natgillin/translations-raw huggingface dataset:
Let us assume that the oil price temporarily increased by NOK 10 per barrel, or a little less than USD 1.50 per barrel.
La oss anta at oljeprisen midlertidig øker med 10 kroner per fat, eller litt under halvannen dollar fatet.
This is a small change in oil prices, well within normal variations from one year to the next.
Det er en liten endring i oljeprisen, godt innenfor de normale variasjonene fra ett år til det neste.
If the higher revenues are used in the economy through higher expenditure or reduced taxes in the central government budget, aggregate domestic demand will be affected.
Hvis de økte inntektene blir tatt inn i økonomien gjennom økte utgifter eller reduserte skatter i statsbudsjettet, blir den samlede etterspørselen innenlands påvirket.
Higher expenditure requires an increase in the public sector's use of real resources, primarily labour.
Økte utgifter krever en økning i det offentliges bruk av realressurser - først og fremst arbeidskraft.
One per cent of GDP is then a substantial figure.
Da er 1 prosent av BNP svært mye.
If the increase in oil revenues is used domestically in this way, it would correspond to nearly half of the annual growth in the mainland economy in a normal year.
Dersom økningen i oljeinntektene på denne måten brukes innenlands, tilsvarer det for eksempel nesten halvparten av den årlige veksten i fastlandsøkonomien i et normalår.
If the private sector of the economy is also expanding, and the economy is already close to capacity limits, this policy will swiftly lead to strong pressures on resources in the economy.
Hvis også den private delen av økonomien vokser, og økonomien allerede er nær kapasitetsgrensen, ville en slik politikk raskt føre til et sterkt press på ressursene i økonomien.
This will result in a rise in wages and prices.
Det gir opphav til lønns- og prisstigning.
This policy would also lead to unstable conditions in the foreign exchange market.
En slik politikk ville også gi ustabile forhold i valutamarkedet.
The idea behind the Petroleum Fund is that the revenues from an increase in oil prices of this magnitude shall accrue to the Petroleum Fund and be invested abroad, and that the increase in oil prices shall not influence the rest of the budget.
Tanken bak oljefondet er at inntektene fra en slik mindre økning i oljeprisen skal tilflyte oljefondet og plasseres i utlandet, og at økningen i oljeprisen ikke påvirker budsjettet for øvrig.
In that case higher revenues will not influence the domestic economy, but be invested abroad through the Petroleum Fund.
I så fall vil de økte inntektene ikke påvirke den innenlandske økonomien, men investeres i utlandet gjennom oljefondet.
Structural features of the capital account balance
Strukturelle trekk ved kapitalbalansen
The current account surpluses are related to substantial earnings from oil and gas exports.
Overskuddene på driftsbalansen overfor utlandet har sammenheng med de store inntektene fra eksport av olje og gass.
These revenues accrue to the state and oil companies and the capital paid in provides a basis for exports of capital.
Disse inntektene tilfaller staten og oljeselskapene, og den kapitalen som innbetales gir grunnlag for eksport av kapital til utlandet.
In the last five years the central government has exported capital not least through the Petroleum Fund's investments.
Staten har de siste fem årene eksportert kapital blant annet gjennom investeringene i oljefondet.
When petroleum revenues are excluded, the current account shows large deficits.
Det er store underskudd på driftsbalansen om vi holder inntektene fra oljevirksomheten utenfor.
In recent years, however, capital outflows from some sectors of the mainland economy have been considerable.
De siste årene har det likevel vært betydelig kapitalutgang fra enkelte sektorer i fastlandsøkonomien.
Large asset managers such as life insurance companies and securities funds accumulated substantial holdings of foreign equities and bonds in the last half of the 1990s.
Store formuesforvaltere som livselskapene og verdipapirfondene har bygget opp betydelige beholdninger av aksjer og obligasjoner i utlandet i siste halvdel av 1990-tallet.
Portfolio investment abroad reflects a desire to diversify.
Porteføljeinvesteringene i utlandet gjenspeiler et ønske om å diversifisere.
In the period 1996-May 2000 the capital outflow from the Petroleum Fund, insurance companies and securities funds came to altogether NOK 350 billion.
I perioden 1996-mai 2000 var kapitalutgangen fra oljefondet, forsikringsselskapene og verdipapirfondene til sammen 350 milliarder kroner.
In the same period the current account surplus came to NOK 220 billion.
I samme periode var overskuddet på driftsbalansen 220 milliarder kroner.
This capital outflow has largely been matched by loans raised abroad by banks and other Norwegian enterprises.
Denne kapitalutgangen har i stor grad vært motsvart av at banker og andre norske bedrifter har tatt opp lån i utlandet.
Norwegian banks have been an important importer of foreign capital.
Norske banker har vært en betydelig importør av kapital fra utlandet.
Since 1995 there has been a shift towards higher foreign funding in the banking sector.
Etter 1995 har det skjedd en forskyvning i retning av økt utenlandsfinansiering i banksektoren.
Banks have financed the widening difference between customer deposits and lending from foreign sources.
Bankene har finansiert den økende forskjellen mellom kundeinnskudd og utlån fra utenlandske kilder.
Chart 12 shows that a large portion of foreign borrowing has been short-term.
Figur 12 viser at en stor del av utenlandsopplåningen har vært kortsiktig.
In 1998, lending growth slowed and customer deposits increased, and growth in banks' foreign debt came to a halt.
I 1998 avtok utlånsveksten og kundeinnskuddene økte, og veksten i bankenes utenlandsgjeld bremset opp.
In recent years we have thus recorded exports of long-term capital that are considerably higher than the current account surplus.
Vi har altså hatt en eksport av langsiktig kapital de siste årene som er vesentlig høyere enn overskuddet på driftsbalansen.
The substantial net outflow of long-term capital from the private sector may partly reflect a thin Norwegian capital market.
Den sterke netto utgangen av langsiktig kapital fra private kan delvis reflektere at det norske kapitalmarkedet er tynt.
The Norwegian bond market is not very developed and the value of equities in the Norwegian market in relation to GDP is very low.
Vi har et lite utviklet obligasjonsmarked og verdien av aksjene i det norske markedet er svært lavt i forhold til BNP.
It is also worth noting that according to highly uncertain national accounts figures, fixed investment is now at a very low level and there is little growth in productivity in Norwegian manufacturing.
Det er også verdt å merke seg at vi nå har svært lave realinvesteringer og liten vekst i produktiviteten i norsk industri, slik den på et svært usikkert grunnlag kan beregnes ut fra nasjonalregnskapet.
There are few signs at the moment that the "new economy" has reached this segment of the Norwegian business sector.
Det er foreløpig få tegn til at "den nye økonomien" har nådd fram til denne delen av vårt næringsliv.
Norges Bank's letter of 16 December 2015 to the Ministry of Finance
Norges Banks brev av 16. desember 2015 til Finansdepartementet
The buffer rate is set at 1 percent.
Kravet til den motsykliske kapitalbufferen er fastsatt til 1 prosent.
In June 2015, the Ministry of Finance decided to increase the buffer rate to 1.5 percent, effective from 30 June 2016.
I juni i år ble det besluttet å øke bufferkravet til 1,5 prosent med virkning fra 30. juni 2016.
The decision basis for Norges Bank's advice on the countercyclical capital buffer in 2015 Q4 is presented in the December 2015 Monetary Policy Report (4/15).
Beslutningsgrunnlaget for Norges Banks råd om motsyklisk kapitalbuffer i fjerde kvartal 2015 legges fram i Pengepolitisk rapport 4/15.
Banks have posted solid earnings, and capital ratios have risen slightly.
Bankene har hatt god lønnsomhet, og kapitaldekningen har økt litt.
At the end of Q3, the average Common Equity Tier 1 (CET1) ratio for the largest banks was 13.9 percent.
Ved utgangen av tredje kvartal var den rene kjernekapitaldekningen i de største bankene 13,9 prosent i gjennomsnitt.
Most banks must continue to build capital to reach their announced capital targets in 2016.
De fleste bankene må fortsette å bygge kapital for å nå annonserte kapitalmål i 2016.
Banks' funding costs have edged up recently, but banks still have ample access to wholesale funding.
I det siste har bankenes finansieringskostnader økt, men bankene har fortsatt god tilgang til markedsfinansiering.
In Norges Bank's lending survey, banks announced that credit standards for enterprises would be tightened.
I Norges Banks utlånsundersøkelse varslet bankene at de vil stramme inn noe på kredittpraksisen overfor foretak.
Bank loan losses are still low.
Utlånstapene i bankene er fortsatt lave.
Overall credit to households and enterprises expanded faster than mainland GDP in the years preceding the financial crisis.
Den samlede kreditten til husholdninger og foretak steg raskere enn verdiskapingen i fastlandsøkonomien i årene før finanskrisen.
The credit indicator has continued to rise in the post-crisis years, but at a gentler pace.
Kredittindikatoren har fortsatt å øke i årene etter krisen, men i en roligere takt.
Household debt continues to rise somewhat faster than disposable income.
Gjelden i husholdningene vokser fortsatt noe raskere enn inntektene.
Debt growth has edged down recently.
I det siste har gjeldsveksten avtatt litt.
Growth in corporate bank debt has increased in the past year, particularly for enterprises in commercial real estate and construction.
Veksten i foretakenes bankgjeld har økt det siste året, særlig for foretak innen næringseiendom og bygg og anlegg.
Growth in corporate bond debt is low, and oil-related enterprises with a low credit rating are finding it difficult to access bond markets.
Veksten i foretakenes obligasjonsgjeld er lav, og tilgangen på obligasjonsfinansiering for oljerelaterte foretak med lav kredittvurdering er vanskelig.
Applying the trend calculation method proposed by the Basel Committee, the reference rate was 0 percent in 2015 Q3.
Med Baselkomiteens trendberegning var referanseverdien 0 prosent i tredje kvartal 2015.
Using an alternative trend calculation method, which has been shown to provide a better leading indicator of crises, the reference rate was 1.25 percent in Q3, the same as in Q2.
Med en alternativ trendberegning, som erfaringsmessig gir en bedre ledende indikator for kriser, var referanseverdien for bufferen 1¼ prosent i tredje kvartal, det samme som i andre kvartal.
In addition to the credit indicator, Norges Bank takes account of developments in real estate prices and banks' wholesale funding ratios.
I tillegg til kredittindikatoren fester Norges Bank seg ved utviklingen i eiendomspriser og ved hvor stor del av sin finansiering bankene henter i finansmarkedene.
Through the past year, national house prices have risen approximately in pace with household disposable income.
Gjennom det siste året har boligprisene på landsbasis steget om lag i takt med husholdningenes disponible inntekter.
The commercial property price indicator has risen markedly in recent years.
Prisindikatoren for næringseiendom har steget markert de siste årene.
The persistent rise in household debt ratios and high real estate price inflation in recent years are signs that financial imbalances have built up.
Den vedvarende oppgangen i husholdningenes gjeldsbelastning og høy prisvekst på eiendom de siste årene, er tegn på at finansielle ubalanser har bygd seg opp.
Norges Bank's assessment of financial imbalances is little changed since September.
Norges Banks vurdering av de finansielle ubalansene er lite endret siden september.
Weak growth in the Norwegian economy and signals of somewhat tighter bank credit standards may restrain credit growth ahead.
Svak vekst i norsk økonomi og signaler om noe strammere kredittpraksis i bankene kan bidra til å dempe kredittveksten fremover.
On the other hand, the decline in lending rates over the past year may entail a risk of a renewed pick-up in real estate price inflation and debt growth.
På den annen side innebærer nedgangen i utlånsrentene det siste året en risiko for at veksten i eiendomspriser og gjeld igjen tiltar.
Series: Monetary Policy Report Number: 4/2015
Serie: Pengepolitisk rapport Nummer: 4/2015
He has long-standing experience within the field of communications and journalism.
Han har lang erfaring innen kommunikasjonsvirksomhet og journalistikk.
Malkenes holds an interfaculty cand. mag. degree from the University of Oslo.
Malkenes har en interfakultær cand. mag. fra Universitetet i Oslo.
The post of Director of Communications is administratively placed in the Central Secretariat of Norges Bank.
Stillingen som kommunikasjonsdirektør er administrativt tilknyttet sentral stab i Norges Bank.
Malkenes will take up his post mid-January.
Malkenes tiltrer stillingen medio januar.
At its meeting on 16 December 2015, Norges Bank's Executive Board appointed Karsten Kallevig Chief Executive Officer of Norges Bank Real Estate Management.
Hovedstyret har i møte 16. desember 2015 ansatt Karsten Kallevig som leder for Norges Bank Real Estate Management.
Norges Bank Real Estate Management is the dedicated organisation for managing the unlisted real estate investments in the Government Pension Fund Global.
Norges Bank Real Estate Management forvalter Statens pensjonsfond utland sine investeringer i unotert eiendom.
Kallevig will start in the new position 1 January 2016.
Tiltredelsesdato er satt til 1. januar 2016.
Kallevig comes from the position as Chief Investment Officer Real Estate in Norges Bank Investment Management.
Kallevig kommer fra stillingen som investeringsdirektør for eiendom i fondet.
He has long and extensive experience with international real estate investments, and he has been key in building the real estate portfolio since he started in 2010.
Han har lang erfaring fra internasjonal eiendomsinvesteringsvirksomhet og har vært med å bygge opp fondets eiendomsportefølje siden han startet i 2010.
Kallevig has a Bachelor of Science (Materials Science and Engineering) from Massachusetts Institute of Technology.
Kallevig har en Bachelor of Science (Materials Science and Engineering) fra Massachusetts Institute of Technology.
Thomas Sevang, Head of Communications and External Relations Tel: +47 926 01 756 / +47 2407 3561 E-mail: press@nbim.no
Kommunikasjonssjef Thomas Sevang Tlf: +47 926 01 756/+47 24 07 35 61 E-post: press@nbim.no
Governor Øystein Olsen addresses Norges Bank's regional network, Region East in Oslo.
Sentralbanksjef Øystein Olsen holder foredrag for Regionalt nettverk Øst i Oslo.
Based on a new recommendation from the Council on Ethics, Norges Bank has now decided to end the observation.
Basert på ny tilråding fra Etikkrådet, har Norges Bank nå besluttet å avslutte observasjonen.
The Ministry of Finance's decision to put Alstom SA under observation was based on an assessment of risk of gross corruption in the company's operations.
Departements beslutningen om å sette Alstom SA til observasjon var basert på en vurdering av risiko for grov korrupsjon i selskapets virksomhet.
The observation period was set for four years.
Observasjonsperioden ble satt til inntil fire år.
The Ministry asked the Council on Ethics to observe the company and follow developments in the company's anti-corruption efforts.
Departementet ba Etikkrådet om å holde selskapet under særskilt observasjon og følge med på utviklingen i selskapets arbeid med antikorrupsjon.
In a recommendation of 28 October 2015 the Council on Ethics advices that Norges Bank takes Alstom SA of the observation list.
I tilrådning av 28. oktober 2015 tilrår Etikkrådet at Norges Bank tar Alstom SA av observasjonslisten.
The Council on Ethics notes that the risk of future corruption in the company is reduced, and the risk now is probably not higher than in other comparable companies.
Etikkrådet vurderte at risikoen for fremtidig korrupsjon i selskapet er redusert, og at risikoen nå neppe er høyere enn i andre sammenlignbare selskaper.
Norges Bank has therefore decided to end the observation of Alstom SA.
Norges Bank har derfor besluttet å avslutte observasjonen av Alstom SA.
Go to the overview of all excluded companies and companies under observation
Gå til oversikten over alle utelukkede selskaper og selskaper under observasjon
For more information, contact:
For mer informasjon, kontakt:
Thomas Sevang, Head of Communications, Norges Bank Investment Management Mobile: 92 60 17 56
Thomas Sevang, kommunikasjonssjef, Norges Bank Investment Management Tlf: 92 60 17 56
Email: press@nbim.no
Epost: press@nbim.no
Norges Bank will sell foreign exchange on behalf of the government equivalent to NOK 500 million per day in January 2016.
Noregs Bank vil selje valuta på vegne av staten tilsvarande 500 millionar kroner kvar dag i januar 2016.
Norges Bank purchases foreign currency from the State's Direct Financial Interest (SDFI) each month.
Noregs Bank kjøper kvar månad valutainntektene frå Statens direkte økonomiske engasjement i oljeverksemda (SDØE).
Norges Bank sells the remaining amount in the market.
Noregs Bank seljer den resterende valutaen i marknaden.
Norges Bank will then sell foreign exchange from the GPFG, as well as the foreign exchange from the SDFI, in the market.
Norges Bank vil da selje valuta frå SPU i marknaden saman med valutainntektene frå SDØE.
Norges Bank has decided to exclude the company ZTE Corporation from the investment universe of the GPFG.
Norges Bank har besluttet å utelukke selskapet ZTE Corporation fra Statens pensjonsfond utland.
The company is excluded based on an assessment of the risk of severe corruption.
Selskapet utelukkes etter en vurdering av risikoen for grov korrupsjon.
The Executive Board's decision on exclusion was made on the basis of the recommendation of the Council on Ethics.
Hovedstyres beslutning om utelukkelse ble tatt på bakgrunn av tilrådninger fra Etikkrådet.
The Executive Board has not conducted an independent assessment of all aspects of the recommendation, but is satisfied that the exclusion criteria have been fulfilled (see § 3, subsection d, of the Guidelines for observation and exclusion from the Government Pension Fund Global).
Hovedstyret har ikke på selvstendig grunnlag vurdert alle enkeltheter i tilrådningen, men finner det tilstrekkelig godtgjort at kriteriene for utelukkelse er oppfylt, jf Retningslinjer for observasjon og utelukkelse fra Statens pensjonsfond utland § 3 bokstav d).
The Executive Board concludes that it is not appropriate to use other measures in these cases.
Hovedstyrets vurdering er at det ikke er hensiktsmessig å bruke andre virkemidler i disse tilfellene.
The Council on Ethics' recommendation
Etikkrådets tilråding om utelukkelse
List of all excluded companies
Oversikt over alle utelukkede selskaper
Thomas Sevang, Head of Communications, Norges Bank Investment Management Mobile: +47 24 07 32 76/+47 92 60 17 56 Email: press@nbim.no
Thomas Sevang, Kommunikasjonssjef, Norges Bank Investment Management Tlf: 24073276/92 60 17 56 Epost: press@nbim.no
Address by Governor Svein Gjedrem, Nordic Financial Services Conference, Stockholm 18 September 2000
Address by Governor Svein Gjedrem, Nordic Financial Services Conference, Stockholm 18 September 2000
What is the future of the Nordic financial services industry?
What is the future of the Nordic financial services industry?
Who are the winners in the consolidation process?
Who are the winners in the consolidation process?
What is the potential of e-business and the Internet?
What is the potential of e-business and the Internet?
Given their background as significant market participants, I am sure that they will provide us with some valuable insights.
Given their background as significant market participants, I am sure that they will provide us with some valuable insights.
This has not always been the case.
This has not always been the case.
The post-war period was characterised by heavy regulation.
The post-war period was characterised by heavy regulation.
There was little foreign influence.
There was little foreign influence.
Gradually, markets were deregulated and became more internationally integrated.
Gradually, markets were deregulated and became more internationally integrated.
The central banks' main instrument is now the setting of interest rates.
The central banks' main instrument is now the setting of interest rates.
In addition, technological developments, internationalisation and increased focus on shareholder value are creating pressures for structural change.
In addition, technological developments, internationalisation and increased focus on shareholder value are creating pressures for structural change.
Central bankers thus follow developments with great interest.
Central bankers thus follow developments with great interest.
Let me run through the structure of my speech.
Let me run through the structure of my speech.
Second, I will define the two stability terms that I have just introduced.
Second, I will define the two stability terms that I have just introduced.
Third, I will discuss the growing importance of securities markets.
Third, I will discuss the growing importance of securities markets.
I will then reflect upon cross-border integration in the banking sector and consequences of the Internet.
I will then reflect upon cross-border integration in the banking sector and consequences of the Internet.
Some characteristics of the Nordic economies
Some characteristics of the Nordic economies
For a start, they all have fairly large public sectors, as illustrated by the level of public sector employment.
For a start, they all have fairly large public sectors, as illustrated by the level of public sector employment.
Compared with Anglo-Saxon countries, the differences are striking.
Compared with Anglo-Saxon countries, the differences are striking.
These systems require large public transfers.
These systems require large public transfers.
Both the large public sectors and the high level of transfers necessitate a high level of taxes.
Both the large public sectors and the high level of transfers necessitate a high level of taxes.
In addition, the tax systems have been focused on redistributing income.
In addition, the tax systems have been focused on redistributing income.
Another Nordic feature is the high share of labour union membership.
Another Nordic feature is the high share of labour union membership.
Wage negotiations have traditionally been rather centralised and income is fairly equally distributed.
Wage negotiations have traditionally been rather centralised and income is fairly equally distributed.
In that sense, the Nordic countries clash with the "Anglo-Saxon model".
In that sense, the Nordic countries clash with the "Anglo-Saxon model".
Hence these countries must also possess growth-enhancing characteristics.
Hence these countries must also possess growth-enhancing characteristics.
The restructuring of the financial industry is a relevant example.
The restructuring of the financial industry is a relevant example.
There are also differences between the Nordic economies.
There are also differences between the Nordic economies.
One such area is industry structure.
One such area is industry structure.
Sweden and Finland both have relatively large manufacturing sectors.
Sweden and Finland both have relatively large manufacturing sectors.
Several of these are suppliers to the larger companies.
Several of these are suppliers to the larger companies.
Perhaps due to location and transport links, Denmark is a centre for trade and the location for the Nordic headquarters of a number of international companies.
Perhaps due to location and transport links, Denmark is a centre for trade and the location for the Nordic headquarters of a number of international companies.
The Norwegian enterprise sector, on the other hand, is heavily influenced by our natural resources.
The Norwegian enterprise sector, on the other hand, is heavily influenced by our natural resources.
Monetary and financial stability
Monetary and financial stability