Norges Bank's credit indicator (C2) rose by 13.4 per cent in the twelve months to end-January, up from 13.2 per cent in the 12 months to end-December. Growth in the three-month moving average for C2 was 14.8 per cent at end-December, the same as at end-November. C2 is an approximate measure of the size of the gross domestic debt of the public (households, non-financial corporations and municipalities) in NOK and foreign exchange. Twelve-month growth in credit to households was 13.2 per cent to end-January, compared with 13.4 per cent to end-December. Credit to non-financial corporations increased by 15.7 per cent in the twelve months to end-January, up from 14.6 per cent in the 12 months to the end of the previous month.

The money supply grew by 9.9 per cent in the twelve months to end-January, up from 9.7 per cent to end-December. The money supply consists of notes and coins, bank deposits and certificates of deposit owned by households, non-financial corporations and municipalities and financial corporations other than state lending institutions and banks. Twelve-month growth in the household money supply was 4.7 per cent to end-January, up from 4.6 per cent to end-December. The money supply of non-financial corporations rose by 20.6 per cent to end-January, compared with 17.3 per cent to the end of the previous month.

Banks' interest margin declined by 0.07 percentage point in the fourth quarter of 2005, to 2.42 per cent. The lending rate rose by 0.07 percentage point, to 4.04 per cent, while the deposit rate rose by 0.14 percentage point, to 1.62 per cent, by the end of the quarter. Interest rates on loans from life insurance companies edged down by 0.01 percentage point, to 4.01 per cent, while the lending rates of mortgage companies increased by 0.02 percentage point, to 3.41 per cent, by the end of the quarter.