Norges Bank’s Money Market Survey in April 2013

Abstract

In April 2013, Norges Bank conducted a survey of the Norwegian money market. This was the first time such a survey was conducted in Norway. The results provide new insights into a market that is essential to the Norwegian financial system and important for the conduct of monetary policy. Results from the survey clearly show that unsecured lending is concentrated at the absolutely shortest maturities. Secured lending primarily takes the form of currency swaps. Activity levels in the currency swap market are high out to a maturity of three months. The survey also shows that Norwegian banks are net lenders of NOK through currency swaps and receive the NOK back as unsecured overnight deposits.