natgillin/translations-raw huggingface dataset:
Chart 15: Different return scenarios for the GPFG 
Figur: Ulike baner for fondsavkastningen
Calculations in the National Budget for 2015 illustrate this point. 
Beregninger fra Nasjonalbudsjettet 2015 er egnet til å illustrere dette poenget.
The broken red line shows the trajectory for fiscal space assuming a real return of 4 percent. 
Den stiplede linjen viser hvordan handlingsrommet for budsjettet utvikler seg gitt en forutsetning om 4 prosent realavkastning.
The estimation is based on the oil price level prevailing late last summer. 
Beregningen bygger på oljeprisnivået fra sensommeren i fjor.
If the return is closer to 3 percent, there will be little room for increasing petroleum revenue spending over the fiscal budget. 
Blir avkastningen nærmere 3 prosent, er det begrenset rom for å øke bruken av oljepenger over statsbudsjettet.
On the contrary, in the course of a few decades, petroleum revenue spending as a share of GDP will have to be reduced, that is to say fiscal policy will have to be tightened. 
I løpet av et par tiår vil det tvert i mot være behov for å redusere bruken som andel av BNP, det vil si å stramme inn i finanspolitikken.
If, in addition, the oil price settles more permanently around the level observed so far this year, fiscal policy must be adjusted earlier. 
Skulle oljeprisen i tillegg på mer varig basis legge seg nær det nivået vi har sett hittil i år, må tilpasningen i finanspolitikken fremskyndes.
If petroleum revenue spending follows the real return, we will be heading for a period of sizeable fiscal retrenchment each year. 
Hvis bruken av oljepenger følger realavkastningen, står vi i så fall foran en periode med merkbare innstramminger i budsjettet, år for år.
In addition, pension obligations will show a pronounced rise further ahead. 
Samtidig vil pensjonsforpliktelsene etter hvert øke betydelig.
The fall in oil prices has been a reminder of the uncertainty surrounding future petroleum revenues. 
Oljeprisfallet har minnet oss om at utviklingen i oljeinntektene fremover er usikker.
The same applies to the return on GPFG capital. 
Det samme er avkastningen på fondskapitalen.
The three paths illustrate the uncertainty we are facing, but they also illustrate another important point. 
De tre banene understreker usikkerheten vi står overfor, men de illustrerer også et annet viktig poeng.
Spending the return will ultimately lead to a flattening of the GPFG, which will then decline as a percentage of GDP. 
Deretter vil fondet avta som andel av verdiskapingen.
What is new is that this may be the case here and now. 
Det nye er at denne problemstillingen kan være aktuell her og nå.
At today's oil price, the GPFG may have reached the peak. 
Med oljepriser på dagens nivå kan fondet ha nådd toppen.
In that case, petroleum revenue spending as a percentage of GDP must be reduced to avoid using more than the return on the GPFG. 
I så fall er det behov for å redusere bruken av oljepenger som andel av BNP hvis man vil unngå å bruke mer enn avkastningen.
Even if the oil price and the rate of return follow a path that allows the GPFG to grow for a period ahead, petroleum revenue spending should be restrained. 
Skulle oljepris og avkastning utvikle seg slik at fondet fortsetter å vokse en stund til, bør man likevel holde igjen på pengebruken.
By keeping spending well below the upper bound, the need for fiscal retrenchment further ahead can be reduced. 
Ved å skjære gjennom toppen, reduseres behovet for senere innstramming.
The fiscal rule has functioned as a long-term guideline for fiscal policy for nearly 15 years. 
Handlingsregelen har fungert som en langsiktig rettesnor for finanspolitikken i snart 15 år.
It has served its purpose. 
Den har tjent hensikten.
The time has now come to show restraint. 
Nå er det behov for å stoppe opp.
A sensible risk adjustment is now to refrain from increasing petroleum revenue spending further from today's level. 
En fornuftig tilpasning til risiko er at man ikke sikter mot å øke bruken av oljeinntekter videre fra dagens nivå.
The era of rising petroleum revenue spending may be behind us. 
Epoken med opptrapping av bruken av oljeinntekter kan ligge bak oss.
The more than forty-year-old white paper on the role of the petroleum industry in Norwegian society was far-sighted and proved to be on the mark. 
Den mer enn førti år gamle stortingsmeldingen om petroleumsvirksomhetens plass i det norske samfunn var både fremsynt og treffsikker.
The development of an advanced oil service industry is an industrial adventure in its own right. 
Utviklingen av en avansert leverandørnæring er et industrieventyr.
The oil age is far from over. 
Oljealderen er langt fra over.
But activity in the petroleum sector has passed the peak. 
Men aktiviteten i oljenæringen er over toppen.
In addition, we must be prepared for lower returns in the oil industry. 
I tillegg må vi være forberedt på at virksomheten kaster mindre av seg.
The white paper also provides a glimpse into a time when belief in government intervention in the economy was far greater than today. 
25 gir oss innblikk i en tid da troen på statlige inngrep i det økonomiske livet var langt større enn i dag.
That regulatory optimism has diminished significantly. 
Styringsoptimismen er betydelig redusert.
We are left with an important recognition: The key to economic progress is the ability to restructure. 
Tilbake står en viktig erkjennelse: Det er evnen til omstilling som er nøkkelen til økonomisk fremgang.
"It is not true that the sea is faithless, for it has never promised anything..." 
«Det er ikke sant at havet er troløst; for det har aldri lovet noe...».
Where our journey takes us is our own responsibility. 
Vi må selv ta ansvar for hvor vi havner.
1 Alexander Kielland (1880): Garman & Worse (Translation by W.W. Kettlewell). 
1 Alexander Kielland (1880): Garman og Worse
2 Estimate based on calculations in Blix Prestmo, Strøm and Midsem (2015): Ringvirkninger av petroleumsnæringen i norsk økonomi [Spillovers from the petroleum industry to the Norwegian economy]. 
2 Anslaget bygger på beregninger i Blix Prestmo, Strøm og Midsem (2015): Ringvirkninger av petroleumsnæringen i norsk økonomi.
Forthcoming report from Statistics Norway. 
Kommer som rapport fra Statistisk sentralbyrå.
Petroleum-related exports from mainland Norway are also included. 
I tillegg er eksport fra fastlandsøkonomien som er knyttet til oljevirksomheten, regnet med.
3 Share of home-owning households. 
3 Andel av husholdningene som eier bolig.
Debt is here defined as gross debt less bankdeposits. 
Gjeld er her definert som bruttogjeld fratrukket bankinnskudd.
4 Including reserves that have been approved for development by holders of oil rights and other proven resources in fields and discoveries. 
4 Inkluderer reserver som er vedtatt utbygd av rettighetshaverne og øvrige påviste ressurser i felt og funn.
Source: The shelf in 2014, Norwegian Petroleum Directorate 
Kilde: Sokkelåret 2014, Oljedirektoratet
Speech by Governor Øystein Olsen at the University of Oslo on 25 February 2015. 
Foredrag av sentralbanksjef Øystein Olsen på Universitetet i Oslo, 25 februar 2015.
To commemorate this event, Norges Bank has decided to issue a special edition 20-krone circulation coin. 
Norges Bank har besluttet å utgi en 20-krone sirkulasjonsmynt med spesialpreg for å markere denne begivenheten.
The Sámi woman Elsa Laula Renberg organised the first international Sami conference in Norway. 
Samekvinnen Elsa Laula Renberg arrangerte det første landsdekkende samemøtet i Norge.
This event is also the reason 6 February is celebrated as Sami National Day. 
Begivenheten er også grunnlaget for at den 6. februar feires som Samenes Nasjonaldag.
The date on which the coin will be issued will be determined at a later time. 
Tidspunkt for utgivelse av mynten blir fastsatt senere.
Therese Riiser Wålen, Assistant Director of Communications and External Relations Tel. 
Therese Riiser Wålen, Assisterende direktør Kommunikasjon Tlf.
+47 22 31 68 45 / +47 94 05 08 86 
22 31 68 45 / 94 05 08 86
Norges Bank will sell foreign exchange equivalent to NOK 700 million per day in connection with the transfers to the Government Pension Fund Global (GPFG) in March 2015. 
Noregs Bank vil selje valuta tilsvarande 700 millionar kroner kvar dag samband med avsettinga til Statens pensjonsfond utland (SPU) i mars 2015.
Norges Bank aims for the petroleum buffer portfolio to be between NOK 5 billion and NOK 10 billion at the end of each year. 
Noregs Bank sikter mot at petrobufferporteføljen skal vere på 5-10 milliardar kroner ved utgangen av kvart år.
Address by Central Bank Governor Kjell Storvik. 
Address by Central Bank Governor Kjell Storvik.
Conference on the Norwegian Petroleum Fund, New York, March 12 1998, Held by The Norwegian-American Chamber of Commerce INC. 
Conference on the Norwegian Petroleum Fund, New York, March 12 1998, held by The Norwegian-American Chamber of Commerce INC.
The investment management aims at high long term returns within acceptable limits of risk exposure. 
The investment management aims at high long term returns within acceptable limits of risk exposure.
To induce general confidence, adequate risk controls and transparent reporting of performance will be essential. 
To induce general confidence, adequate risk controls and transparent reporting of performance will be essential.
The revenues are based on the extraction of a non-renewable natural resource. 
The revenues are based on the extraction of a non-renewable natural resource.
Intergenerational justice and economic policy considerations suggest that these revenues should not all be spent as they are earned. 
Intergenerational justice and economic policy considerations suggest that these revenues should not all be spent as they are earned.
This implies that only a limited sum of the expected petroleum revenues should be spent domestically at any time. 
This implies that only a limited sum of the expected petroleum revenues should be spent domestically at any time.
The Petroleum Fund thus has a double purpose. 
The Petroleum Fund thus has a double purpose.
It serves as a buffer in case we are hit by an external shock, such as a fall in petroleum prices. 
It serves as a buffer in case we are hit by an external shock, such as a fall in petroleum prices.
It is also an instrument for saving part of Norway's petroleum revenues for the next generation. 
It is also an instrument for saving part of Norway's petroleum revenues for the next generation.
The size of the Petroleum Fund is increasing rapidly. 
The size of the Petroleum Fund is increasing rapidly.
It may reach 70 billions dollars within four years, and is likely to continue increasing for the next 20 years. 
It may reach 70 billions dollars within four years, and is likely to continue increasing for the next 20 years.
The central bank proposed last year that at least 30 per cent of the Fund should be invested in equities. 
The central bank proposed last year that at least 30 per cent of the Fund should be invested in equities.
That kind of compromise is probably familiar to most of you. 
That kind of compromise is probably familiar to most of you.
Norges Bank is managing the Petroleum Fund on behalf of the Ministry of Finance. 
Norges Bank is managing the Petroleum Fund on behalf of the Ministry of Finance.
I believe the Ministry had several reasons for choosing Norges Bank as the manager of the Fund. 
I believe the Ministry had several reasons for choosing Norges Bank as the manager of the Fund.
No other Norwegian manager has similar international experience. 
No other Norwegian manager has similar international experience.
These relationships probably contribute to the national confidence needed for the management of the Fund. 
These relationships probably contribute to the national confidence needed for the management of the Fund.
The Ministry of Finance set new guidelines for investment of the Petroleum Fund from 1 January this year. 
The Ministry of Finance set new guidelines for investment of the Petroleum Fund from 1 January this year.
The guidelines are based on counsel from Norges Bank formally submitted to the Ministry in April and August 1997, and on an ongoing dialogue between the two institutions. 
The guidelines are based on counsel from Norges Bank formally submitted to the Ministry in April and August 1997, and on an ongoing dialogue between the two institutions.
We also realised that substitution could change the import weights significantly over time. 
We also realised that substitution could change the import weights significantly over time.
Given a distant horizon, it seemed a better idea to take a more balanced look at all production activities outside Norway. 
Given a distant horizon, it seemed a better idea to take a more balanced look at all production activities outside Norway.
Market capitalization weights also reduce the need to rebalance the portfolio when markets perform differently. 
Market capitalization weights also reduce the need to rebalance the portfolio when markets perform differently.
For the fixed income portfolio we recommended GDP weights, which give a well diversified portfolio. 
For the fixed income portfolio we recommended GDP weights, which give a well diversified portfolio.
The reason for this is not merely to compel diversification. 
The reason for this is not merely to compel diversification.
This implies that the Fund will not be used for strategic investments. 
This implies that the Fund will not be used for strategic investments.
Certain national business interests would no doubt have welcomed the Fund's assistance in their market positioning efforts abroad. 
Certain national business interests would no doubt have welcomed the Fund's assistance in their market positioning efforts abroad.
The present guidelines reflect such concerns to some extent through the investment universe chosen. 
The present guidelines reflect such concerns to some extent through the investment universe chosen.
We are awaiting their conclusions on that point. 
We are awaiting their conclusions on that point.
The latter role is somewhat unusual for a central bank. 
The latter role is somewhat unusual for a central bank.
Norges Bank wishes to behave as a professional investment manager, comparing its costs and performance to other large funds around the world. 
Norges Bank wishes to behave as a professional investment manager, comparing its costs and performance to other large funds around the world.
Consequently, the Bank has had to offer more flexible wage schemes than have traditionally been available. 
Consequently, the Bank has had to offer more flexible wage schemes than have traditionally been available.
I believe we are going to succeed in establishing a highly efficient investment unit. 
I believe we are going to succeed in establishing a highly efficient investment unit.
The guidelines state that we should maximise returns on the Fund portfolio within certain risk limits. 
The guidelines state that we should maximise returns on the Fund portfolio within certain risk limits.
The expected tracking error of the total portfolio, as defined in a BARRA total plan risk model, may not at any time exceed 150 basis points. 
The expected tracking error of the total portfolio, as defined in a BARRA total plan risk model, may not at any time exceed 150 basis points.
We started this year with a fixed income portfolio of about 15 billion dollars. 
We started this year with a fixed income portfolio of about 15 billion dollars.
The identity of these managers will not be disclosed while the transition process is still under way. 
The identity of these managers will not be disclosed while the transition process is still under way.
The slide illustrates our use of external services. 
The slide illustrates our use of external services.
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
5 100 000 
5 100 000
861 361 199 
861 361 199
18.6 % 
18.6 %
8 379 256 
8 379 256
560 000 
560 000
628 725 342 
628 725 342
13.6 % 
13.6 %
6 116 192 
6 116 192
56 000 
56 000
4 625 858 726 
4 625 858 726
1 100 000 
1 100 000
1 150 000 
1 150 000
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.