Norwegians take out more loans
Linn Marie Hammernes
At the end of 2003, Norwegian townships, households and non-financial enterprises have borrowed NOK 1,697 billion (USD 242 billion), according to numbers presented from Statistic Norway.
The majority of the loans are supplied by banks, and it is the banks that have the largest increase in numbers of loans. Last year, the banks lending was NOK 1,189 billion (USD 169 billion) amounting to a share of about 70 percent. The banks loans to the public amounted to 8.2 percent.
Financial institutions market share for loans to the public remained rather stabile. The second largest player on the market was the financing firms with approximately 17 percent.
Numbers from Norges Bank indicates that the end of last year, the banks interest margin was 2.9 percent. The interest margin was 2.92 percent at the same time in 2002.
Compared to the last quarter, the interest margin fell with 0.07 percentage points.
The banks interest on loans fell with 3.97 percentage points to 4.74 percent from the fourth quarter in 2002. The bank deposit rate fell from 3.95 percent to 1.84 percent in the same period.
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