Authorisations to borrow in 2013

The Ministry of Finance today presents a proposition to the Storting (Parliament) concerning authorisation for central government borrowing in 2013.

The non-oil fiscal budget deficit is financed by transfers from the Government Pension Fund Global. The Government's gross financing requirement, including government debt amortization, net lending and net equity investments, will be covered by borrowing and by drawing on the cash reserves.

According to the proposed 2013 Fiscal Budget, the Government's gross financing requirement is NOK 124 billion in 2013.

The Ministry proposes authorisation to raise NOK 100 billion in new long-term domestic loans. Maximum outstanding of short-term market instruments (Treasury bills) is proposed at NOK 250 billion. The T-bills used in the Government Swap Facility are included in this authorisation.

In order to maintain a well-functioning and efficient market for government securities, long term borrowing is smoothed out over the years. In December 2012, the Ministry of Finance and Norges Bank will publish an auction calendar for the issuance of government bonds and Treasury bills in 2013.