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Financial Stability 1/2003 Charts Chapter 1

Financial Stability 1/2003 Charts Chapter 1. Chart 1.1 Number of bankruptcies, employees and sales of bankrupt companies. Index. Sales value 1). Number of bankruptcies. Employees 1). 2). 1) Turnover and employment in last normal operating year 2) Annualised figures based on Q1 2003

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Financial Stability 1/2003 Charts Chapter 1

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  1. Financial Stability 1/2003ChartsChapter 1

  2. Chart 1.1 Number of bankruptcies, employees and sales of bankrupt companies. Index Sales value1) Number of bankruptcies Employees1) 2) 1) Turnover and employment in last normal operating year 2) Annualised figures based on Q1 2003 Source: Statistics Norway

  3. Chart 1.2 Banks' pre-tax operating profit/loss on ordinary activities as a percentage of ATA1) 2) 1) Average total assets.Parent bank 2) Annualised figures for 2003 based on Q1 Source: Norges Bank

  4. Chart 1.3 Non-performing loans and recorded loan losses in banks. Percentage of gross lending Non-performing loans per quarter Annualised loan losses Source: Norges Bank

  5. Chart 1.4 Deposit-to-loan ratios in banks1).Percentage of gross lending 3 largest2) Other 4th-8th largest 1) Excluding branches of foreign banks2) Den norske Bank (incl.Postbanken throughout the period), Nordea Bank Norge and Gjensidige NOR Sparebank Source: Norges Bank

  6. Chart 1.5 Credit as a percentage of GDP Total credit to mainland Norway2) Credit from domestic sources (C2)2) Total credit (C3)1) 1) Percentage of GDP 2) Percentage of mainland GDP Source: Norges Bank

  7. Chart 1.6 Household borrowing rate after tax deflated by consumer price inflation1). Per cent 1) With effect from 2001 Q4, rise in the CPI-ATE is used as deflator Source: Norges Bank

  8. ChartsChapter 2

  9. Chart 2.1 International equity price indices.Indexed, 02.01.02 = 100 Japan, Topix Norway, OBX US, S&P 500 Europe, Stoxx Source: EcoWin

  10. Chart 2.2 Relationship between price and future earnings1) for companies in the S&P 500 index 1) Actual and estimated (from Q4 2002) annual earnings one year ahead from the price date Sources: Standard and Poor’s and Norges Bank

  11. Chart 2.3 Effective yield on government bonds with 10 years to maturity US Euro countries Source: Datastream

  12. Chart 2.4 Components of wealth among US households.In billions of USD Equities Bank deposits etc. Source: Board of Governors of the Federal Reserve

  13. Chart 2.5 Default rates for corporate bonds1) and bank loans2) in the US. Percentage outstanding Bonds Bank loans 1) The figure for 2003 is the average for January-April 2) Non-performing loans more than 30 days after due date Sources: Datastream and Federal Deposit Insurance Corp.

  14. Chart 2.6 Bank failures1) in the US.Measured in terms of total assets (USD bn) and number of banks Total assets (right-hand scale) Number of banks (left-hand scale) 1) Banks where insolvency proceedings have been initiated Source: Federal Deposit Insurance Corporation

  15. Chart 2.7 Bank index and total index in Japan.Indexed, 01.10.02 = 100 Total index (Topix 500) Bank index Source: EcoWin

  16. Chart 2.8 Yield differentials between government debt of some emerging economies and US government bonds.Percentage points Brazil Venezuela Turkey Asia Eastern Europe Source: EcoWin

  17. Chart 2.9 Sub-indices on the Oslo Stock Exchange.Indexed, 02.01.02 = 100 Energy Financial All share index (OSEBX) ICT1) Industrials 1) Weighted average of telecoms and IT index Source: EcoWin

  18. Charts. BoxP/E ratio for the Norwegianstock market

  19. Chart 1 Price earnings (P/E) ratio for companies listed on the Oslo Stock Exchange1) 1) Total market value at year-end divided by total profit/loss on ordinary activities same year Sources: Dun & Bradstreet, Oslo Stock Exchange and Norges Bank

  20. Chart 2 Market value at year-end and earnings1) for companies listed on the Oslo Stock Exchange.In billions of NOK Earnings (left-hand scale) Market value (right-hand scale) 1) Annual profit/loss on ordinary activities Sources: Dun & Bradstreet, Oslo Stock Exchange and Norges Bank

  21. ChartsChapter 3

  22. Chart3.1 Business sentiment indicator.Seasonally adjusted diffusion index1) 1) A value below 0 implies that the majority of industrial leaders expects a weaker outlook in the next quarter. Sources: Statistics Norway and Norges Bank

  23. Chart 3.2 Consumer confidence indicator1). Unadjusted figures Personal financial situation Total Country's economic situation 1) Provides an expression of the share with a positive assessment of the current situation and outlook for the future less the share with a negative assessment Source: Norsk Gallup Institutt AS

  24. Chart 3.3 Rise in house prices and growth in credit to households.12-month growth. Per cent Credit growth Rise in house prices Sources: Norwegian Association of Real Estate Agents and Norges Bank

  25. Chart 3.4 Household gross financial assets, housing wealth and debt.Percentage of disposable income Housing wealth Gross fin. assets Debt Gross fin. assets excl. insurance claims Source: Norges Bank

  26. Chart 3.5 Households' total debt as a percentage of the value of housing wealth Source: Norges Bank

  27. Chart 3.6 Number of dwellings sold.In thousands 1)House properties.Unrestricted sales.Including housing cooperative dwellings Source: Statistics Norway and NBBL

  28. Chart 3.7 Household debt burden1) and debt as a percentage of disposable income less expenses for necessities2) Debt/disposable income less necessities Debt burden 1) Loan debt as a percentage of disposable income 2) Food, non-alcoholic beverages, clothing and footwear Source: Norges Bank

  29. Chart 3.8 Household debt burden1) in selected countries.Annual figures Japan Norway UK US Sweden 1) Loan debt as a percentage of disposable income Sources: OECD, Sveriges Riksbank and Norges Bank

  30. Chart 3.9 Household interest burden1) and the borrowing rate Interest burden Borrowing rate after tax 1) Interest expenses after tax as a percentage of disposable income plus interest expenses Source: Norges Bank

  31. Chart 3.10 Gross financial capital (excl. insurance claims) as a percentage of household debt in 2000.By income decile and interest burden1) Interest burden less than 20% Interest burden over 20% 1) Interest expense as a percentage of disposable income Source: Statistics Norway

  32. Chart 3.11 Total sales of bankrupt enterprises, total and for selected industries. In billions of NOK All industries (left-hand scale) Manufacturing Property management etc.1) Construction 2) 1) Property management, commercial services and rental activities 2) Annualised figures based on Q1 2003 Source: Statistics Norway

  33. Chart 3.12 Gross fixed investment by industry as a percentage of real capital in the industry Commercial services Construction Post and telecoms Manufacturing Fishing and fish-farming Source: Statistics Norway

  34. Chart 3.13 Banks' lending to enterprises, by industry. 12-month growth. Per cent Total enterprises Manufacturing etc.1) Retail trade2) Services, property management etc. 1) Manufacturing, mining, utilities and construction 2) Retail trade, hotels and restaurants Source: Norges Bank

  35. Chart 3.14 Probability of default for large unlisted enterprises1).Per cent Median of 20% weakest Median of 50 % weakest Median enterprise 1) Non-financial, unlisted enterprises with a turnover of more than NOK 70 million.Probability of default within one year Source: Moody's KMV

  36. Chart 3.15 Probability of default for large unlisted enterprises.Median observation. Per cent Norway Sweden Denmark Finland Source: Moody's KMV

  37. Chart 3.16 Banks' loans to property management.Per cent Annual change (left-hand scale) Property management as a share of total bank loans (right-hand scale) Source: Norges Bank

  38. Chart 3.17 Rental price for and value of office premises in central Oslo.Price per square metre Average value (right-hand scale) Rental price prestigious pemises (left-hand scale) Rental price normal standard (left-hand scale) Source: OPAK

  39. Chart 3.18 Vacant office premises in Oslo, Asker and Bærum.In thousands of square metres.As of February Source: Eiendomsspar

  40. Chart 3.19 Debt burden of non-financial enterprises excl. petroleum and shipping.Per cent of cash surplus1) excl. interest expenses Debt burden based on net capital income Debt burden based on gross capital income Debt burden previous report 2) 1) Cash surplus = Value added - labour costs + gross or net capital income 2)An audit of the figures has led to an increase in corporate sector capital income since the November 2002 Financial Stability report Sources: Statistics Norway and Norges Bank

  41. Chart 3.20 Interest burden of non-financial enterprises excl. petroleum and shipping.Per cent of cash surplus Interest burden based on net capital income Interest burden based on gross capital income Interest burden previous report 1) 1) An audit of the figures has led to an increase in corporate sector capital income since the November 2002 Financial Stability report Sources: Statistics Norway and Norges Bank

  42. Charts Chapter 3, Box 1 P/E ratios for dwellings

  43. Chart 1 House prices deflated by the building cost index and the annual wage index.Index, 1987=100 Deflated by the building cost index Deflated by the annual wage index Source: Norges Bank

  44. Chart 2 The P/E ratio for the housing market and households' real borrowing rate P/E Average Real borrowing rate Sources: Statistics Norway and Norges Bank

  45. ChartsChapter 4

  46. Chart 4.1 Banks1) financing in bond and money markets and deposits and loans from financial institutions.Percentage of gross lending Bond financing Deposits and loans from financial institutions Money market financing 1) Excluding branches of foreign banksSource: Norges Bank

  47. Chart 4.2 Residual maturity on banks1) financing in money and capital markets2).March 2003. Percentage of gross lending 3 largest 4th-8th largest Other 1) Excluding branches of foreign banks 2) Deposits and loans from credit institutions, bonds, notes and short-term paper Source: Norges Bank

  48. Chart 4.3 Banks1) short-term foreign debt2).Percentage of gross lending 3 largest All banks 4th-8th largest Other 1) Excluding branches of foreign banks 2) Deposits and loans from other financial institutions and notes and short-term paper Source: Norges Bank

  49. Chart 4.4 Three largest banks: liquid assets (line) and short-term domestic and foreign debt1) (coloured areas).Percentage of total assets Liquid assets Short-term foreign debt Short-term domestic debt 1) Deposits and loans from other financial institutions and notes and short-term paper Source: Norges Bank

  50. Chart 4.5 4th to 8th largest banks: liquid assets (line) and short-term domestic and foreign debt1) (coloured areas).Percentage of total assets Liquid assets Short-term foreign debt Short-term domestic debt 1) Deposits and loans from other financial institutions and notes and short-term paper Source: Norges Bank

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