1 Risk outlook

• 1.1 Global risk outlook
• 1.2 Vulnerabilities in the Norwegian financial system
• Box: Key vulnerabilities in the Norwegian financial system
• 1.3 Measures to mitigate vulnerabilities
• Box: Driving forces behind European commercial property prices prior to a sharp fall in prices
• Box: A heatmap for monitoring systemic risk
• Box: New regulatory framework on recovery and resolution in the banking sector
• Special Feature: Increase in digitalisation and financial stability

2 Bank profitability and solvency

• 2.1 Solid capital adequacy
• Box: Banks' credit risk on corporate loans
• 2.2 Stress test – bank solvency in the event of a pronounced downturn
• Box: New accounting rules will change the way banks recognise credit impairment

3 Bank funding

• 3.1 New requirements could change the composition of bank funding
• Box: Minimum requirement for own funds and eligible liabilities (MREL)
• 3.2 Liquidity regulation finalised
• 3.3 Focus: Funding of consumer credit banks
• Box: Liquidity in the Norwegian bond and short-term paper market

4 Household debt and the link to the housing market

• 4.1 Exposure to debt varies with the life cycle
• 4.2 Risk of default and shifts in consumption
• Box: What explains the increase in household debt?
• Box: The importance of parents' economic position for first-home buyers

Annex

• The Norwegian banking sector
• Regulatory reform

See also the press release The financial system is vulnerable to high debt