natgillin/translations-raw huggingface dataset:
Immune system
Immunforsvaret
The situation in Europe illustrates how difficult it can be to curb a crisis once it has arisen.
Situasjonen i Europa illustrerer hvor vanskelig det kan være å krympe kriser når de først har oppstått.
It might therefore be wise to give priority to crisis prevention.
Derfor kan det være klokt å prioritere tiltak som kan forebygge dem.
A healthy economic system is less vulnerable.
Et sunt økonomisk system er mindre utsatt.
Crises can be curbed – or even avoided – by boosting the resilience of the economy.
Kriser kan krympes – eller til og med unngås – ved å øke økonomiens motstandskraft.
Rather than treating the disease after it has taken hold, much can be accomplished by strengthening the economy's immune system.
Snarere enn å kurere sykdommen når den oppstår, kan mye utrettes ved å styrke immunforsvaret.
The financial crisis revealed deficiencies and system failures worldwide.
Finanskrisen avslørte mangler og systemsvikt verden rundt.
Many governments and households had taken on too much debt.
Mange stater og husholdninger hadde for mye gjeld.
US investment banks such as Lehman Brothers operated a high-risk business model with low levels of equity.
Amerikanske investeringsbanker som Lehman Brothers opererte med høy risiko og lav egenkapital.
European banks were too dependent on short-term funding in international markets.
Europeiske banker var for avhengige av kortsiktig finansiering i internasjonale markeder.
In a period of growth, it is easy for banks to obtain funding.
I oppgangstider er det lett for banker å finansiere seg.
But the system is fundamentally unstable.
Men systemet er grunnleggende ustabilt.
Without adequate capital requirements in the banking system, credit growth can spiral out of control.
Uten tilstrekkelige krav til egenkapital i banksystemet kan kredittveksten løpe løpsk.
Hayek gave lectures on this topic at the London School of Economics in the early 1930s. [4]
Dette holdt Hayek foredrag om på London School of Economics tidlig i 1930-årene.[4]
The LSE is still home to many economists who argue against the risks of debt-financed growth. [5]
Fortsatt er denne skolen et arnested for dem som advarer sterkest mot farene ved lånefinansiert vekst.[5]
Solid banks are built in good times.
Solide banker bygges i gode tider.
Solid banks bolster the resilience of the economy and make crises easier to manage.
Det gjør økonomien mindre sårbar, og kriser blir lettere å håndtere.
Since the financial crisis, the G20 countries have implemented substantial changes in the global regulatory framework for banks.
Etter finanskrisen har G20-landene fått til vesentlige endringer i det globale regelverket for banker.
Under new rules, investors are required to take losses if large global banks encounter difficulties. [6]
Nye regler åpner for at gjeldsinvestorer må ta tap hvis store, globale banker kommer i vanskeligheter. [6]
A system for joint supervision and resolution of systemically important banks was put into operation by the euro area countries in 2014 and 2015. [7]
Eurolandene satte i 2014 og 2015 i gang et system for felles tilsyn og krisehåndtering av systemviktige banker. [7]
This is great progress.
Dette er store fremskritt.
A credible global system for crisis management and bank regulation will in itself contribute to crisis prevention.
Et troverdig globalt system for krisehåndtering og bankregulering vil i seg selv bidra til å forebygge kriser.
Bank's capital requirements have increased, in Norway as elsewhere.
Også i Norge har kravene til bankenes egenkapital økt.
This is a good thing.
Det er bra.
We are going to need solid banks.
Vi kommer til å trenge solide banker.
Reforms and economic restructuring
Reformer og omstillinger
The Norwegian economy is not in a crisis, but we are facing a period of restructuring.
Norsk økonomi er ikke i krise, men vi står overfor omstillinger.
We have been in a similar situation before – when oil prices fell in 1986.
Vi har vært i en lignende situasjon før – etter oljeprisfallet i 1986.
The crisis that ensued eventually also led to positive changes.
Krisen som fulgte, ble etter hvert utnyttet til noe positivt.
In the wake of the crisis, the authorities implemented reforms through the first half of the 1990s that laid the basis for renewed economic growth.
I kjølvannet av bankkrisen gjennomførte myndighetene gjennom første halvdel av 1990-tallet reformer som la grunnlag for ny verdiskaping og vekst.
The Act establishing the Government Petroleum Fund was adopted in 1990.
I 1990 kom loven om Statens Petroleumsfond.
Banks were instructed to increase efficiency.
Bankene fikk beskjed om å effektivisere.
The 1992 tax reform streamlined the tax system and tax rates were substantially reduced.
Skattereformen i 1992 ryddet opp i en rekke særordninger, og skattesatsene ble redusert vesentlig.
It became easier for investors to find projects that yielded high returns.
Det ble lettere for investorer å finne prosjekter som ga høy avkastning.
State-ownership policy in Norway was changed to introduce a clearer division of roles and healthier commercial principles.
Håndteringen av det statlige eierskapet i norsk næringsliv ble endret – med en klarere rolledeling og sunnere forretningsprinsipper.
And not least, the EEA Agreement provided access to the European Single Market for most of the Norwegian business sector.
Og ikke minst sørget EØS-avtalen for at store deler av norsk næringsliv fikk tilgang til EUs indre marked.
When oil prices fell again in 2014, Norway was better prepared.
Da oljeprisen falt igjen i 2014, sto vi bedre rustet.
Reasonable measures in a period of restructuring are those that promote economic growth over time, without crowding out private enterprise.
Fornuftige tiltak i en omstillingstid er de som bidrar til økt verdiskaping og vekst over tid, og som ikke fortrenger privat virksomhet.
Monetary policy can facilitate restructuring.
Pengepolitikken kan bidra til å lette omstillingene.
And it is able to do so because there is confidence that inflation will remain low and stable.
Vi kan gjøre det fordi det er tillit til at inflasjonen vil holde seg lav og stabil.
With low and stable inflation, a weaker krone and higher import prices will not pass through to wage growth and inflation, as was the case after the fall in oil prices in 1986.
Da smitter ikke svakere krone og økte importpriser over i høyere lønnsvekst og inflasjon, slik vi så etter oljeprisfallet i 1986.
On the contrary, the depreciation of the krone over the past couple of years has compensated for more than a decade of high cost inflation.
Tvert i mot, svekkelsen av kronen de siste par årene veier opp for mer enn et tiår med høy kostnadsvekst.
This has improved the competitiveness of Norwegian firms - in foreign and domestic markets.
Det gjør det lettere for næringslivet å konkurrere – ute og hjemme.
In addition, lower interest expenses are easing the burden for many households and firms.
I tillegg bidrar lavere renteutgifter til å lette byrden for mange husholdninger og foretak.
In contrast to most European countries, Norway also has room for manoeuvre on the fiscal front, if necessary.
I motsetning til det meste av Europa, har Norge også handlefrihet i finanspolitikken, hvis det skulle bli nødvendig.
But – as in the rest of Europe – the authorities cannot solve the deeper challenge, namely the need to establish new private sector activity.
Men myndighetene kan – som i Europa for øvrig – ikke løse den dypere utfordringen, nemlig behovet for ny virksomhet i privat sektor.
This is a task for the business sector.
Det er næringslivets oppgave.
What the authorities can do is to establish framework conditions that promote innovation and growth.
Det myndighetene kan gjøre, er å legge forholdene best mulig til rette for nyskaping og vekst.
Hayek and Keynes
Hayek og Keynes
Keynes and Hayek did not come to agreement on how a crisis should be managed.
Keynes og Hayek ble ikke enige om hvordan kriser skal håndteres.
Their debate is still relevant today.
Debatten er fremdeles aktuell.
Keynes advocated the use of public spending to curb crises.
Keynes var opptatt av å dempe kriser med offentlig pengebruk.
Hayek warned against such a policy: the misjudged application of government measures could easily lead to deeper crises and credit bubbles.
Hayek advarte mot en slik politikk.
Both were right.
Begge hadde rett.
Crises can and should be curbed, using measures to strengthen the economy's immune system as well as measures that reduce the impact once the crisis has erupted.
Kriser kan og bør krympes, både gjennom tiltak som styrker økonomiens immunforsvar, og gjennom tiltak som kan dempe utslagene når krisen først har inntruffet.
This means that government intervention using public funds may be the right approach in a situation of decline and deflation, low interest rates, high unemployment and pessimism.
Det betyr at det kan være riktig å gripe inn med offentlige midler i en situasjon med nedgang og deflasjon, lave renter, høy arbeidsløshet og pessimisme.
But crisis-related measures must also be focused on the deeper causes of the crisis in order to strengthen economic sustainability over time.
Men, krisetiltak må også rettes mot krisens dypere årsaker og styrke økonomiens bærekraft over tid.
Countercyclical policy must not become counterstructural policy.
Motkonjunkturpolitikk må ikke bli motstrukturpolitikk.
Crises are not necessarily just an evil.
Kriser er ikke nødvendigvis bare et onde.
The regulation of the banking sector in the wake of the global financial crisis is another example.
Reguleringen av banker etter den globale finanskrisen er et annet eksempel.
Experiences such as these may give us some comfort in the bleakest of times.
Slike erfaringer gir håp når det ser aller mørkest ut.
The world will go on, even after a deep crisis.
Verden går videre, også etter dype kriser.
Chap.
Kap.
8 and 9 in Lie, Einar and Christian Venneslan (2010), Over Evne: Finansdepartementet 1965 – 1992, Pax, Oslo (Norwegian only).
8 og 9 i Lie, Einar og Christian Venneslan (2010), Over Evne Finansdepartementet 1965 – 1992, Oslo Pax
The expression "counterstructural policy" was used by Hermod Skånland in autumn 1977 when he wrote "The countercyclical policy conducted in Norway has to some extent also become a counterstructural policy".
Hermod Skånland brukte uttrykket motstrukturpolitikk høsten 1977 da han skrev: «Den motkonjunkturpolitikk Norge har ført har i noen grad også blitt en motstrukturpolitikk.»
Data from CEIC Data Company, which uses China Iron and Steel Association (CISA) as its source.
Data fra CEIC Data Company, som bruker China Iron and Steel Association (CISA) som kilde.
According to CEIC, debt-to-equity ratios at these companies are around 70 percent, up from 50 percent in 2001.
Ifølge CEIC er belåningsgraden (passiva/aktiva) i disse selskapene rundt 70 prosent, opp fra 50 prosent i 2001.
Another well-known researcher in these areas at the LSE is former Governor of the Bank of England Mervyn King.
Et annet kjent navn fra LSE innenfor disse feltene er Mervyn King, tidligere sjef for Bank of England.
See Financial Stability Board (FSB) (2011), "Key Attributes of Effective Resolution Regimes for Financial Institutions" and FSB (2015) "Principles on Loss-absorbing and Recapitalisation Capacity of G-SIBs in Resolution".
Se Financial Stability Board (FSB) (2011) «Key Attibutes of Effective Resolution Regimes for Financial Institutions» og FSB (2015) «Principles on Loss-abosrbing and Recapitalisation Capacity of G-SIBs in Resolution»
The first pillar of the European Banking Union, the Single Supervisory Mechanism (SSM), with the ECB as supervisory authority for the 130 largest banks in the euro area, started in November 2014.
Den første delen av bankunionen mellom eurolandene – en felles tilsynsmekanisme, Single Supervisory Mechanism (SSM) med ECB som tilsynsmyndighet for de 130 største bankene i eurosonen – startet i november 2014.
"If the citizens of a town wish to build a swimming-bath or a library, or a museum, they will not, by refraining from doing this, promote a wider national interest.
«If the citizens of a town wish to build a swimming-bath or a library, or a museum, they will not, by refraining from doing this, promote a wider national interest.
Through their misdirected good will the mounting wave of unemployment will be lifted still higher."
Through their misdirected good will the mounting wave of unemployment will be lifted still higher.»
"... many of the troubles of the world at the present time are due to imprudent borrowing and spending on the part of the public authorities.
«... many of the troubles of the world at the present time are due to imprudent borrowing and spending on the part of the public authorities.
[...] the existence of public debt [on a large scale] imposes frictions and obstacles to readjustment [...]
[...] the existence of public debt [on a large scale] imposes frictions and obstacles to readjustment [...]
If the Government wish to help revival, the right way for them to proceed is, not to revert to their old habits of lavish expenditure ...
If the Government wish to help revival, the right way for them to proceed is, not to revert to their old habits of lavish expenditure ...
" ".... the right way [...] to proceed is [...] to abolish those restrictions on trade and the free movement of capital which are at the present impeding even the beginning of recovery."
» «.... the right way [...] to proceed is [...] to abolish those restrictions on trade and the free movement of capital which are at the present impeding even the beginning of recovery.»
".... the [released] real resources do not find a new home waiting for them.
« .... the [released] real resources do not find a new home waiting for them.
In present conditions their entry into investment is blocked by lack of confidence."
In present conditions their entry into investment is blocked by lack of confidence.»
" ..... the existence of public debt [on a large scale] imposes frictions and obstacles to readjustment very much greater than [the frictions and obstacles imposed by] the existence of private debt."
« ..... the existence of public debt [on a large scale] imposes frictions and obstacles to readjustment very much greater than [the frictions and obstacles imposed by] the existence of private debt.»
Series: Survey of Bank Lending Number: 1/2016
Serie: Utlånsundersøkelse Nummer: 1/2016
Results of the survey (PDF 247.1 Kb)
Resultater fra undersøkelsen (PDF 222,2 Kb)
Banks report that credit demand from households and non-financial enterprises was slightly lower in 2016 Q1.
Bankene rapporterer om litt lavere etterspørsel etter kreditt fra husholdninger og ikke-finansielle foretak i 1. kvartal.
Credit standards are approximately unchanged.
Kredittpraksisen er om lag uendret.
The exclusions follow a first round of analysis by Norges Bank Investment Management.
Utelukkelsene er gjennomført etter første analyserunde av Norges Bank Investment Management.
Norges Bank’s Executive Board made the exclusion decision based on recommendations from Norges Bank Investment Management.
Beslutning om utelukkelse ble tatt av hovedstyret på bakgrunn av tilrådninger fra Norges Bank Investment Management.
The Executive Board has found that the recommendations satisfies the exclusion criteria and that the companies can be excluded from the fund (see § 3, subsection f, of the Guidelines for observation and exclusion from the Government Pension Fund Global).
Hovedstyret finner at tilrådingene tilstrekkelig har godtgjort at selskapene kan utelukkes fra fondet, jf Retningslinjer for observasjon og utelukkelse fra Statens pensjonsfond utland § 3 tredje ledd.
Read the grounds for decision on product based coal exclusion at nbim.no
Les beslutningsgrunnlaget på nbim.no
Aboitiz Power Corp
Aboitiz Power Corp
AES Corp/VA
AES Corp/VA
AES Gener SA
AES Gener SA
ALLETE Inc
ALLETE Inc
Ameren Corp, including bonds issued by
Ameren Corp, inkludert obligasjoner utstedt av
Union Electric Co (d/b/a Ameren Missouri)
Union Electric Co (d/b/a Ameren Missouri)
American Electric Power Co Inc, including bonds issued by
American Electric Power Co Inc, inkludert obligasjoner utstedt av
Appalachian Power Co
Appalachian Power Co
Indiana Michigan Power Co
Indiana Michigan Power Co
Capital Power Corp
Capital Power Corp
CESC Ltd
CESC Ltd
China Coal Energy Co Ltd
China Coal Energy Co Ltd
China Power International Development Ltd
China Power International Development Ltd
China Resources Power Holdings Co Ltd
China Resources Power Holdings Co Ltd
China Shenhua Energy Co Ltd
China Shenhua Energy Co Ltd
CLP Holdings Ltd
CLP Holdings Ltd
Coal India Ltd
Coal India Ltd
CONSOL Energy Inc
CONSOL Energy Inc
Datang International Power Generation Co Ltd
Datang International Power Generation Co Ltd
Drax Group PLC
Drax Group PLC
DTE Energy Co
DTE Energy Co
Dynegy Inc
Dynegy Inc
E.CL SA
E.CL SA
Exxaro Resources Ltd
Exxaro Resources Ltd
FirstEnergy Corp
FirstEnergy Corp
Gujarat Mineral Development Corp Ltd
Gujarat Mineral Development Corp Ltd
Hokkaido Electric Power Co Inc
Hokkaido Electric Power Co Inc
Huadian Power International Corp Ltd
Huadian Power International Corp Ltd
Huaneng Power International Inc
Huaneng Power International Inc
IDACORP Inc
IDACORP Inc
Lubelski Wegiel Bogdanka SA
Lubelski Wegiel Bogdanka SA
MGE Energy Inc
MGE Energy Inc
New Hope Corp Ltd
New Hope Corp Ltd
NTPC Ltd
NTPC Ltd
Okinawa Electric Power Co Inc/The
Okinawa Electric Power Co Inc/The
Peabody Energy Corp
Peabody Energy Corp
PNM Resources Inc, including bonds issued by
PNM Resources Inc, inkludert obligasjoner utstedt av
Public Service Co of New Mexico
Public Service Co of New Mexico
Public Power Corp SA
Public Power Corp SA
Reliance Infrastructure Ltd
Reliance Infrastructure Ltd
Reliance Power Ltd
Reliance Power Ltd
Shikoku Electric Power Co Inc
Shikoku Electric Power Co Inc
Tata Power Co Ltd
Tata Power Co Ltd
TransAlta Corp
TransAlta Corp
WEC Energy Group Inc, including bonds issued by
WEC Energy Group Inc, inkludert obligasjoner utstedt av
Wisconsin Electric Power Co
Wisconsin Electric Power Co
Whitehaven Coal Ltd
Whitehaven Coal Ltd
Xcel Energy Inc, including bonds issued by
Xcel Energy Inc, inkludert obligasjoner utstedt av
Northern States Power Co MN
Northern States Power Co MN
Public Service Co of Colorado
Public Service Co of Colorado
Southwestern Public Service Co
Southwestern Public Service Co
Yanzhou Coal Mining Co Ltd
Yanzhou Coal Mining Co Ltd
Marthe Skaar Manager, Communications and External Relations Phone: +47 2407 3561/ +47 926 17 663
Marthe Skaar Manager, Kommunikasjon og eksterne relasjoner Tel: +47 2407 3561/ +47 926 17 663
Governor Øystein Olsen addresses the Norwegian Polytechnic Society 20 April 2016.
Sentralbanksjef Øystein Olsen holder foredrag for Polyteknisk forening, 20 april 2016.
Only the charts accompanying the speech is published on our website.
Kun figurer til foredraget blir publisert.
Equity investments returned -2.9 percent, while fixed-income investments returned 3.3 percent.
Aksjeinvesteringene ga en avkastning på -2,9 prosent, mens avkastningen på renteinvesteringene var 3,3 prosent.
The return on these investments was 0.2 percentage point lower than the return on the benchmark indices.
I første kvartal var den samlede avkastningen på aksje- og renteinvesteringene 0,2 prosentpoeng lavere enn referanseindeksenes avkastning.
Investments in real estate returned -1.3 percent.
Investeringer i eiendom fikk en avkastning på -1,3 prosent.
Positive returns for the fund's fixed-income investments contributed to halting the negative trend in the first quarter.
En positiv avkastning for fondets renteinvesteringer bidro til å begrense nedgangen i første kvartal.
– Falling interest rates resulted in price gains on the fund's fixed-income investments.
– Fallende rentenivåer ga en kursgevinst på obligasjonsinvesteringene.
However, lower interest rates have negative long-term implications for future returns on the fixed-income portfolio, says Grande.
Dette er imidlertid negativt for de langsiktige utsiktene og fremtidig avkastning på renteinvesteringene, sier Grande.
The government withdrew money from the fund for the first time.
For første gang ble penger tatt ut av fondet.
The withdrawals amounted to 25 billion kroner in the first quarter.
Uttaket var på 25 milliarder kroner i første kvartal.
The krone appreciated against the main currencies during the quarter.
Kronekursen styrket seg mot hovedvalutaene i løpet av kvartalet.
This decreased the value of the fund by 286 billion kroner.
Dette bidro til å svekke fondets verdi med 286 milliarder kroner.
The fund had a market value of 7,079 billion kroner on 31 March 2016, of which 59.8 percent was invested in equities, 37.0 percent in fixed income and 3.1 percent in real estate.
Fondet utgjorde totalt 7 079 milliarder kroner per 31. mars, hvorav 59,8 prosent var investert i aksjer, 37,0 prosent i rentepapirer og 3,1 prosent i eiendom.
Thomas Sevang, Head of Communications and External Relations Tel: +47 926 01 756/+47 24 07 35 61
Thomas Sevang, Kommunikasjonssjef Tlf: +47 926 01 756/+47 24 07 35 61
Marthe Skaar, Manager – Communications and External Relations Tel: +47 926 17 663/+47 24 07 35 61
Marthe Skaar, Manager - Kommunikasjon Tlf: +47 926 17 663/+47 24 07 35 61
E-mail: press@nbim.no
Epost: press@nbim.no
Norges Bank Real Estate Management has today published a report on investments in unlisted real estate in 2015.
Norges Bank Real Estate Management har i dag publisert en rapport om investeringene i unotert eiendom per utgangen av 2015.
This is the fund's first report on its unlisted real estate investments.
Det er fondets første rapport om de unoterte eiendomsinvesteringene.
"Openness about our activities is important, and less information is publicly available in the unlisted market," says Karsten Kallevig, CEO of Norges Bank Real Estate Management.
– Åpenhet om forvaltningen er viktig, og i det unoterte markedet er det mindre informasjon tilgjengelig for allmennheten.
The report contains return data published previously, but provides a more detailed breakdown.
Rapporten inneholder tidligere publiserte avkastningstall, men gir også en mer detaljert nedbryting.
Investments in unlisted real estate had a market value of 180 billion kroner and amounted to 2.4 percent of the fund at the end of 2015.
Investeringene i unotert eiendom utgjorde 2,4 prosent av fondet ved utgangen av 2015, og investeringene hadde en markedsverdi på 180 milliarder kroner.
Report on real estate investments (nbim.no)
Rapport om eiendomsinvesteringene (nbim.no)
Line Aaltvedt, Communications Advisor Tel: +47 2407 3559 Mobile: +47 948 54 656
Line Aaltvedt, kommunikasjonsrådgiver Tel: +47 2407 3559/ +47 948 54 656
Norges Bank will sell foreign exchange on behalf of the government equivalent to NOK 900 million per day in May 2016.
Noregs Bank vil selje valuta på vegne av staten tilsvarande 900 millionar kroner kvar dag i mai 2016.
Introductory statement by Governor Øystein Olsen before the Standing Committee on Finance and Economic Affairs of the Storting.
Sentralbanksjef Øystein Olsen.
I would like to thank the Committee for the invitation to speak on the management of the Government Pension Fund Global (GPFG).
Takk for invitasjonen til å snakke om forvaltningen av Statens pensjonsfond utland.
The GPFG's management framework ensures a clear division of roles between owner and manager.
Rammeverket for forvaltningen av fondet sikrer en klar ansvars- og rolledeling mellom eier og forvalter.
Key constraints and the GPFG's overriding strategy are determined by the Ministry of Finance and endorsed by the Storting (Norwegian parliament).
Sentrale rammer og veivalg forankres i Stortinget og fastsettes av Finansdepartementet.
Norges Bank's role is to manage the GPFG and provide advice on the investment strategy.
Norges Banks rolle er å forvalte fondet og gi råd om videreutvikling av strategien.
The objective of Norges Bank's investment management is stated in the mandate issued by the Ministry of Finance: the Bank shall seek to achieve the highest possible return on the fund within the established management framework.
Mandatet fra Finansdepartementet angir målsettingen for Norges Banks forvaltning: Banken skal søke å oppnå høyest mulig avkastning på kapitalen innenfor nærmere angitte rammer.