natgillin/translations-raw huggingface dataset:
From the outset we established close relationships to one legal advisor and one investment advisor; both companies of high international standing.
From the outset we established close relationships to one legal advisor and one investment advisor; both companies of high international standing.
We had specified all our legal requirements in a standard contract drawn up in cooperation with our external legal advisor, and had our conditions accepted in essence by all the managers.
We had specified all our legal requirements in a standard contract drawn up in cooperation with our external legal advisor, and had our conditions accepted in essence by all the managers.
The process lasted through the autumn, and the four contracts were only signed in December.
The process lasted through the autumn, and the four contracts were only signed in December.
There are several reasons for initially choosing an index equity portfolio.
There are several reasons for initially choosing an index equity portfolio.
Indexing carries substantially lower fees and normally also lower transaction costs than active management.
Indexing carries substantially lower fees and normally also lower transaction costs than active management.
On 2 February we announced active equity management mandates, with 27 February as the deadline for applications.
On 2 February we announced active equity management mandates, with 27 February as the deadline for applications.
As before, the invitation was made available on the internet.
As before, the invitation was made available on the internet.
We also believe there is a wider choice of good quality managers for regional mandates.
We also believe there is a wider choice of good quality managers for regional mandates.
There are three reasons for this: First, we would like to see what offers we get.
There are three reasons for this: First, we would like to see what offers we get.
Second, we are not sure how much of our internal control organisation will be in place by midsummer.
Second, we are not sure how much of our internal control organisation will be in place by midsummer.
We have received some 260 applications from about 140 active managers.
We have received some 260 applications from about 140 active managers.
After a second sorting a number of managers will receive visits or be invited to Oslo.
After a second sorting a number of managers will receive visits or be invited to Oslo.
We shall therefore give active management a try for at least a few years.
We shall therefore give active management a try for at least a few years.
That would imply paying active management fees for what turn out to be passive positions.
That would imply paying active management fees for what turn out to be passive positions.
Norges Bank has no previous experience of equity management.
Norges Bank has no previous experience of equity management.
At any rate, we do not see 100 per cent external equity management as desirable.
At any rate, we do not see 100 per cent external equity management as desirable.
The entire fixed income portfolio is now managed in-house.
The entire fixed income portfolio is now managed in-house.
Norges Bank has long experience in this field, from investing the central bank's foreign reserves.
Norges Bank has long experience in this field, from investing the central bank's foreign reserves.
That investment has mostly been passive, with some relative value trading.
That investment has mostly been passive, with some relative value trading.
A few fixed income mandates may be announced already this spring.
A few fixed income mandates may be announced already this spring.
Losing their confidence might be very detrimental to the Fund, whatever the reason for such an eventuality.
Losing their confidence might be very detrimental to the Fund, whatever the reason for such an eventuality.
Under the current system for managing banks' reserves, interest is paid at the key policy rate on a certain portion of the reserves – a quota.
I systemet for styringen av bankenes sentralbankreserver får bankene forrentet kun en viss mengde innskudd i sentralbanken – en kvote – til styringsrenten.
Deposits in excess of the quota are remunerated at a lower rate – the reserve rate.
Innskudd utover kvoten forrentes til en lavere rente, reserverenten.
Norges Bank will normally assess the total quota and its distribution among banks twice a year.
Norges Bank vil normalt vurdere totalkvoten og fordelingen mellom bankene to ganger i året.
The following applies as from 1 April 2015:
Fra og med 1. april 2015 gjelder følgende:
Norges Bank will seek to maintain reserves in the banking system at an average NOK 35 billion with a symmetrical interval of ±5 billion around this level.
Norges Bank sikter mot å holde reservene i banksystemet i gjennomsnitt på 35 milliarder kroner med et symmetrisk intervall på ±5 milliarder rundt dette nivået.
Division of banks into groups (as of March 2015)
Inndeling av banker i grupper (per mars 2015)
Group 3: All B-banks in NBO* (109 banks)
Gruppe 3: Alle B-bankene i NBO* (109 banker)
The quotas that apply as from 1 April 2015 are set on the basis of banks' total assets as at 31 December 2014.
Kvotene som gjelder fra 1. april 2015, er beregnet på grunnlag av bankenes forvaltningskapital per 31. desember 2014.
Banks' quotas to be applied as from 1 April 2015.
Bankenes kvoter som gjelder fra 1. april 2015.
3 135 772 185
3 135 772 185
67.8 %
67.8 %
30 504 552
30 504 552
861 361 199
861 361 199
18.6 %
18.6 %
8 379 256
8 379 256
628 725 342
628 725 342
13.6 %
13.6 %
6 116 192
6 116 192
4 625 858 726
4 625 858 726
Regional Network 1/2015 (PDF 150.0 Kb)
Regionalt nettverk 1/2015 (PDF 184,6 Kb)
Interviews were conducted in the period 13 January - 16 February 2015.
Intervjuene er gjennomført i perioden 13. januar - 16. februar 2015.
Press release 6 March 2015
Pressemelding 6. mars 2015
Norges Bank's regional network contacts reported slightly lower output growth over the past 3 months.
Kontaktene i Norges Banks regionale nettverk meldte om litt lavere produksjonsvekst de siste 3 månedene.
Contacts expected growth to slow further in the period ahead.
Fremover ventet kontaktene ytterligere nedgang i veksten.
Output growth slowed slightly, approximately as contacts expected in the previous survey.
Produksjonsveksten avtok litt, om lag som kontaktene så for seg i forrige runde.
Many contacts referred to weaker demand from the petroleum sector.
Mange kontakter viste til svakere etterspørsel fra petroleumsnæringen.
Enterprises also referred to a falling level of activity in private construction projects.
Bedriftene viste også til fallende aktivitetsnivå innen private byggeprosjekter.
At the same time, public sector investment has continued to boost activity.
Samtidig har offentlige investeringer fortsatt bidratt til økt aktivitet.
Enterprises report that the depreciation of the krone has strengthened competitiveness, and some reported that this has resulted in higher output.
Bedriftene rapporterte at kronesvekkelsen har styrket konkurranseevnen, og flere oppga at dette har gitt økt produksjon.
Contacts expected slower growth over the next six months, and prospects were weaker than in October.
Kontaktene så for seg avtakende vekst de neste 6 månedene, og utsiktene var svakere enn i oktober.
Lower oil prices have dampened expectations, particularly in the oil service sector, export industry and commercial services.
Lavere oljepris har bidratt til å dempe forventningene, særlig i oljeleverandørnæringen, eksportindustrien og næringsrettet tjenesteyting.
Enterprises also expected slightly lower growth in household demand.
Bedriftene ventet også litt lavere vekst i etterspørselen fra husholdningene.
Overall, enterprises reported little change in capacity utilisation.
Kapasitetsutnyttingen i bedriftene var samlet lite endret.
Labour supply was still ample.
Bedriftene rapporterte fortsatt om god tilgang på arbeidskraft.
At the same time, the level of employment has remained approximately unchanged.
Samtidig oppga kontaktene at sysselsettingsnivået har vært om lag uendret.
Network contacts expected little change in the employment level in the period ahead.
Det var ventet lite endringer i sysselsettingsnivået fremover.
In this survey, information was provided by 342 regional network contacts.
342 kontaktbedrifter har rapportert denne gangen.
The interviews were largely conducted in January.
Intervjuene ble hovedsakelig gjennomført i januar.
Report from Norges Bank's regional network 1/2015
Rapport fra Regionalt nettverk 1/2015
Series: Foreign exchange reserves Number: 4/2014
Serie: Valutareserver Nummer: 4/2014
Report fourth quarter 2014 (PDF 856.8 Kb)
Rapport for fjerde kvartal 2014 (PDF 801,1 Kb)
Series: Annual Report Number: 2014
Serie: Årsmelding Nummer: 2014
Annual Report 2014 (PDF 3.0 Mb)
Årsmelding 2014 (PDF 3,1 Mb)
The depreciation of the Norwegian krone against most of the major currencies in the Bank's foreign exchange reserves resulted, when translated into NOK, in a foreign exchange gain of NOK 57.4bn in 2014.
Svekkelsen av den norske kronen mot de fleste hovedvalutaene i valutareservene har – omregnet til norske kroner – ført til en valutagevinst på 57,4 milliarder kroner i 2014.
In 2013, exchange rate effects resulted in a foreign exchange gain of NOK 25.0 billion for the foreign exchange reserves.
I 2013 ga valutaeffekter en valutagevinst på 25,0 milliarder kroner for valutareservene.
Total comprehensive income of NOK 89.2bn contributed to an increase in equity to NOK 215.9bn.
Totalresultatet på 89,2 milliarder kroner var med på å øke egenkapitalen til 215,9 milliarder kroner.
In line with the current guidelines for provisions and allocations of Norges Bank's profit, the Bank's total profit will be transferred, with NOK 57.9bn to the Adjustment Fund and NOK 31.3bn to the Transfer Fund.
I tråd med gjeldende retningslinjer for avsetning og disponering av resultatet til Norges Bank, vil totalresultatet bli overført med 57,9 milliarder kroner til kursreguleringsfondet og 31,3 milliarder kroner til overføringsfondet.
This implies a transfer to the Treasury of NOK 10.4bn based on values at December 2014.
Dette tilsier en overføring på 10,4 milliarder kroner til statskassen med utgangspunkt i verdier per desember 2014.
In the financial statements, the transfer to the Treasury is reclassified from Equity to Other liabilities.
I regnskapet er overføringen til statskassen omklassifisert fra egenkapital til annen gjeld.
Norges Bank's equity after the transfer to the Treasury stands at NOK 205.5bn.
Egenkapital etter overføring til statskassen er 205,5 milliarder kroner.
The foreign exchange reserves constitute Norges Bank's main asset (excluding the Government Pension Fund Global (GPFG), which has no effect on the Bank's results).
Valutareservene er Norges Banks dominerende eiendel, når en ser bort fra Statens pensjonsfond utland som ikke har innvirkning på Norges Banks resultat.
In addition, the Bank holds domestic deposits from the government and banks.
I tillegg har Norges Bank innenlandske innskudd fra staten og banker.
The Bank's assets are primarily in foreign exchange, whereas its liabilities are primarily in NOK.
Eiendelene til banken er i hovedsak plassert i valuta, mens gjelden primært er i norske kroner.
Norges Bank's income principally comprises net income from financial instruments related to the Bank's foreign exchange reserves.
Inntektene til Norges Bank består i hovedsak av netto inntekt fra finansielle instrumenter knyttet til valutareservene.
Norges Bank's financial statements include the financial reporting for the GPFG.
Regnskapet til Norges Bank omfatter regnskapsrapportering for Statens pensjonsfond utland.
This will be presented in a separate press release in connection with the publication of the GPFG annual report for 2014.
Denne blir presentert i egen pressemelding i forbindelse med offentliggjøring av Statens pensjonsfond utlands årsrapport for 2014.
Annual Report of the Executive Board and financial statements 2014
Noregs Bank Årsmelding og rekneskap 2014
The Government Pension Fund Global (GPFG) returned 7.6 percent, or NOK 544 billion, in 2014.
Statens pensjonsfond utland fikk i 2014 en avkastning på 7,6 prosent, tilsvarende 544 milliarder kroner.
The relative return was weaker than in previous years.
Det relative resultatet var svakere enn i tidligere år.
The overall return on GPFG equity and fixed-income investments was 0.8 percentage point lower than the return on the benchmark indices.
I 2014 var den samlede avkastningen på aksje- og renteinvesteringene 0,8 prosentpoeng lavere enn referanseindeksenes avkastning.
This can be explained mainly by a higher weight of European stocks and the shorter duration of fixed-income investments compared with the benchmark.
Resultatet kan i hovedsak forklares av en høyere andel europeiske aksjer og en kortere varighet på fondets renteinvesteringer sammenlignet med referanseindeksen.
The share invested in real estate climbed to 2.2 percent, and a separate leader group for real estate was established to build a separate organisation for these investments.
Det er blitt opprettet en separat ledergruppe for eiendom som skal bygge en egen organisasjon for eiendomsinvesteringene.
"Never before have we made as many property investments as we did last year, and we will continue to step up these investments in the coming years," says Slyngstad.
– Vi har aldri gjort så mange eiendomsinvesteringer som i fjor, og vi vil de neste årene fortsette å øke investeringene i eiendom.
The krone weakened against many of the main currencies during the year, which increased the GPFG's value by NOK 702 billion, and new capital of NOK 147 billion was transferred from the government.
Kronekursen svekket seg mot mange av hovedvalutaene i løpet av året.
The market value of the GPFG was NOK 6,431 billion at 31 December, of which 61.3 percent was invested in equities, 36.5 percent in fixed income and 2.2 percent in real estate.
Fondet utgjorde totalt 6 431 milliarder kroner per 31. desember 2014, hvorav 61,3 prosent var investert i aksjer, 36,5 prosent i rentepapirer og 2,2 prosent i eiendom.
Annual report 2014
Årsrapport for Statens pensjonsfond utland 2014
Marthe Skaar Tel: +47 2407 3561/ +47 926 17 663
Marthe Skaar Tel: +47 2407 3561/ +47 926 17 663
Line Aaltvedt Tel: +47 2407 3559/ +47 948 54 656
Line Aaltvedt Tel: +47 2407 3559/ +47 948 54 656
Email: press@nbim.no
Email: press@nbim.no
"The key policy rate was reduced in December to counter the risk of a pronounced downturn in the Norwegian economy on account of lower oil prices.
– Styringsrenten ble redusert i desember for å motvirke faren for en markert nedgang i norsk økonomi som følge av en lavere oljepris.
So far, the effects on the real economy have been relatively small, and house prices are still rising at a fast pace.
Så langt har utslagene i realøkonomien vært relativt små, og boligprisene fortsetter å stige mye.
The key policy rate has therefore been left unchanged", says Governor Øystein Olsen.
Styringsrenten holdes derfor uendret nå, sier sentralbanksjef Øystein Olsen.
Developments in the Norwegian economy have been broadly in line with that projected in the December 2014 Monetary Policy Report.
Utviklingen i norsk økonomi har så langt vært om lag som ventet.
Inflation is close to 2.5 percent.
Prisveksten er nær 2,5 prosent.
Unemployment has remained stable and been slightly lower than projected.
Arbeidsledigheten har holdt seg stabil og vært litt lavere enn ventet.
At the same time, the outlook ahead is somewhat weaker than anticipated in December.
Samtidig er utsiktene fremover litt svakere enn i desember.
Oil prices have continued to drift down and activity in the petroleum industry may decrease to a further extent than assumed earlier.
Oljeprisen har falt videre, og aktiviteten i petroleumsnæringen kan avta mer enn tidligere antatt.
Wage growth in 2014 was lower than projected and there are expectations that wages will also in the period ahead increase somewhat less than projected earlier.
Lønnsveksten i fjor ble lavere enn lagt til grunn, og det er forventninger om at lønningene også fremover øker noe mindre enn tidligere anslått.
Several central banks have eased monetary policy in recent months and the expected increase in foreign policy rates has been pushed further out.
Flere sentralbanker har de siste månedene foretatt lettelser i pengepolitikken, og den ventede renteoppgangen ute er igjen skjøvet ut i tid.
"If economic developments ahead are broadly in line with that projected, there are prospects for a reduction in the key policy rate", says Governor Olsen.
– Hvis utviklingen i økonomien fremover blir om lag som anslått, er det utsikter til at styringsrenten vil bli satt ned, sier sentralbanksjef Øystein Olsen.
At its meeting, the Executive Board decided to keep the key policy rate unchanged at 1.25 percent and concluded that the key policy rate should lie in the interval ½–1½ percent in the period to the publication of the next Report on 18 June 2015.
Hovedstyret vedtok på møtet at styringsrenten bør holdes uendret på 1,25 prosent og at styringsrenten bør ligge i intervallet ½–1½ prosent i perioden fram til neste rapport legges fram 18. juni 2015.
For this lecture the organisers have asked me to address the usual subject of "current stabilisation policy challenges for the central bank."
Jeg er fra arrangørens side som vanlig i dette foredraget blitt bedt om å ta opp "aktuelle stabiliseringspolitiske utfordringer for sentralbanken".
I assume that the organisers take this to include current stabilisation policy challenges from the central bank's point of view as well, and not just the challenges Norges Bank is directly responsible for.
Jeg antar at arrangøren med dette også mener aktuelle stabiliseringspolitiske utfordringer sett fra sentralbankens side, og ikke bare de utfordringer Norges Bank selv har et direkte ansvar for.
(For the latter, in parentheses, I could have given a very short presentation.)
(I det siste tilfellet kunne jeg, i parentes bemerket, holdt et meget kort innlegg.)
Some people might just assume that economists tend to grow more and more gloomy as the Norwegian economy fares better and better.
Enkelte vil kunne oppfatte situasjonen slik at vi økonomer har en tendens til å bli dystrere til sinns desto bedre det går i norsk økonomi.
For this reason, if anyone finds my present mood unnecessarily gloomy I would immediately like to make it clear that it does not stem from any strange or puritanical disposition in which delight over an event itself provokes worry
Jeg vil derfor allerede nå tilkjennegi at dersom noen skulle oppfatte min sinnsstemning her som preget av en slik unødig dysterhet, så har det i så fall ikke sin bakgrunn i et spesielt eller puritansk sinnelag, der glede over situasjonen i seg selv vekker bekymring.
Our concern is instead based on indications over the past 10-15 years of our ability - or more appropriately, inability - to stabilise economic fluctuations here in Norway.
Årsaken til vår bekymring er vel snarere grunnet i den evne - eller rettere sagt mangel på evne - vi gjennom de siste ti-femten årene har vist når det gjelder å stabilisere den økonomiske utviklingen her i landet.
It has reached the stage where the Norwegian economy fluctuates more widely than that of any other Western European country.
Norge er blitt en økonomi som svinger mer enn noen andre vest-europeiske land.
Therefore, I will spend considerably more time discussing possible consequences of such fluctuations and why striving for stability can, in itself, be necessary to ensure favourable economic developments in the long run.
Jeg vil derfor bruke atskillig tid her i dag på å drøfte hvilke konsekvenser slike svingninger kan ha, og hvorfor det å tilstrebe stabilitet i seg selv kan være nødvendig for å sikre en gunstig økonomisk utvikling på lengre sikt.
It is natural for me to discuss both of these subjects in detail.
Det er naturlig for meg å kommentere begge disse temaene utførlig i foredraget.
Economic developments - the wage settlement
Den økonomiske utviklingen - lønnsoppgjøret
With this in mind, I would like to return to a summary review from the December 1996 issue of Norges Bank's Inflation Report - ie, a year and a half ago.
Jeg vil i denne sammenheng trekke fram den oppsummering som var å finne i Norges Banks inflasjonsrapport i desember 1996, det vil si for 11/2 år siden.
The summary projects continued strong growth and increased capacity utilisation throughout the last half of the 1990s.
I denne rapporten ble det referert en fremskrivning av den økonomiske utviklingen med fortsatt høy vekst og økning i kapasitetsutnyttingen i siste halvdel av 1990-årene.
The projections for the labour market and price and wage inflation were as follows:
Om utsiktene for arbeidsmarkedet og for lønns- og prisutviklingen het det:
A...projections show ... a gradual decline in unemployment to close to 3% in the year 2000.
"... fremskrivningen viser ... et gradvis fall i arbeidsledigheten til nærmere 3 prosent i 2000.
Our projections also show a gradual rise in price and wage inflation, with price inflation estimated at an annual 3% and wage growth at 5 1/2% at the end of the projection period.
Samtidig viser anslagene en gradvis økning i pris- og lønnsveksten, opp mot henholdsvis 3 og 51/2 prosent pr. år ved slutten av beregningsperioden.
If these projections prove accurate, hourly wage costs in the business sector will rise by about 6% more than among our trading partners during the last half of the 1990s.
Slår disse anslagene til, innebærer de at næringslivets timelønnskostnader vil øke om lag 6 prosent mer enn hos våre handelspartnere gjennom siste halvdel av 1990-årene."
Last autumn, in Norges Bank's submission to the Ministry of Finance on the economic programme for 1998, we summed up the economic situation as follows (and I quote):
I Norges Banks brev til Finansdepartementet om det økonomiske opplegget for 1998 sist høst, oppsummerte vi den økonomiske situasjonen som følger (og jeg siterer):
"Based on the total risk outlook for economic trends in the period ahead, Norges Bank perceives the situation to be such that relatively small changes could result in imbalances in several parts of the economy, eg the labour market and property markets.
"På bakgrunn av det samlede risikobildet for den økonomiske utviklingen i tiden fremover, oppfatter Norges Bank situasjonen slik at det skal forholdsvis lite til før en kommer inn i en utvikling med ubalanser i flere deler av økonomien, blant annet i arbeidsmarkedet og i markedet for formuesobjekter.
Such imbalances will sooner or later translate into higher price and wage inflation and fluctuations in the real economy as a result of adjustments in the private sector.
Slike ubalanser vil før eller senere gi seg utslag i økt pris- og kostnadsvekst og realøkonomiske svingninger som følge av endringer i tilpasningen i privat sektor.
If anything, actual developments are perhaps ahead of projected developments.
Om noe, har vel utviklingen kanskje gått enda noe raskere enn det som lå til grunn i disse dokumentene.
In April, a record 22 000 vacancies were registered - a twofold increase in just over the last 16 months - whereas employment growth was well over 60 000 persons per year.
I april ble det registrert rekordhøye 22 000 ledige stillinger - en fordobling bare i løpet av de siste 16 månedene - mens veksten i sysselsettingen for tiden ligger på godt over 60 000 personer på årsbasis.
Whereas there were once 20 unemployed people per vacancy, the number today has been reduced to 2.
Mens det i 1993 var 20 arbeidsledige pr. ledig stilling, er dette tallet i dag redusert til nærmere 2.
I would especially like to underline developments in imports as reflected in the preliminary short-term statistics for 1998.
Av den korttidsstatistikk vi foreløpig har fått for inneværende år, vil jeg særlig trekke fram utviklingen i importen.
The value of Norwegian importation of goods was an entire 25% higher for the first quarter of this year than over the same period last year.
I første kvartal i år var verdien av norsk vareimport hele 25 prosent høyere enn samme periode i fjor.