Net international reserves are Norges Bank’s main assets, apart from the Government Pension Fund Global, which does not affect the Bank’s results. Norges Bank accepts deposits from the central government and banks. The Bank has substantial capital as well as liabilities in the form of notes and coins in circulation. Norges Bank’s assets primarily consist of investments that generate a return. The Bank’s accounts will therefore show fairly large surpluses over time. Since the Bank’s assets are largely invested in foreign exchange and liabilities are in NOK, the financial results recorded will vary with the krone and will be weak when the krone depreciates, as it did last year.
 
Interest income and dividends from foreign investments amounted to NOK 7.3 billion in 2009, which is NOK 5.3 billion lower than in 2008. The rise in prices in international securities markets in 2009 resulted in gains of NOK 32.7 billion, compared with losses totalling NOK 54.3 billion in 2008.  Due to the appreciation of the Norwegian krone, exchange losses totalled NOK 53.1 billion in 2009, compared with exchange losses of NOK 63.5 billion in 2008. Exchange losses due to the appreciation of the krone have no effect on the international purchasing power of the foreign exchange reserves.

At end-2009, Norges Bank’s international reserves amounted to NOK 255.5 billion at market value, taking into account repurchase agreements, borrowing and cash collateral. This is NOK 11.1 billion more than at end-2008.

After the year’s allocations, the Bank’s capital in the form of the Adjustment Fund amounts to NOK 51.3 billion. This is not sufficient for a transfer of funds from the Adjustment Fund to the Treasury.

Norges Bank’s annual financial statements include the financial accounts for the Government Pension Fund Global. These accounts will be presented in a press release in connection with the publication of the Government Pension Fund Global Annual Report on 5 March 2010.