The Ministry of Finance presents today a proposition to the Storting (Parliament) concerning authorisation for domestic borrowing in 2003.

The government’s gross financing requirement for 2003 is about NOK 23 billion. The financing requirement will be met mainly by borrowing in the domestic market.

Experiences of market developments have shown the need for flexibility in the government's borrowing program in order to adapt to changes during the year. The Ministry of Finance therefore asks for authorisation to raise loans that exceed gross financing requirement. The Ministry proposes authorisation to raise new long-term domestic loans of NOK 60 billion. Authorisations for maximum outstanding short-term market instruments (bills etc.) and other short-term debt instruments are proposed at NOK 80 billion and NOK 100 billion, respectively. The Ministry of Finance will not ask for authorisation for borrowing in the international market.

In December, the Ministry of Finance and Norges Bank will publish an auction calendar for the issuance of government bonds and bills for 2003.