Net income from financial instruments in global securities markets related to the Bank's foreign exchange reserves was a positive NOK 89.7bn in 2014, compared with NOK 53.2bn in 2013. The depreciation of the Norwegian krone against most of the major currencies in the Bank's foreign exchange reserves resulted, when translated into NOK, in a foreign exchange gain of NOK 57.4bn in 2014. In 2013, exchange rate effects resulted in a foreign exchange gain of NOK 25.0 billion for the foreign exchange reserves. Gains and losses owing to changes in the krone exchange rate do not influence the international purchasing power of the foreign exchange reserves. At the end of 2014, the Bank's net foreign exchange reserves amounted to NOK 448.6bn, which is NOK 120.3bn more than at the end of 2013.

Total comprehensive income of NOK 89.2bn contributed to an increase in equity to NOK 215.9bn. In line with the current guidelines for provisions and allocations of Norges Bank's profit, the Bank's total profit will be transferred, with NOK 57.9bn to the Adjustment Fund and NOK 31.3bn to the Transfer Fund. This implies a transfer to the Treasury of NOK 10.4bn based on values at December 2014. In the financial statements, the transfer to the Treasury is reclassified from Equity to Other liabilities. Norges Bank's equity after the transfer to the Treasury stands at NOK 205.5bn.

The foreign exchange reserves constitute Norges Bank's main asset (excluding the Government Pension Fund Global (GPFG), which has no effect on the Bank's results). Norges Bank holds interest-free liabilities in the form of notes and coins in circulation. In addition, the Bank holds domestic deposits from the government and banks. This balance sheet composition will normally generate a positive return over time. The Bank's assets are primarily in foreign exchange, whereas its liabilities are primarily in NOK. Norges Bank's income principally comprises net income from financial instruments related to the Bank's foreign exchange reserves. Gains and losses arise from changes in exchange rates, changes in equity prices and changes in interest rates that affect bond prices. Norges Bank's results depend on developments in these parameters, which can cause substantial fluctuations in net income.

Norges Bank's financial statements include the financial reporting for the GPFG. This will be presented in a separate press release in connection with the publication of the GPFG annual report for 2014.

Annual Report of the Executive Board and financial statements 2014

The complete Annual Report will be published at a later time.