2001 2003 2005 2007 2009 2011 2013

Share of bank debt at risk Share of enterprises at risk

Chart 2.19 Share of bank debt and share of enterprises meeting criteria for debt at risk

¹

. Commercial real estate. Percent. 1999 – 2014

1) Negative earnings-to-debt ratio, equity ratio below 13 percent and rating below AAA.

Source: Norges Bank

(35)

0 10 20 30 40

1999 2001 2003 2005 2007 2009 2011 2013

Share of bank debt at risk Share of enterprises at risk

Chart 2.20 Share of bank debt and share of enterprises meeting criteria for debt at risk

¹

. Construction. Percent. 1999 – 2014

1) Negative earnings-to-debt ratio, equity ratio below 11 percent and rating below AAA.

Source: Norges Bank

(36)

0 10 20 30 40 Interest

expenses double Operating revenue decreases by 25%

2014

Commercial real estate

Construction

Chart 2.21 Share of bank debt at risk after a fall in operating revenue and an increase in interest expenses, respectively. Percent. As at 31 December 2014

Source: Norges Bank

(37)

-0.5 0 0.5 1 1.5 2 2.5 3 3.5 4

2000 2002 2004 2006 2008 2010 2012

Banks’ losses on loans to construction enterprises Share of bank debt in bankrupt construction enterprises Banks’ losses on loans to commercial real estate enterprises Share of bank debt in bankrupt commercial real estate enterprises

Chart 2.22 Bank debt in bankrupt enterprises as a share of total bank debt in the industry, and banks’ losses on loans to the industry as a share of total loans to the industry. Percent. 2000 – 2014

Source: Norges Bank

(38)

0 3 6 9 12 15

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Losses/Loans = 3%

Losses/Loans = 5%

Losses/Loans = 7%

Common Equity Tier 1 requirement without countercyclical buffer

Chart 2.23 CET1 ratio under various loss scenarios

¹

in the commercial real estate and construction industries. Macro bank.

Percent. 2014 H1 – 2019 H2

²

1) The scenarios illustrate the effect of different average annual losses in the

commercial real estate and construction industries, while stressing the remaining loan portfolio at a constant level.

(39)

7%

12%

4 %

11%

18%

39%

1% 8%

Deposits from central banks and credit institutions

Other debt

Short-term securities Senior bonds

Covered bonds Customer deposits Hybrid and subordinated debt capital

Equity

Chart 3.1 Funding structure of Norwegian banks and covered bond mortgage companies.

¹

Percent. As at 30 June 2015

1) Sum of all banks and covered bond mortgage companies excluding branches and subsidiaries of foreign banks in Norway.

Source: Norges Bank

(40)

39%

8% 11%

34%

8%

Wholesale funding in NOK

Deposits from central banks and credit institutions in foreign currency Short-term securities in foreign currency

Bonds in foreign currency

Other wholesale funding in foreign currency

Chart 3.2 Wholesale funding of Norwegian banks and covered bond mortgage companies.

¹

By currency. Percent. As at 30 June 2015

1) Sum of all banks and covered bond mortgage companies excluding branches and subsidiaries of foreign banks in Norway, less intragroup items.

Source: Norges Bank

(41)

0 20 40 60 80 100

Assets Equity and liabilities

Chart 3.3 Norwegian assets funded in foreign currency. Norwegian banks and covered bond mortgage companies.

¹

Percent. As at 30 June 2015

1) Sum of all banks and covered bond mortgage companies excluding branches and subsidiaries of foreign banks in Norway.

Source: Norges Bank

(42)

0 50 100 150 200 250 300 350 400

2011 2012 2013 2014 2015

Covered bonds Senior bonds

Subordinated debt Hybrid capital

Chart 3.4 Risk premiums on wholesale funding. Large banks.

¹

Premiums above three-month Nibor. 5-year maturity. Basis points.

Week 1 2011 – week 45 2015

1) DNB Bank Group and Nordea Bank Group Norway.

Source: Nordic Bond Pricing

(43)

0 50 100 150 200 250

2013 2014 2015

Nordea Swedbank

Handelsbanken Danske Bank

SEB DNB

iTraxx Senior Financials

Source: Bloomberg

Chart 3.5 CDS prices for 5-year senior bonds in EUR. Spreads in basis

points. 1 January 2013 – 5 November 2015

(44)

0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8

2012 2013 2014 2015

Kliem Libor

DNB short-term securities

Source: Bloomberg

Chart 3.6 USD interest rates. 3-month maturity.

Percent. 2 January 2012 – 5 November 2015

(45)

0 20 40 60 80 100 120 140 160

All banks Large banks Medium banks Small banks

All-currency LCR NOK LCR

Chart 3.7 LCR. Weighted average by bank category.

Percent. As at 30 June 2015

(46)

Covered bonds

Central bank deposits and government securities² Other

Chart 3.8 Norwegian banks’ high quality liquid assets under LCR.¹ Percent. As at 30 June 2015

1) After haircuts.

2) Level 1 assets excluding covered bonds.

Sources: Finanstilsynet and Norges Bank

As at 30 June 2015 European Commission regulation

Min 30% Max 70%

31%

63%

6%

(47)

0 20 40 60 80 100 120 140

All banks Large banks Medium banks Small banks Chart 3.9 Total NSFR. Weighted average by bank category.

Percent. As at 30 June 2015

(48)

0 100 200 300 400 500 600 700 800 900 1000

2007 2008 2009 2010 2011 2012 2013 2014 2015

Covered bonds in the swap arrangement

Covered bonds in NOK Covered bonds in foreign currency

Chart 3.10 Outstanding covered bonds issued by Norwegian covered bond mortgage companies. In billions of NOK. 1 April 2007 – 1 November 2015

Sources: Stamdata, Bloomberg and Norges Bank

(49)

-50 0 50 100 150 200 250 300

2007 2008 2009 2010 2011 2012 2013 2014 2015

Five-year senior – Smaller banks¹ Five-year senior – DNB Bank Five-year covered bonds

Chart 3.11 Bond risk premiums. Spread against three-month Nibor.

Basis points. Week 27 2007 – week 45 2015

1) Banks with total assets between NOK 5bn and NOK 15bn with an A rating from DNB Markets.

Sources: DNB Markets and Norges Bank

(50)

0 10 20 30 40 50 60

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70

With defaults Without defaults

Chart 3.12 Decline in eligible cover pool (y-axis) owing to fall in house prices (x-axis). Percent. As at 30 June 2015

Sources: Norwegian covered bond residential mortgage lenders and Norges Bank

(51)

0 5 10 15 20 25 30

0-40 40-50 50-60 60-70 70-75 75-80 80-90 90-100 >100 Chart 3.13 Mortgage loans in Norwegian covered bond mortgage

companies’ cover pool. By loan-to-value ratio. Percent. As at 30 June 2015

(52)

0 20 40 60 80 100 120 140 160

0 10 20 30 40 50 60 70

Overcollateralisation

Balance sheet requirement Eligible cover pool

Eligible cover pool with default

Chart 3.14 Eligible cover pool and overcollateralisation (y-axis) and decline in house prices (x-axis). Percent of covered bonds outstanding and

percentage points. As at 30 June 2015

(53)

Chart 4.1 Central counterparties (CCPs)

Bank A

Bank C

Bank D

CCP

Bank B Bank B Bank C

Bank A

Bank E Bank D Bank E

(54)

0 100 200 300 400 500 600 700

1998 2000 2002 2004 2006 2008 2010 2012 2014

Interest rate derivatives Foreign exchange derivatives Equity derivatives

Chart 4.2 The global market for OTC derivatives. Notional amounts outstanding. In trillions of USD. 30 June 1998 – 31 December 2014

Source: Bank for International Settlements

(55)

Chart 4.3 Trades in and clearing of equities and equity derivatives in NOK

Oslo Børs

BATS Chi-X Europe

(London) LSE

Turquoise (London)

SIX x-clear Norwegian

Branch

LCH SIX x-clear EuroCCP Nasdaq OMX

Stockholm Market-

place

CCP

(56)

Chart 4.4 Example of a CCP’s default waterfall

1. Initial margin and contribution to default fund from defaulting member

2. Share of CCP equity (skin in the game)

3. Surviving members’ contributions to default fund

4. Rights of assessment

5. CCP’s remaining equity

(57)

Chart 4.5 Interoperability

Trading venue

CCP 1 CCP 2

A D

B C

(58)

Sources: EuroCCP, SIX x-clear and LCH.Clearnet Limited

Chart 4.6 Members of multiple CCPs

CCP

Member of single CCP Member of 2 CCPs Member of 3 CCPs

(59)

30%

12%

11%

20%

10%

13% 4%

DNB Bank Subsidiaries of foreign banks in Norway

Branches of foreign banks in Norway SpareBank 1 Alliance

Eika Alliance Other savings banks

Other commercial banks

Corporate market Retail market

Chart 1 Lending market shares in the Norwegian banking sector.

^1,2

Percent. As at 30 June 2015

1) All banks and mortgage companies in Norway.

2) See Table 2.

Source: Norges Bank

(60)

303 128

338 194

Banks and mortgage companies¹ Public lending institutions

Finance companies Bonds and notes Other sources

Chart 2 Gross domestic lending to the private sector by credit source.

In billions of NOK. As at 30 June 2015

1) All banks and mortgage companies including Eksportfinans.

Source: Statistics Norway

3 831

(61)

Norwegian retail market - Residential mortgage loans

Norwegian retail market - Other loans

Corporate market

Foreign customers

Other loans

Chart 3 Lending

¹

by all banks and mortgage companies.

Percent. As at 30 June 2015

1) Total lending of NOK 4 570bn.

Source: Norges Bank

46%

19%

4%

28%

3%

(62)

7%

6%

10%

7%

6%

10%

46%

8%

Primary industries

Manufacturing Construction

Retail trade, hotels and restaurants Shipping

Services

Commercial real estate Other industries²

Chart 4 Lending by all banks and mortgage companies to the corporate market.

¹

Percent. As at 30 June 2015

1) Corporate loans total NOK 1 264bn.

2) Other industries comprises Oil service, Other transportation, Electricity and water supply and Extraction of natural resources. Here, “Oil service” is narrowly defined.

Source: Norges Bank

(63)

0 20 40 60 80 100

Assets Liabilities

Receivables from credit institutions

Financial instruments

Other assets

Loans to customers Cash and central bank receivables

Deposits from central banks and credit inst.

Equity and subordinated debt capital Deposits from Norwegian customers

Bonds Notes and other debt

Chart 5 Balance sheet

¹

of Norwegian-owned banks and covered bond mortgage companies.

²

Percent. As at 30 June 2015

1) Intercompany items between banks and mortgage companies are not eliminated.

2) All banks and mortgage companies with the exception of subsidiaries and branches of foreign banks in Norway.

Source: Norges Bank

Deposits from foreign customers