natgillin/translations-raw huggingface dataset:
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.
Background information 
Background information
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
13 700 
13 700
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
-55 
-55
LIABILITIES AND CAPITAL 
LIABILITIES AND CAPITAL
Foreign liabilities 
Foreign liabilities
14 753 
14 753
IMF holdings of NOK 
IMF holdings of NOK
4 589 
4 589
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
Treasury 
Treasury
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.
First line of reserves 
First line of reserves
6.8 
6.8
Second line of reserves 
Second line of reserves
Immunisation portfolio 
Immunisation portfolio
7.5 
7.5
Total international reserves 
Total international reserves
26.8 
26.8
7.4 
7.4
Norges Bank's foreign assets 
Norges Bank's foreign assets
34.2 
34.2
The Government Petroleum Insurance Fund 
The Government Petroleum Insurance Fund
Total managed by Norges Bank 
Total managed by Norges Bank
35.3 
35.3
Virtually all outstanding central government foreign debt will be repaid in 1997 and 1998. 
Virtually all outstanding central government foreign debt will be repaid in 1997 and 1998.
Transfers from the international reserves to the Government Petroleum Fund are carried out twice a year. 
Transfers from the international reserves to the Government Petroleum Fund are carried out twice a year.
The first transfer is made on 31 December, based on preliminary estimates. 
The first transfer is made on 31 December, based on preliminary estimates.
Final settlement takes place at the end of May for the preceding year. 
Final settlement takes place at the end of May for the preceding year.
Pursuant to the Norges Bank Act, the government may issue regulations for the investment of official foreign exchange reserves. 
Pursuant to the Norges Bank Act, the government may issue regulations for the investment of official foreign exchange reserves.
The government has never exercised this right. 
The government has never exercised this right.
The Bank is currently working on the risk evaluations underlying the existing regulations. 
The Bank is currently working on the risk evaluations underlying the existing regulations.
As I will return to this later, I will limit myself to giving a brief outline of these regulations here. 
As I will return to this later, I will limit myself to giving a brief outline of these regulations here.
In addition to requirements regarding liquidity, the regulations specify rules concerning exchange-rate risk, interest-rate risk and credit risk in particular. 
In addition to requirements regarding liquidity, the regulations specify rules concerning exchange-rate risk, interest-rate risk and credit risk in particular.
Exchange-rate risk reflects the import weights in the Norwegian economy and covariance between the currencies. 
Exchange-rate risk reflects the import weights in the Norwegian economy and covariance between the currencies.
As a result, the distribution of currencies is as follows: 
As a result, the distribution of currencies is as follows:
GUIDELINES 
GUIDELINES
ACTUAL 31. 
ACTUAL 31.
DECEMBER 1996 
DECEMBER 1996
FIRST AND SECOND LINES OF RESERVES 
FIRST AND SECOND LINES OF RESERVES
PETRO. 
PETRO.
FUND 
FUND
IMMUNISATION PORTFOLIO 
IMMUNISATION PORTFOLIO
DEM-BLOCK 
DEM-BLOCK
50-60% 
50-60%
41-47% 
41-47%
57.0% 
57.0%
54.1% 
54.1%
42.8% 
42.8%
GBP 
GBP
10-20% 
10-20%
11-17% 
11-17%
16.7% 
16.7%
7.8% 
7.8%
15.8% 
15.8%
0-10% 
0-10%
14-20% 
14-20%
2.6% 
2.6%
17.0% 
17.0%
USD/CAD 
USD/CAD
13-23% 
13-23%
15-21% 
15-21%
17.8% 
17.8%
18.7% 
18.7%
17.6% 
17.6%
JPY 
JPY
2-12% 
2-12%
4-10% 
4-10%
5.9% 
5.9%
19.4% 
19.4%
6.8% 
6.8%
As regards average interest-rate risk, the regulations stipulate that the maximum modified duration shall be 5. 
As regards average interest-rate risk, the regulations stipulate that the maximum modified duration shall be 5.
The benchmark portfolio is set at 3. 
The benchmark portfolio is set at 3.
The main activity comprises selecting profitable close substitutes for securities included in the given benchmark. 
The main activity comprises selecting profitable close substitutes for securities included in the given benchmark.
The department was established in 1986, when the operational sections of the former Foreign Exchange Department and Credit Policy Department merged. 
The department was established in 1986, when the operational sections of the former Foreign Exchange Department and Credit Policy Department merged.
As far as I know, we were the first central bank to organise activities in this way. 
As far as I know, we were the first central bank to organise activities in this way.
The chart shows the current organisation of the department. 
The chart shows the current organisation of the department.
We now employ 52 persons, of which two work in the somewhat broader field of research in the Research Department. 
We now employ 52 persons, of which two work in the somewhat broader field of research in the Research Department.
Total estimated resource used in Norges Bank in connection with asset management amounts to 24 person-years. 
Total estimated resource used in Norges Bank in connection with asset management amounts to 24 person-years.
A working group is therefore now assessing the ambitions and resources used in connection with asset management, including a possible out-sourcing of some of the work to a subsidiary. 
A working group is therefore now assessing the ambitions and resources used in connection with asset management, including a possible out-sourcing of some of the work to a subsidiary.
The committee is chaired by the Deputy Governor and comprises representatives from each of the policy departments and the Research Department. 
The committee is chaired by the Deputy Governor and comprises representatives from each of the policy departments and the Research Department.
The committee normally meets four times a year. 
The committee normally meets four times a year.
Since 1 January this year, the Bank's organisation is composed of 3 wings which cover the central bank's core activities, plus one administrative wing. 
Since 1 January this year, the Bank's organisation is composed of 3 wings which cover the central bank's core activities, plus one administrative wing.
The Market Operations Department is in Wing I - Monetary Policy. 
The Market Operations Department is in Wing I - Monetary Policy.
In spring 1996, the Executive Board carried out an assessment of strategies for the central bank's further development. 
In spring 1996, the Executive Board carried out an assessment of strategies for the central bank's further development.
One conclusion was that the Bank should concentrate on its core activities. 
One conclusion was that the Bank should concentrate on its core activities.
Another was that the Bank should strive to make its activities more transparent. 
Another was that the Bank should strive to make its activities more transparent.
We also intend to publish these results. 
We also intend to publish these results.
In addition it was decided to transfer the management of some funds to external portfolio managers. 
In addition it was decided to transfer the management of some funds to external portfolio managers.
This decision was announced and more than 100 institutions subsequently expressed their interest. 
This decision was announced and more than 100 institutions subsequently expressed their interest.
Drawing up a short-list and making the final selection was therefore an extensive process. 
Drawing up a short-list and making the final selection was therefore an extensive process.
ABN AMRO Asset Management, London, was given responsibility for managing a portfolio equivalent to DEM 150 million for European currencies, and Goldman Sachs Asset Management, New York, was assigned the management of a portfolio equivalent to USD 100 million for investment in USD and CAD. 
ABN AMRO Asset Management, London, was given responsibility for managing a portfolio equivalent to DEM 150 million for European currencies, and Goldman Sachs Asset Management, New York, was assigned the management of a portfolio equivalent to USD 100 million for investment in USD and CAD.
Norges Bank signed a contract with the Bankers Trust Company for deposit services and returns analysis in connection with the external management. 
Norges Bank signed a contract with the Bankers Trust Company for deposit services and returns analysis in connection with the external management.
Strategic management choices 
Strategic management choices
Equity 
Equity
Norges Bank's foreign currency holdings are now larger than those normally required for intervention purposes. 
Norges Bank's foreign currency holdings are now larger than those normally required for intervention purposes.
Historically, stocks have proved to be a better hedge against inflation than bonds. 
Historically, stocks have proved to be a better hedge against inflation than bonds.
Stocks have historically had a weaker correlation to oil prices than bonds. 
Stocks have historically had a weaker correlation to oil prices than bonds.
This is important as Norway's total national wealth declines in value when calculations are based on lower oil prices. 
This is important as Norway's total national wealth declines in value when calculations are based on lower oil prices.
Bonds 
Bonds
0.15 
0.15
0.39 
0.39
0.23 
0.23
0.36 
0.36
Stocks 
Stocks
-0.06 
-0.06
-0.49 
-0.49
-0.39 
-0.39
-0.10 
-0.10
*) Annual changes in the oil price calculated from OECD data, annual returns on bonds from the JP Morgan Bond Index, annual returns on stocks from MSCI. 
*) Annual changes in the oil price calculated from OECD data, annual returns on bonds from the JP Morgan Bond Index, annual returns on stocks from MSCI.
Stocks are also more volatile than bonds, entailing a greater risk of losses in the short term. 
Stocks are also more volatile than bonds, entailing a greater risk of losses in the short term.
In the longer term, however, the expected return is higher. 
In the longer term, however, the expected return is higher.
Here are some figures to illustrate this: 
Here are some figures to illustrate this:
Mean return 
Mean return
Standard deviation 
Standard deviation
9.8% 
9.8%
9.5% 
9.5%
6.6% 
6.6%
10.1% 
10.1%
11.4% 
11.4%
15.1% 
15.1%
11.2% 
11.2%
25.5% 
25.5%
*) Data supplied by JP Morgan. 
*) Data supplied by JP Morgan.
Twenty years is a relatively short period. 
Twenty years is a relatively short period.
Holding period 
Holding period