Note

1997
kr. '000

1996
kr. '000

1

Interest on loans, etc.

Interest on loans to domestic banks

1,051,484

1,514,286

Interest on loans to other borrowers

300,103

252,680

1,351,587

1,766,966

2

Interest on deposits, etc. and certificates of deposit

Interest on deposits from domestic banks

137,034

119,021

Interest on the central government's deposits

1,270,655

1,453,085

Interest to other depositors, etc.

64,217

57,130

Interest on certificates of deposit

2,108,994

1,678,004

3,580,900

3,307,240

3

Administrative expenses

Fees and salaries

166,862

162,310

Indirect staff expenses, including contributions to staff pension schemes

37,520

35,010

Purchases of machinery and equipment

14,998

11,961

Real property, current expenses

30,630

30,851

Dataprocessing and expenses incidental to the Securities Centre

31,022

27,999

Other expenses

46,789

32,440

327,821

300,571

4

Expenses incidental to the note production

Fees and salaries

37,982

36,872

Indirect staff expenses, including contributions to staff pension schemes

7,524

7,271

Purchases of paper and materials

7,529

17,414

Purchases of machinery and equipment

7,975

11,378

Real property, current expenses

9,105

8,729

Other expenses

8,007

6,047

78,122

87,711

5

Expenses incidental to The Royal Mint

Expenses

Fees and salaries

7,874

9,535

Indirect staff expenses

1,771

1,675

Purchases of metal, blanks and materials

10,269

11,432

Purchases of machinery and equipment

319

256

Real property, current expenses

2,892

3,278

Other expenses

1,537

2,037

24,662

28,213

Receipts

Sales of metal

2,310

6,598

Sales of coin sets and medals

1,474

1,594

Other receipts

159

4,865

3,943

13,057

Net expenses

20,719

15,156

6

The ship credit scheme

The Nationalbank is obliged to deliver Ship Credit Fund bonds to the Ship Credit Fund at par should a borrower redeem a loan prematurely. Expenditure is incurred because in such cases the market price has been above par.

7

Commemorative coin

Since claims for encashment of the commemorative coin are considered unlikely, on the issue of the commemorative coin an estimated profit of kr. 19 million is distributed at half to the Crown and half to the Ministry of Economic Affairs for charity purposes.

8

Value adjustment of gold

Value adjustment of gold - including gold deposited with the European Monetary Institute - is made on the basis of the price quoted at the year's last gold fixing in London.

9

Value adjustment of foreign assets

This adjustment is based on the official exchange rates and market prices ruling at year-end.

10

Value adjustment of bonds and shares, etc.

The value adjustment of the bond portfolio is based on the official market prices quoted at year-end.

11

Stock of gold, foreign assets and claims on the European Monetary Institute

As an element of the European Monetary System, EMS, 20 per cent of the stock of gold and USD is deposited with the European Monetary Institute.

12

Loans, etc.

Banks

31,650,599

40,805,290

Other borrowers

5,465,000

8,853,288

37,115,599

49,658,578

13

Bonds and shares, etc.

As previously the Nationalbank's share portfolio - with an estimated value of kr. 1.3 billion - is included at a value of kr. 1 per shareholding.

14

Accruals

This amount includes outstanding interest of kr. 2,491 million (1996: kr. 2,180 million).

15

Total assets

The Nationalbank's properties - in the latest official real-estate assessment valued at kr. 649 million (1996: kr. 649 million) - and machinery and equipment are accounted as expenditure in the year of acquisition.

16

Deposits, etc.

Banks

28,551,107

21,111,095

Other depositors

5,311,671

6,957,374

33,862,778

28,068,469

17

Off-balance-sheet items

Other liabilities include unsettled gross purchases on forward terms of kr. 57,537 million (1996: kr. 52,440 million).