natgillin/translations-raw huggingface dataset:
In preparing its advice on the countercyclical capital buffer, Norges Bank has exchanged information and assessments with Finanstilsynet (Financial Supervisory Authority of Norway).
I arbeidet med rådet om motsyklisk kapitalbuffer har Norges Bank og Finanstilsynet utvekslet informasjon og vurderinger.
Sincerely
Med vennlig hilsen
Countercyclical buffer increases next year (Press release 18 June from the Ministry of Finance)
Motsyklisk kapitalbufferkrav økes neste år (Finansdepartementets pressemelding 18. juni 2015)
Advice on the countercyclical capital buffer, 2015 Q2 (Letter of 17 June 2015 from Norges Bank)
Råd om motsyklisk kapitalbuffer 2. kvartal 2015 (Norges Banks brev av 17. juni 2015)
Monetary Policy Report 2/2015
Pengepolitisk rapport 2/2015
The coin will be issued to commemorate the central bank's bicentenary in 2016.
Mynten vil bli utgitt i forbindelse med sentralbankens 200-års jubileum i 2016.
The bicentenary coin will be a 20-krone special edition circulation coin.
Jubileumsmynten vil være en 20-krone sirkulasjonsmynt med spesialpreg.
As has been the case with previous issues, the obverse will be a portrait of the King.
Forsiden vil som ved tidligere utgivelser være et kongeportrett.
Norges Bank invited art and design students from the Oslo National Academy of Arts, the Bergen Academy of Art and Design and the Trondheim Academy of Fine Art to participate in a competition on the design of the coin's reverse motif.
Norges Bank inviterte Kunst- og designstudenter fra Kunsthøgskolen i Oslo, Kunst- og designhøgskolen i Bergen og Kunstakademiet i Trondheim til en konkurranse om utforming av myntens bakside (reversmotivet).
Austdal is a student at the Academy of Fine Art, Oslo National Academy of Arts.
Austdal er student ved Kunstakademiet, Kunsthøgskolen i Oslo.
All motif proposals from the competition will be shown at an exhibition at the Museum of Contemporary Art in June 2016.
Alle motivforslagene til konkurransen vil bli vist på en utstilling på Museet for samtidskunst i juni 2016.
The winning motif "Norgespulsen"
Vinnermotivet «Norgespulsen»
Governor Øystein Olsen addresses Arctic Securities in Oslo.
Foredrag av Øystein Olsen for Arctic Securities i Oslo.
Governor Øystein Olsen addresses Norges Bank's regional network, Region North in Hammerfest.
Foredrag av Øystein Olsen for Regionalt nettverk, region Nord i Hammerfest.
Author: Alexander Flatner and Hong Xu Series: Staff Memo Number: 3/2015
Forfatter: Alexander Flatner og Hong Xu Serie: Staff Memo Nummer: 3/2015
Staff Memo 3/2015 (PDF 781.6 Kb)
Staff Memo 3/2015 (PDF 768,9 Kb)
A number of international studies find that financial prices are affected by announcements of economic news.
En rekke internasjonale studier finner at finansielle priser blir påvirket av publiseringen av økonomiske nyheter.
Prices change when key figures and other economic news affect market participants' view of the current state of the economy and future prospects.
Prisene endres når nøkkeltall og andre økonomiske nyheter påvirker markedsaktørenes syn på den nåværende tilstanden til økonomien samt framtidsutsiktene.
The effect of the news on financial prices will depend on factors such as the magnitude of the surprise relative to market expectations.
Effekten disse nyhetene har på finansielle priser vil blant annet avhenge av hvor stor overraskelsen er i forhold til markedets forventning.
In addition, the effect is assumed to vary over time and across assets.
I tillegg antas effekten å variere over tid og på tvers av forskjellige aktiva.
The krone exchange rate is a financial variable that can react strongly and rapidly to new economic key figures.
Kronekursen er en finansiell variabel som kan reagere mye og raskt på nye økonomiske data.
Information from our market contacts indicates, however, that some key figures are regarded as more important than others.
Informasjon fra våre markedskontakter indikerer imidlertid at noen nøkkeltall vektlegges mer enn andre.
The CCP interposes itself in the trade from the instant the trade is agreed.
Det skjer ved at den sentrale motparten trer inn i handelen i det øyeblikk den blir avtalt.
CCPs can act as intermediaries in various types of financial markets.
Sentrale motparter kan virke i ulike typer finansielle markeder.
In an ordinary equity transaction, a CCP will, for example, buy a share from the seller and sell it to the buyer.
For eksempel vil en sentral motpart i den ordinære aksjehandelen kjøpe aksjen fra selgeren og selge den til kjøperen.
The CCP is thereby responsible for carrying out both trades.
Den sentrale motparten får dermed ansvar for gjennomføring av begge handlene.
When the trade is settled via a CCP, considerable risk is concentrated on the CCP.
Når oppgjør av handelen gjøres gjennom sentral motpart, samles mye risiko hos denne aktøren.
It is therefore crucial that the institution is solid and well managed.
Det er da helt avgjørende at institusjonen er solid og veldrevet.
Settlement in central bank deposit money and access to an account with borrowing access for the CCP will increase settlement predictability.
Oppgjør i sentralbankpenger og tilgang til konto med låneadgang for den sentrale motparten vil bidra til økt forutsigbarhet i gjennomføringen av oppgjørene.
This strengthens financial stability.
Det styrker finansiell stabilitet.
Pursuant to § 22 of the Act on Norges Bank and the Monetary System etc., in special circumstances Norges Bank may extend loans to and accept deposits from entities other than banks in the financial sector.
I henhold til sentralbankloven § 22 kan Norges Bank i særlige tilfeller yte lån til og motta innskudd fra andre foretak i finansiell sektor enn banker.
CCPs that offer clearing and settlement services in Norwegian kroner may, on the basis of a specific assessment by Norges Bank, open an account in the central bank.
Sentrale motparter med oppgjørsvirksomhet i norske kroner kan etter en konkret vurdering fra Norges Bank åpne konto i sentralbanken.
CCPs with such an account may be given access to intraday loans against approved collateral and to deposits through the day.
Sentrale motparter med slik konto kan få adgang til intradag lån mot godkjent sikkerhet og til innskudd gjennom dagen.
Positions in such accounts shall be closed daily within the opening hours for Norges Bank's settlement system.
Posisjoner på slike konti skal lukkes daglig innen åpningstiden til Norges Banks oppgjørssystem.
Norges Bank will sell foreign exchange equivalent to NOK 700 million per day in connection with the transfers to the Government Pension Fund Global (GPFG) in July 2015.
Noregs Bank vil selje valuta tilsvarande 700 millionar kroner kvar dag i samband med avsettinga til Statens pensjonsfond utland (SPU) i juli 2015.
For further information, see Foreign exchange for the Government Pension Fund Global
For meir informasjon, sjå Valuta til Statens pensjonsfond utland.
Short-term capital movements between UK and Norway are also important.
Short-term capital movements between UK and Norway are also important.
Against this background, I would like to share with you information about the Norwegian economy.
Against this background, I would like to share with you information about the Norwegian economy.
My focus will be on explaining distinctive aspects of the Norwegian economy, which is based largely on a limited number of commodities.
My focus will be on explaining distinctive aspects of the Norwegian economy, which is based largely on a limited number of commodities.
GDP per capita is slightly higher than in most other European countries.
GDP per capita is slightly higher than in most other European countries.
These revenues also allow Norway to operate with a substantial current account and government budget surplus.
These revenues also allow Norway to operate with a substantial current account and government budget surplus.
The petroleum sector employs only a small part of the total labour force, but brings in substantial revenues.
The petroleum sector employs only a small part of the total labour force, but brings in substantial revenues.
The importance of the petroleum sector
The importance of the petroleum sector
The level of future oil production is highly uncertain.
The level of future oil production is highly uncertain.
The Norwegian government runs a budget surplus including petroleum revenues.
The Norwegian government runs a budget surplus including petroleum revenues.
The columns show the budget surplus (or deficit), excluding petroleum revenues.
The columns show the budget surplus (or deficit), excluding petroleum revenues.
The line represents total net government surplus, which is transferred to the Government Petroleum Fund.
The line represents total net government surplus, which is transferred to the Government Petroleum Fund.
The surplus also includes yields on Fund investments.
The surplus also includes yields on Fund investments.
Oil prices and hence petroleum revenues fluctuate over time.
Oil prices and hence petroleum revenues fluctuate over time.
Focusing on the last 15 years, somewhat larger fluctuations have been observed since 1997.
Focusing on the last 15 years, somewhat larger fluctuations have been observed since 1997.
In 1998 the price of oil dropped temporarily below $10 per barrel.
In 1998 the price of oil dropped temporarily below $10 per barrel.
This year the price has increased substantially above the $15 to $17 a barrel price range that we consider a more "normal" level.
This year the price has increased substantially above the $15 to $17 a barrel price range that we consider a more "normal" level.
Fluctuating oil prices and economic stability: Dutch disease and the Government Petroleum Fund
Fluctuating oil prices and economic stability: Dutch disease and the Government Petroleum Fund
Oil revenues increase consumption possibilities.
Oil revenues increase consumption possibilities.
In general, income can either be used now, or saved by accumulating assets abroad, so as to redistribute the increased income and thus consumption between generations.
In general, income can either be used now, or saved by accumulating assets abroad, so as to redistribute the increased income and thus consumption between generations.
This will allow for increased consumption of both exposed and sheltered sector goods.
This will allow for increased consumption of both exposed and sheltered sector goods.
The extent of the reallocation will depend on how fast the revenues are used and how much is saved for future consumption.
The extent of the reallocation will depend on how fast the revenues are used and how much is saved for future consumption.
Suppose, as one extreme, that all income entering the government budget were used in that same period.
Suppose, as one extreme, that all income entering the government budget were used in that same period.
Norwegian economic policy is organised to counteract such instability.
Norwegian economic policy is organised to counteract such instability.
The share of government spending financed by oil revenues varies over the business cycle.
The share of government spending financed by oil revenues varies over the business cycle.
The Petroleum Fund serves many purposes.
The Petroleum Fund serves many purposes.
It is a means of storing wealth and redistributing income from oil extraction between generations, of buffering against changes in oil prices, and of facilitating demand management.
It is a means of storing wealth and redistributing income from oil extraction between generations, of buffering against changes in oil prices, and of facilitating demand management.
North Sea oil and gas reserves are part of Norway's economic wealth.
North Sea oil and gas reserves are part of Norway's economic wealth.
This corresponds to around 1 per cent of Norway's annual GDP.
This corresponds to around 1 per cent of Norway's annual GDP.
By comparison, annual trend growth in the mainland economy is slightly over 2 per cent.
By comparison, annual trend growth in the mainland economy is slightly over 2 per cent.
At the same time some of the wealth is saved abroad to redistribute income between generations.
At the same time some of the wealth is saved abroad to redistribute income between generations.
Stability of the Norwegian krone
Stability of the Norwegian krone
Let us turn to the stability of the krone.
Let us turn to the stability of the krone.
Is this the case, or has stabilisation policy been successful in Norway so far?
Is this the case, or has stabilisation policy been successful in Norway so far?
Looking at the data, we note that the krone exchange rate has been fairly stable over time.
Looking at the data, we note that the krone exchange rate has been fairly stable over time.
Since 1986 the authorities have focused on stability of the krone exchange rate.
Since 1986 the authorities have focused on stability of the krone exchange rate.
From 1986 to 1992 Norway had a fixed exchange rate system with a defined central rate with fluctuation margins.
From 1986 to 1992 Norway had a fixed exchange rate system with a defined central rate with fluctuation margins.
This system was abandoned in 1992 after extensive speculation against the krone during the period of unrest in European exchange markets.
This system was abandoned in 1992 after extensive speculation against the krone during the period of unrest in European exchange markets.
Following the decision to allow the krone to float on 10 December 1992, the guidelines for monetary policy were revised.
Following the decision to allow the krone to float on 10 December 1992, the guidelines for monetary policy were revised.
The krone depreciated slightly immediately after the crisis, but then remained stable without extensive use of Norges Bank's instruments.
The krone depreciated slightly immediately after the crisis, but then remained stable without extensive use of Norges Bank's instruments.
Since 1996, the exchange rate has fluctuated more widely.
Since 1996, the exchange rate has fluctuated more widely.
There may be several reasons for this.
There may be several reasons for this.
Wage inflation in 1997 and 1998 was higher than in other countries.
Wage inflation in 1997 and 1998 was higher than in other countries.
Turbulence in international financial markets has also had an important contagion effect on the krone.
Turbulence in international financial markets has also had an important contagion effect on the krone.
The crisis, first in Asia and later in Russia, led to considerable turbulence in international markets.
The crisis, first in Asia and later in Russia, led to considerable turbulence in international markets.
All in all, these factors contributed to creating depreciation expectations.
All in all, these factors contributed to creating depreciation expectations.
Monetary policy is aiming at exchange rate stability.
Monetary policy is aiming at exchange rate stability.
Norges Bank responded by increasing its key rates seven times through 1998, with a total of 4 ½ percentage points.
Norges Bank responded by increasing its key rates seven times through 1998, with a total of 4 ½ percentage points.
After the last interest rate increase, in August 1998, the interest rate on banks' deposits in Norges Bank was 8 per cent.
After the last interest rate increase, in August 1998, the interest rate on banks' deposits in Norges Bank was 8 per cent.
This would not be a credible monetary policy.
This would not be a credible monetary policy.
The last cut was on 22 September, when the interest rate was reduced to 5.5 per cent.
The last cut was on 22 September, when the interest rate was reduced to 5.5 per cent.
Moreover, the average inflation rate in the 1990's has been 2 ¼ per cent, indicating real exchange rate stability.
Moreover, the average inflation rate in the 1990's has been 2 ¼ per cent, indicating real exchange rate stability.
Norges Bank will therefore focus on factors determining long-term exchange rate stability.
Norges Bank will therefore focus on factors determining long-term exchange rate stability.
The mandate
The mandate
Let us turn to the mandate for monetary policy and how Norges Bank interprets its role and responsibilities.
Let us turn to the mandate for monetary policy and how Norges Bank interprets its role and responsibilities.
The political authorities formulate Norges Bank's mandate for the conduct of monetary policy.
The political authorities formulate Norges Bank's mandate for the conduct of monetary policy.
The mandate is laid down in the Exchange Rate Regulation, adopted by Royal Decree of 6 May 1994.
The mandate is laid down in the Exchange Rate Regulation, adopted by Royal Decree of 6 May 1994.
Section 2 of the Regulation states:
Section 2 of the Regulation states:
No fluctuation margins are established, nor is there an appurtenant obligation on Norges Bank to intervene in the foreign exchange market" (my italics).
No fluctuation margins are established, nor is there an appurtenant obligation on Norges Bank to intervene in the foreign exchange market" (my italics).
Instruments are to be oriented towards maintaining a stable krone exchange rate against European currencies.
Instruments are to be oriented towards maintaining a stable krone exchange rate against European currencies.
Norges Bank has chosen to define the term European currencies as the euro from 1 January 1999.
Norges Bank has chosen to define the term European currencies as the euro from 1 January 1999.
The Regulation does not stipulate a central rate with specific fluctuation margins.
The Regulation does not stipulate a central rate with specific fluctuation margins.
Norges Bank interprets the concept initial range as a broad indication of a central rate around which the krone can fluctuate.
Norges Bank interprets the concept initial range as a broad indication of a central rate around which the krone can fluctuate.
It is important to note that the concept significant changes is not quantified.
It is important to note that the concept significant changes is not quantified.
Significant must therefore be given an economic content.
Significant must therefore be given an economic content.
The expressions with a view to, over time, aimed at and based on also show that Norges Bank has considerable latitude for exercising discretion.
The expressions with a view to, over time, aimed at and based on also show that Norges Bank has considerable latitude for exercising discretion.
The instruments
The instruments
Interventions influence the supply of kroner in the exchange market.
Interventions influence the supply of kroner in the exchange market.
Monetary policy may thus influence price and cost inflation through both these channels.
Monetary policy may thus influence price and cost inflation through both these channels.
In Norges Bank's experience, extensive exchange-market interventions have yielded poor results.
In Norges Bank's experience, extensive exchange-market interventions have yielded poor results.
It is then tempting to take positions in the foreign exchange market against the central bank.
It is then tempting to take positions in the foreign exchange market against the central bank.
Norges Bank does not intend to behave in a way that will prompt such game situations.
Norges Bank does not intend to behave in a way that will prompt such game situations.
The effect on interest rates on financial instruments with longer maturities is not as direct.
The effect on interest rates on financial instruments with longer maturities is not as direct.
A higher interest rate will, therefore, normally result in an appreciation.
A higher interest rate will, therefore, normally result in an appreciation.
Exercising discretion in monetary policy
Exercising discretion in monetary policy
More specifically, stability of the exchange rate requires that:
More specifically, stability of the exchange rate requires that:
Let me explain in more detail.
Let me explain in more detail.
In this situation Norges Bank should carefully evaluate the reasons for exchange rate movements.
In this situation Norges Bank should carefully evaluate the reasons for exchange rate movements.
We note, however, that the present exchange rate level has more or less prevailed for more than ten years.
We note, however, that the present exchange rate level has more or less prevailed for more than ten years.
On the basis of its analyses, Norges Bank does not find grounds for regarding this level as inappropriate.
On the basis of its analyses, Norges Bank does not find grounds for regarding this level as inappropriate.
How does the Norwegian regime differ from inflation targeting?
How does the Norwegian regime differ from inflation targeting?
Norway has a long tradition of co-operation between the political authorities and social partners.
Norway has a long tradition of co-operation between the political authorities and social partners.
In Norway fiscal policy has an important role in demand management.
In Norway fiscal policy has an important role in demand management.
The active role it has played in demand management has functioned as an anchor for fiscal discipline.
The active role it has played in demand management has functioned as an anchor for fiscal discipline.
In other countries this role must be filled by the exchange rate.
In other countries this role must be filled by the exchange rate.
The institutional set-up for monetary policy in Norway is different.
The institutional set-up for monetary policy in Norway is different.
This is consistent with our concern that the economy may run into a Dutch disease.
This is consistent with our concern that the economy may run into a Dutch disease.
Economic developments
Economic developments
For 1999 Norges Bank expects a growth rate of ½ per cent.
For 1999 Norges Bank expects a growth rate of ½ per cent.
Growth is anticipated to be low also next year and approach trend growth in 2001.
Growth is anticipated to be low also next year and approach trend growth in 2001.
Chart 14 shows the key technical assumptions underlying Norges Bank's projections.
Chart 14 shows the key technical assumptions underlying Norges Bank's projections.
Norges Bank has changed its procedures this year.
Norges Bank has changed its procedures this year.
Each month the Executive Board of the Bank discusses monetary policy.
Each month the Executive Board of the Bank discusses monetary policy.
The dates for the monthly meetings are announced ahead of time.
The dates for the monthly meetings are announced ahead of time.
After each meeting there is a press release at 2 pm and a press conference at 4 p.m.
After each meeting there is a press release at 2 pm and a press conference at 4 p.m.
Additional information from Norges Bank in English, such as articles and speeches, is available on Norges Bank's web site www.norges-bank.no.
Additional information from Norges Bank in English, such as articles and speeches, is available on Norges Bank's web site www.norges-bank.no.
Conclusions
Conclusions
Series: Survey of Bank Lending Number: 2/2015
Serie: Utlånsundersøkelse Nummer: 2/2015
Results of the survey (PDF 107.6 Kb)
Resultater fra undersøkelsen (PDF 81,0 Kb)
Demand for fixed-rate loans continued to increase.
Etterspørselen etter fastrentelån fortsatte å øke.
Corporate credit demand was approximately unchanged in Q2.
Etterspørselen etter kreditt fra foretak var omlag uendret i 2. kvartal.
Banks report lower margins on lending to both households and enterprises in Q2.
Bankene melder om lavere utlånsmarginer på lån til både husholdninger og foretak i 2. kvartal.
Banks expect margins on lending to households to fall further in Q3.
Bankene venter at utlånsmarginene på lån til husholdningene vil falle videre i 3. kvartal.
Norges Bank will sell foreign exchange equivalent to NOK 700 million per day in connection with the transfers to the Government Pension Fund Global (GPFG) in August 2015.
Noregs Bank vil selje valuta tilsvarande 700 millionar kroner kvar dag i samband med avsettinga til Statens pensjonsfond utland (SPU) i august 2015.
Economic commentaries 4/2015 (PDF 187.8 Kb)
Aktuell kommentar 4/2015 (PDF 213,0 Kb)
Economic developments in Norway between 2000 and 2014 were marked by the steep rise in oil prices in the same period.
Den økonomiske utviklingen i Norge i årene fra 2000 til 2014 var preget av den kraftige oppgangen i oljeprisen i samme periode.