Annual Report 2005
PDF-files
Table of Contents
Part I Report of the Executive Board for 2005 (450 kB)
Monetary policy
Financial stability
Investment management
Organisation and personnel
Use of resources and restructuring
Gender equality
Health, environment and safety
Internal control and risk management
Ethical rules
Profit and loss account and balance sheet
Distribution of profit
Part II - Financial statements for 2005 (488 kB)
Profit and loss account
Balance sheet
Notes
Auditors’ report for 2005
Resolution of the Supervisory Council concerning the financial statements for 2005
The Supervisory Council’s statement concerning its supervision of Norges Bank
Part III - Norges Bank’s activities
Chapter 1 - Monetary policy (882 kB)
Flexible inflation targeting
Performance in 2005
Inflation and capacity utilisation through 2005
Reasons for the deviations from the inflation target and output developments in 2005
Variability in inflation and output
Inflation expectations
Monetary policy in 2005
Monetary policy decisions and the basis for decisions
Was monetary policy in 2005 predictable?
Liquidity management in the money market
Chapter 2 - Financial stability (440 kB)
Responsibility for the stability of the financial system
Financial markets and financial institutions
Surveillance of financial stability
Financial stability in 2005
Somewhat improved outlook for financial stability in the short term
Solid bank earnings
Strong growth in household debt
Solid corporate profitability
Strong rise in Norwegian equity prices
Strengthened financial stability globally
Financial market structure, financial market regulation and contingency planning
Payment systems and means of payment
Norges Bank’s tasks and responsibilities
Norges Bank’s settlement system
Risk in payment systems
Authorisation and supervision of interbank systems
Follow-up of the IMF’s recommendations on the payment system
Rules for pledging collateral for loans in Norges Bank
Developments in the use of various means of payment and payment instruments
International payment systems
Contingency arrangements in the financial sector
Notes and coins
Norges Bank’s responsibility
Notes and coins in circulation
Commemorative coins
Counterfeit money
Organisation of cash handling
Costs
Chapter 3 -Investment management (164 kB)
Foreign exchange reserves and claims on the IMF
Government Pension Fund - Global
Government Petroleum Insurance Fund
Research
Chapter 4 - Research and international cooperation (255 kB)
Research in 2005
Prize for best article Participation in the research community
Support for economic research
International cooperation
Other central banks
International organisations
Chapter 5 - Other responsibilities (66 kB)
Production of statistics
Area of responsibility
Legal basis for compilation of data
Financial and securities statistics
Financial sector accounts (FINSE)
Reporting and international cooperation
Foreign exchange regulation and control
Foreign exchange transactions
Government debt policy
Information activities
Chapter 6 - Organisation, management and use of resources (89 kB)
Core responsibilities
Developments in the use of resources
Operational areas as core units
Extensive delegation
Management and follow-up
Fundamental values
Distribution of costs by task category
Working conditions
Appendices
A. Tables (65 kB)
B. Norges Bank’s management and organisation (47 kB)
Complete issue (4 943 kB)