natgillin/translations-raw huggingface dataset:
This expertise is costly and may be difficult to retain.
Slik kompetanse er kostbar og kan være vanskelig å holde på.
Owners have largely outsourced technical operations.
Eierne har i stor grad utkontraktert den tekniske driften.
This provides greater flexibility.
Det gir økt fleksibilitet.
At the same time, outsourcing can make it more challenging to manage operational risk.
Samtidig kan utkontraktering gjøre det mer utfordrende å håndtere operasjonell risiko.
The fixed costs associated with operation and development can be high.
De faste kostnadene knyttet til drift og utvikling kan være høye.
This allows operators to exploit economies of scale.
Det åpner for å utnytte stordriftsfordeler.
A possible result of outsourcing is that several systems use the same service provider.
Utkontraktering kan føre til at flere systemer benytter samme leverandør.
This may reduce costs.
Det kan gi lavere kostnader.
On the other hand, such a concentration may weaken competition, while risk is concentrated in a single provider.
På den annen side vil en slik konsentrasjon kunne svekke konkurransen, samtidig som risiko samles hos én aktør.
Any failure in the service provider may then impact large parts of the financial infrastructure.
En eventuell svikt hos leverandøren kan da ramme store deler av den finansielle infrastrukturen.
The systems are vulnerable to technical failure and to external attacks.
Systemene er sårbare for teknisk svikt og for angrep utenfra.
With several layers of service providers, risk increases while at the same time becoming more difficult to uncover.
Med flere ledd av leverandører, øker risikoen, samtidig som den blir mer krevende å avdekke.
In 2015, Norges Bank will evaluate the outsourced operations of key participants in the financial infrastructure in Norway.
Norges Bank skal i 2015 evaluere den utkontrakterte driften til sentrale aktører i den finansielle infrastrukturen i Norge.
This assessment, too, will be based on international principles. [8]
Også den evalueringen vil bli basert på internasjonale prinsipper.[8]
A fundamental prerequisite is that the owners of systems have the ultimate responsibility for operation.
En grunnleggende forutsetning er at eierne av systemene har det endelige ansvaret for driften.
This responsibility also covers backup solutions.
Ansvaret omfatter også reserveløsninger.
The owners' responsibility does not change because all or parts of system operation are managed by others.
Eiernes ansvar endres ikke av at hele eller deler av driften forvaltes av andre.
Owners must therefore retain sufficient expertise in-house.
Eierne må derfor beholde tilstrekkelig ekspertise selv.
Both for the system owner and the authorities, the ability to set requirements and follow up activities is more of a challenge the more remote they are.
Både for systemeier og myndigheter er mulighetene til å stille krav og følge opp virksomheten mer krevende jo lenger unna den er.
When parts of the financial infrastructure are operated outside of Norway, system owners should implement special measures to address these additional challenges.
Når deler av den finansielle infrastrukturen driftes utenfor Norge, bør systemeierne iverksette særskilte tiltak for å bøte på de ekstra utfordringene.
A situation must be avoided where infrastructure critical to Norway is affected by incidents in other countries.
Vi må unngå at kritisk infrastruktur for Norge rammes av hendelser i andre land.
Norges Bank will give weight to these considerations in its supervisory role.
Norges Bank vil legge vekt på slike hensyn i tilsynsarbeidet.
Contingency preparedness
Beredskap
The consequences of disruptions in a payment system may be more serious for society than for the individual operator.
Konsekvensene av avvik i et betalingssystem kan være større for samfunnet enn for den enkelte operatør.
For that reason, the authorities set strict requirements for contingency preparedness.
Derfor stiller myndighetene strenge krav til beredskap.
Contingency arrangements shall both reduce the likelihood of incidents and mitigate the consequences if an incident has occurred.
Løsningene skal både redusere sannsynligheten for uønskede hendelser og konsekvensene hvis skaden først har inntruffet.
The requirements for contingency preparedness may entail increased costs in the short term.
Kravene til beredskap kan innebære økte kostnader på kort sikt.
In the longer term, adequate contingency preparedness is crucial for society.
På lengre sikt er en tilstrekkelig beredskap avgjørende for samfunnet.
This is reflected in the trade-offs between long-term risk and short-term costs.
Det preger avveiningene mellom langsiktig risiko og kortsiktige kostnader.
IT systems and websites are vulnerable to attack by criminals.
IT-systemer og nettsider er utsatt for angrep fra kriminelle.
Attacks can put services out of order and reduce confidence in the systems.
Angrepene kan både sette tjenestene ut av drift og redusere tilliten til systemene.
Attacks take ever newer forms.
Angrepene kommer i stadig nye former.
This requires that system owners keep updated on the various kinds of attack.
Det fordrer at systemeierne holder seg oppdatert på ulike typer angrep.
The establishment of FinansCERT by Finance Norway is a sound measure in this regard.
Finans Norges etablering av FinansCERT er et godt tiltak i så måte.
In addition, participants must ensure robust defences against attack.
I tillegg må aktørene sørge for et robust forsvar mot angrep.
This will not be any easier in the period ahead.
Det blir neppe enklere i tiden fremover.
Nevertheless: if we are to reap the benefits of IT and online services, a substantial use of resources on monitoring and security is a price we must pay.
Likevel: Skal vi høste fordelene av IT- og nettbaserte tjenester, er betydelig ressursbruk på overvåking og sikkerhet en pris vi må betale.
Banks and Norges Bank must in the worst case deal with situations where all or part of the payment system has been put out of action.
Bankene og Norges Bank må i verste fall håndtere situasjoner der hele eller deler av betalingssystemet er satt ut av spill.
New technology may in the longer term usher in new contingency arrangements.
Ny teknologi kan på sikt åpne for nye beredskapsløsninger.
Even so, to date no sufficiently adequate alternatives have been documented to allow cash to be written off as a part of the overall solution.
Til nå er det likevel ikke dokumentert gode nok alternativer til at kontanter kan avskrives som en del av den samlede løsningen.
Finanstilsynet and Norges Bank are now examining closely contingency preparedness for both electronic payment and banks' contingency arrangements for cash distribution.
Finanstilsynet og Norges Bank ser nå nærmere både på beredskapen for elektroniske betalinger og bankenes beredskap for distribusjon av kontanter.
Norges Bank shall ensure that society has access to cash as a means of payment.
Norges Bank skal sikre at samfunnet har tilgang på kontanter som betalingsmiddel.
Banks can make cash withdrawals based on deposits in Norges Bank.
Bankene kan gjøre uttak av kontanter basert på innskudd i Norges Bank.
The general public go to their banks to withdraw cash.
Publikum forholder seg til bankene for kontantuttak.
The Government presented a bill for a new Financial Institutions Act before summer.
Regjeringen la fram forslag til ny finansforetakslov for Stortinget før sommeren.
The bill states that banks will have an obligation to accept cash from customers and make deposits available to customers in the form of cash.
Der slås det fast at banker har plikt til å motta kontanter fra kundene og gjøre innskudd tilgjengelig for kundene i form av kontanter.
This is a further specification of banks' responsibility for cash handling.
Dette er en presisering av bankenes ansvar på kontantområdet.
The bill also gives banks the freedom to choose how services are to be organised, as long as they are able to meet customer demand.
Lovforslaget gir samtidig bankene frihet til å velge organiseringen av tjenestene, så lenge de kan dekke kundenes etterspørsel.
Let me sum up: The Norwegian payment system is efficient and up-to-date.
La meg oppsummere: Det norske betalingssystemet er effektivt og tidsriktig.
The owners must have management systems that enable them to have sound control of operations.
Eierne må ha styringssystemer som gir god kontroll av driften.
The owners' responsibility also includes backup solutions.
Eiernes ansvar omfatter også reserveløsninger.
This responsibility does not change if all or parts of operations are managed by others.
Ansvaret endres ikke av at hele eller deler av driften forvaltes av andre.
Payments can become cheaper, faster and more user-friendly than they are at present.
Betalinger kan bli både billigere, raskere og mer brukervennlige enn de er i dag.
Banks should price payments so that they achieve acceptable earnings and promote profitable investments.
Bankene bør prise betalinger slik at de får en akseptabel inntjening som fremmer lønnsomme investeringer.
This will also serve the interest of customers.
Det vil også være i kundenes interesse.
It is of benefit to us, as a society, that banks and other operators are now investing in secure and forward-looking solutions.
Vi er som samfunn tjent med at banker og andre aktører nå investerer i sikre og fremtidsrettede løsninger.
The aim must be to remain at the forefront of international developments.
Målet må være at vi fortsatt skal ligge i forkant av den internasjonale utviklingen.
There is growing urgency to put in place new solutions.
Det begynner å haste med å få nye løsninger på plass.
In this respect, the system owners – the banks – have collective interests that go beyond pure private financial considerations of the individual bank.
Her har systemenes eiere – bankene – i fellesskap interesser som går ut over rent privatøkonomiske hensyn for den enkelte bank.
Thank you for your attention.
Takk for oppmerksomheten!
[1] See the Payment Systems Act.
[1] Se betalingssystemloven.
See Norges Bank Papers 5/2014.
Se Norges Bank Memo 5/2014.
Within certain amounts.
Innenfor visse beløpsgrenser.
Customers must still enter their PIN code in connection with large payments.
Kundene må fortsatt taste PIN-koden ved større betalinger.
Committee on Payments and Market Infrastructures (CPMI) – previously the Committee on Payment and Settlement Systems (CPSS) - and International Organization of Securities Commissions (IOSCO).
Det har skjedd i regi av sentralbankorganet CPMI (Committee on Payments and Market Infrastructures) – som tidligere het CPSS (Committee on Payment and Settlement Systems) – og organet for verdipapirtilsyn, IOSCO (International Organization of Securities Commissions).
The financial infrastructure comprises the payment system and securities settlement system, including central counterparty systems.
Den finansielle infrastrukturen består av betalingssystemet og verdipapiroppgjørssystemet, herunder systemene til sentrale motparter.
The following systems were evaluated: Clearing and settlement systems for payments, the securities settlement system, the VPS registry function and the central counterparty Oslo Clearing, the latter two in collaboration with Finanstilsynet.
Følgende systemer ble evaluert: Avregnings- og oppgjørssystemene for betalinger, verdipapiroppgjørssystemet, registerfunksjonen til Verdipapirsentralen (VPS) og den sentral motparten Oslo Clearing, de to siste i samarbeid med Finanstilsynet.
The evaluation was presented in the Norges Bank Financial Infrastructure Report 2014.
Evalueringen ble presentert i rapporten «Finansiell infrastruktur 2014» fra Norges Bank.
Appendix F in the CPMI-IOSCO principles.
Appendix F i prinsippene fra CPMI-IOSCO.
Survey "Costs in the Norwegian payment system".
Undersøkelsen «Kostnader i det norske betalingssystemet».
The social costs of payments in Norway were nearly NOK 15 billion in 2013, according to the results of a new survey presented in Norges Bank Papers 5/2014.
De samfunnsøkonomiske kostnadene ved betalinger i Norge var nær 15 milliarder kroner i 2013.
Relative to GDP, payment costs have declined since the previous survey in 2007.
Sett i forhold til BNP har betalingskostnadene falt siden forrige undersøkelse i 2007.
Comparisons with other countries show that costs in the Norwegian payment system are low.
Sammenligninger med andre land viser at kostnadene i det norske betalingssystemet er lave.
Banks perform payment services more efficiently than previously, but are still making losses on payment services.
Bankene utfører betalingstjenester mer effektivt enn før.
Income covers only three-fourths of costs.
Inntektene dekker kun tre firedeler av kostnadene.
Payments with international cards cost society over four times as much as payments with the national debit card BankAxept.
Betalinger med internasjonale kort koster samfunnet over fire ganger så mye som betalinger med det nasjonale debetkortet BankAxept.
Norges Bank Papers 5/2014 (Norwegian version)
Norges Bank Memo 5/2014
Contact persons: Hilde Singsaas, Director of Communications and External Relations +47 22 31 69 47 / +47 99 54 19 63
Kontaktpersoner: Hilde Singsaas, kommunikasjonsdirektør 22 31 69 47 / 99 54 19 63
Knut Sandal, Director, Financial Infrastructure +47 22 31 66 81 / +47 97 47 46 41
Knut Sandal, direktør Finansiell infrastruktur 22 31 66 81 / 97 47 46 41
National summary 4/2014 (PDF 151.6 Kb)
Regionalt nettverk 4/2014 (PDF 195,4 Kb)
Interviews were conducted in the period 13 Oktober – 7 November 2014.
Intervjuene er gjennomført i perioden 13. oktober til 7. november 2014.
Press release 28 November 2014
Pressemelding 28. november 2014
Contacts in Norges Bank's regional network reported fairly moderate output growth over the past 3 months.
Kontaktene i Norges Banks regionale nettverk meldte om ganske moderat produksjonsvekst de siste 3 månedene.
Growth was expected to be approximately unchanged ahead.
Fremover ventet kontaktene om lag uendret vekst.
Growth prospects were somewhat weaker than in August.
Vekstutsiktene var noe svakere enn i august.
Output growth was slightly lower than expected by contacts in the previous survey.Lower activity in the petroleum sector in particular had a dampening effect on overall growth.
Veksten i produksjonen var litt lavere enn kontaktene så for seg i forrige runde.Det var særlig lavere aktivitet i petroleumsnæringen som bidro til å dempe den samlede veksten.
The oil industry supplier sector reported a moderate decline in production volumes.
Oljeleverandørnæringen meldte om fallende produksjonsvolumer.
At the same time, some growth in housing construction and rising public sector investment has helped to support overall growth.
Samtidig har noe vekst i boligbyggingen og økende offentlige investeringer bidratt til å holde den samlede veksten oppe.
Growth prospects were somewhat weaker, primarily driven by lower demand from the petroleum sector.Weakest growth ahead was still envisaged bymanufacturing, and the oil supplier industry expected a further decline in output over the next 6 months.
Vekstutsiktene var noe svekket, hovedsakelig drevet av lavere etterspørsel fra petroleumssektoren.Det var fortsatt industrinæringene som så for seg den svakeste veksten fremover, og oljeleverandørene ventet en videre nedgang i produksjonen de neste 6 månedene.
Both services and retail trade expected approximately unchanged growth ahead, but prospects were lower than in the previous survey.
Både tjenesteyting og varehandelen ventet om lag uendret vekst fremover, men utsiktene var lavere enn i forrige runde.
Construction was the only sector in which growth prospects were revised up.
Bygg og anlegg var den eneste næringen som oppjusterte vekstutsiktene.
Capacity utilisation showed little change overall.
Kapasitetsutnyttingen i bedriftene var samlet sett lite endret.
However, firms reported that the supply of qualified labour has improved.
Samtidig rapporterte bedriftene at det har blitt lettere å få tak i kvalifisert arbeidskraft.
Employment growth has been weak, and weaker than contacts expected in August.
Veksten i sysselsettingen har vært svak, og lavere enn kontaktene så for seg i august.
Contacts expected little change in employment levels ahead.
Det var ventet lite endringer i sysselsettingsnivået fremover.
Contacts expected annual wage growth to be slightly below 3¼ percent in 2015.
Kontaktene anslo en årslønnsvekst i 2015 på litt under 3¼ prosent.
There were slight differences in wage estimates across sectors.
Det var små forskjeller mellom næringenes lønnsanslag.
In this survey, information was provided by 324 regional network contacts.
324 kontaktbedrifter har rapportert denne gangen.
The interviews were largely conducted in October.
Intervjuene ble hovedsakelig gjennomført i oktober.
Report from Norges Bank's regional network 4/2014
Rapport fra Regionalt nettverk 4/2014
Leif Eide, Executive Director.
Leif Eide, Executive Director.
EMEAP (Executive Meeting of East Asia and Pacific Central Banks) reserves management seminar, Singapore, 26-27 February 1997.
EMEAP (Executive Meeting of East Asia and Pacific Central Banks) reserves management seminar, Singapore, 26/27 February 1997.
The Kingdom of Norway is a mountainous, coastal nation with a population of about 4 1/2 million and a land area of about 324 000 square kilometres.
The Kingdom of Norway is a mountainous, coastal nation with a population of about 4 1/2 million and a land area of about 324 000 square kilometres.
It is a little smaller than Finland, thirty per cent larger than Great Britain and 20 per cent larger than New Zealand.
It is a little smaller than Finland, thirty per cent larger than Great Britain and 20 per cent larger than New Zealand.
Mountains and plateaus cover 73 per cent of the surface while productive forests make up 23 per cent.
Mountains and plateaus cover 73 per cent of the surface while productive forests make up 23 per cent.
(Agricultural area accounts for only 3.5 per cent of the total surface).
(Agricultural area accounts for only 3.5 per cent of the total surface).
Norway was then one of the poorest countries in Europe.
Norway was then one of the poorest countries in Europe.
Abundant supplies of energy, however, have been developed in this century.
Abundant supplies of energy, however, have been developed in this century.
Numerous waterfalls were harnessed to produce hydroelectric power in the period 1910-1960.
Numerous waterfalls were harnessed to produce hydroelectric power in the period 1910-1960.
Norway is now the world's second largest exporter of oil.
Norway is now the world's second largest exporter of oil.
Norway is now a creditor nation, with net foreign assets equivalent to 10 per cent of GDP.
Norway is now a creditor nation, with net foreign assets equivalent to 10 per cent of GDP.
The petroleum sector accounts for approximately 18 per cent of GDP, but only 3.5 per cent of total employment.
The petroleum sector accounts for approximately 18 per cent of GDP, but only 3.5 per cent of total employment.
Oil and natural gas represent 35-40 per cent of total exports of goods and services.
Oil and natural gas represent 35-40 per cent of total exports of goods and services.
The sector also has a substantial impact on government revenues, with taxes and royalties from the petroleum sector accounting for about 8 per cent of central government revenues.
The sector also has a substantial impact on government revenues, with taxes and royalties from the petroleum sector accounting for about 8 per cent of central government revenues.
Including other oil-related revenues, the share is 16 per cent, or a good 6 per cent of GDP.
Including other oil-related revenues, the share is 16 per cent, or a good 6 per cent of GDP.
The chart shows estimated government revenues from the petroleum sector along with government pension expenditure.
The chart shows estimated government revenues from the petroleum sector along with government pension expenditure.
Norway shares this trend with many other countries.
Norway shares this trend with many other countries.
This financial wealth should provide a current return which will alleviate government finances later in the next century.
This financial wealth should provide a current return which will alleviate government finances later in the next century.
This means that the investment strategy must place considerable emphasis on liquidity.
This means that the investment strategy must place considerable emphasis on liquidity.
In Norges Bank's balance sheet this appears as follows:
In Norges Bank's balance sheet this appears as follows:
FINANCIAL ASSETS
FINANCIAL ASSETS
Foreign assets
Foreign assets
256 587
256 587
International reserves
International reserves
196 622
196 622
Government Petroleum Fund investments
Government Petroleum Fund investments
46 265
46 265
Other foreign assets
Other foreign assets
Claims on Norwegian financial institutions
Claims on Norwegian financial institutions
4 815
4 815
Loans to private banks
Loans to private banks
4 849
4 849
Other assets in the form of deposits, securities, loans and overdrafts
Other assets in the form of deposits, securities, loans and overdrafts
Provision for losses on loans to banks
Provision for losses on loans to banks
LIABILITIES AND CAPITAL
LIABILITIES AND CAPITAL
Foreign liabilities
Foreign liabilities
14 753
14 753
IMF holdings of NOK
IMF holdings of NOK
Other foreign liabilities
Other foreign liabilities
10 164
10 164
Notes and coin in circulation
Notes and coin in circulation
40 642
40 642
Domestic deposits
Domestic deposits
194 525
194 525
134 261
134 261
Government Petroleum Fund
Government Petroleum Fund
Other public administration (excl. municipalities)
Other public administration (excl. municipalities)
3 355
3 355
Private banks
Private banks
7 802
7 802
Other financial institutions
Other financial institutions
2 717
2 717
Other Norwegian sectors
Other Norwegian sectors
The Petroleum Fund is basically no more than an accounting technique.
The Petroleum Fund is basically no more than an accounting technique.
The estimates for the Petroleum Fund therefore fluctuate considerably during the year.
The estimates for the Petroleum Fund therefore fluctuate considerably during the year.
At the start of 1996, we estimated that the Fund would amount to about NOK 50 billion (USD 7-8 billion) in the year 2000.
At the start of 1996, we estimated that the Fund would amount to about NOK 50 billion (USD 7-8 billion) in the year 2000.
The central bank would probably not be facing any major challenges in managing a fund of this size.
The central bank would probably not be facing any major challenges in managing a fund of this size.
The estimates for the allocation for 1996 were also revised upwards by a considerable margin during the year.
The estimates for the allocation for 1996 were also revised upwards by a considerable margin during the year.
In Norway, it is the Government which formulates the monetary policy mandate of the central bank.
In Norway, it is the Government which formulates the monetary policy mandate of the central bank.
This would create problems when oil production declines.
This would create problems when oil production declines.
This was one of the reasons Norges Bank was given the mandate of orienting monetary policy towards exchange rate stability.
This was one of the reasons Norges Bank was given the mandate of orienting monetary policy towards exchange rate stability.
Foreign currency purchases, however, reached such high levels that the Bank had to abandon this approach on 10 January this year.
Foreign currency purchases, however, reached such high levels that the Bank had to abandon this approach on 10 January this year.
Interventions were halted and interest rates were reduced to German levels.
Interventions were halted and interest rates were reduced to German levels.
The krone has appreciated in effective terms by 5-7 per cent since then.
The krone has appreciated in effective terms by 5-7 per cent since then.
Norges Bank manages foreign assets equivalent to a total of USD 35 billion.
Norges Bank manages foreign assets equivalent to a total of USD 35 billion.
The foreign exchange reserves correspond to USD 27 billion or 6/7 months of imports of goods and services.
The foreign exchange reserves correspond to USD 27 billion or 6/7 months of imports of goods and services.