international bank for reconstruction and … · of which were issued in the 1936-1938 period. it...

E.C. 29

This report is not to be published nor mayit be quoted as representing the Bank's views.

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

SUMMARY OF THE PUBLIC EXTERNAL DEBT OF NORWAY

March 22, 1954

-Economic StaffPrepared by: James J. Lynch

Reviewed by: Carel deBeaufort

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Table of Contents

Page

I. External Debt Outstanding 1II. External Debt Payments of Norway

1. Past Payment History 32. Current External Service Paymentp 3

III. Pledged Assets and Revenues 4

Tables:A-l: External Public DebtA-2: Estimated Contractual Interest and Amortization Payments

on the External Public Debt

SUMMARY OF THE PUBLIC EXTERNAL DEBT OF NORWAY

I. External Debt Outstanding

1. As of June 30, 1953 the external public debt of Norway stood at anestimated total amount of the equivalent of US$314.9 million.

The composition of the public external debt is summarized below:

(in millions of U.S.$)As of June 30, 1953External Public Debt

U.S. DOLLARSSecurities 58.3U.S. Government loans

Export-Import Bank 37.5Other 47.2

Total U.S. dollar debt . . . . . . . . . . . . . . 143.0CANADIAN DOLLARS (Intergovernment) . . . . . . . . 15.9EPU . . . . . . . . . . . . . . . .. . . . . . . . 59.7POUNDS STERLING

Securities payable in London 18.8Securities payable in France 6.6Total Pounds Sterling debt . . . . . . . . . . 2

SVISS FRANCSSecurities 8.2Intergovernment 0.9Total Swiss franc debt . . . . . . . . . . . .. 9.1

SWEDISH KRONORSecurities 9.3Intergovernment 25.9Total Swedish krona debt . . . .. . . 35.2

NORWEGIAN KRONERSecurities 1.6Intergovernment 2.8Total Norwegian krone debt.... . . . . ...

PAYABLE IN GOODS AND SERVICES (Intergovernment) 22.2

Ddbt Mettanding June 30, 1953 . ....... 347

Debt ecoltramted July 1 - Dec.1, 1953 (Swedishkronor - Securities) ............. ...... .... 9.7

2. $143 million or 45.4% of the total public debt is payable in U.S.dollars, and consists of:

a) U.S. dollar bondsThe outstanding amount of $58.3 million represents dollar bonds most

of which were issued in the 1936-1938 period. It is mainly composed of bondsissued or guaranteed by the Kingdom of Norway, ($52.8 million). In addition thereare securities issued by the Department of Akershus and the City of Oslo, amountingto $5.5 million.

b) U.S. Government loansLoans ($d4.7 million) from the U.S. Government account for a major

amount of the dollar obligations. $37.5 million were granted by the Export-ImportBank, $39.2 million by the Mutual Security Administration, $5.4 million by theMaritime Administration and $2.3 million are Surplus Property Credits.

3. Canadian dollar debt. A post-war 2 3/4% 1959 Canadian Government loanis outstanding in the amount of US$15.9 million.

4. EPU loans. The EFU granted Norway two loans, both expressed in EPUunits. One was arranged in 1950 to establish Norway's initial credit balance. Itis repayable during a period of 15 years after liquidation of the EPU. With theother one, originally amounting to US$120 million, and now outstanding in theamount of US$49.7 million, Norway financed its cumulative EPU deficits.

5. Debts in currencies other than U.S. and Canadian dollars. About 30.6%of the total debt was in currencies other than dollars. The obligations as ofJune 30, 1953 were:

a) Swedish krona debtUSU5.2 million is payable in Swedish kronor of which the equivalent

of US$9.3 million were securities. An inter-government loan outstanding to theequivalent of US$25.9 million carries a 3% coupon and matures by 1979.

b) Sterling debtThe sterling debt consists of bonds with a total amount outstanding

equivalent to $25.3 million. Of these bonds $6.6 million are payable in France insterling or current equivalent in French francs.

c) Swiss franc debtTwo bond issues, one of the Norwegian Government and the other one of

the City of Oslo were placed in Switzerland in 1938. Their outstanding total isequivalent to US$9.1 million. Debt consolidated in 1950 in connection with theestablishment of EFU is outstanding in Swiss francs to the equivalent of US$0.9million.

d) Norwegian krone debtDebt consolidated in 1950 in connection with the establishment of

EU is owed by the Bank of Norway in Norwegian currency to the Ceitral Banks ofBelgium, France and The Netherlands. The total outstanding amount is equivale4tto US$2.8 million.

6. Debt payable in goods qld services. The equivalent of US$22.2 million or7.05% of the total public debt is"out t4ding on a loan granted by the U.S. DefenseMaterials Procurement Agency, to finance the production of aluminum. Repaymentswill be made mainly in this metal.

-3-

II. External Debt Payments of Norway

1. Past Payment History

Norway has met its interest and amortization payments on its nationaldebt consistently even during the period when it was occupied during World War II.Sinking fund payments were in default from March 1, 1941 and April 1, 1941 on theDepartment of Akershus and the City of Oslo dollar bonds.* On March 1, 1946sinking fund operations were resumed and all arrears paid in full by the Departmentof Akershus. On January 28, 1947 payments were made to bring up to date all theback sinking fund requirements of the City of Oslo.

In addition interest payments on certain Swiss franc and Swedish kronabonds were not made during the immediate post-World War II years in the currenciescalled for in the loan contracts. This situation has since been remedied.

There is at present a dispute between the Norwegian Government and thFrench Foreign Bondholders' Association about the applicability of the gold clauseon bonds issued during the period 1885-1909 by the Norwegian Mortgage Bank. Allthese bonds were called for redemption on January 1, 1947 and made payable inFrance at the current rate for Norwegian Crowns. Holders of about 5.5 millioncrowns of these bonds are waiting for a better conversion rate. The French ForeignBondholders' Association is reserving its attitude on certain boun' issues of theNorwegian Government and the Agricultural Bank with a similar cla-,,se. The out-standing amount of those bonds is estimated at about 44 million c.owns.

2. Current External Service Payments

Service payments for 1954 are estimated at US$25.9 million equivalent.Of this amount US$17.4 million is for amortization and US68.5 million for interest.After having risen to US$33.2 million in 1957 service payments decline graduallyto US$2.9 million in 1978. It is estimated that only US$11 million will thenremain outstanding of the present external debt.

The above-mentioned service payments and those contained in Table A-2do not include payments on the EPU loan outstanding in the amount of US$49.7million.

Service payments and a breakdown of these payments by currencies aregiven on the following page for the years 1953 through 1978. It will be notedthat more than half of the external debt.payments is in Canadian and U.S. dollars.

* These bonds did not carry a Government guarantee.

(expressed in millions of U.S. dollars)

Total Debt Service payments by currencyDebt out- Payments during year Swe- Norwe- Payablestanding Amorti- Inter- L dish EPU Swiss gian in

Year Jan.1 zation est Total US$ Ster. kronor Can$ Units frs. kroner goods

1953 265,2 1/ 22.4 8.7 31.1 14. 6 2.2 4.3 3.2 0.3 1.1 5.0 0.61954 265.1 17.4 8.5 25.9 13.8 2.3 3.6 3.1 0.4 1.1 1.0 0.61955 247.7 19.0 7.9 26.9 13.7 2.8 3.1 3.1 o.4 1.0 0.2 2.81956 228.7 20.3 7.3 27.6 13.9 2.8 4.1 3.0 o.k 0.7 0.2 2.71957 ?08.3 26.7 6.5 33.2 18.7 2.8 4.9 2.9 0.k 0.7 0.2 2.71958 181.7 19.3 5.7 25.0 10.9 2.8 4.7 2.8 0.k 0.7 0.2 2.61959 162.4 19.8 5.1 24.9 10.7 2.8 4.2 2.7 1.2 0.5 0.2 2.61960 1k2.6 17.5 4.4 21.9 10.7 2.8 4.1 1,2 0.5 0.2 2.51961 125.1 16.8 3.8 20.6 10.6 2.7 3.0 1.1 0.5 0.1 2.41962 108.4 15.8 3.3 19.1 10.5 2.4 2.0 1.1 0.5 0.1 2.h1963 92.6 1k.9 2.7 17.6 9.4 2.3 1.8 1.0 0.5 0.1 2.3196k 77.7 13.6 2.3 15.9 8.3 2.0 1.6 1.0 0.5 0.1 2.31965 64.1 9.7 1.8 11.5 6.9 1.k 1.6 1.0 0.5 0.11966; 5k.k 8.5 1.5 10.1 5.6 1.k 1.5 1.0 0.5 0.11967 k5.9 k.4 1.3 5.7 2.8 1.k 0.9 0.5 0.11968 kl.5 k.2 1.1 5.3 2.5 1.4 0.9 051969 37.3 k.1 1.0 5.1 2.3 1.k 0.9 0,51970 33.2 k.0 0.9 k.8 2.1 1.4 0.8 o.51971 29.2 2.7 0.8 3.5 1.9 1.4 031972- 26.5 2.5 0.7 3.2 1.8 1.41973 24.0 2.6 0.6 3.2 1.8 1.k197k 21.k 2.6 0.6 3.1 1.8 1.k1975 18.8 2.6 0.5 3.1 1.7 1.41976 16.2 2.7 0.k 3.1 1.7 1.41977 13.6 2.6 0.3 3.0 1.6 1.41978 11.0 2.6 0.3 2.9 1.5 1.4

1/ Amount outstanding shown is as of June 30, 1953; payments shown are for the fullyear. Does not include k9,694,000 EFU units for which there is no fixed pay-ment schedule.

III. Pledged Assets and Revenues

Apart from the usual mortgage arrangement on the U.S. Maritime Commission'sloan no revenues or assets were pledged in connection with Norway's public externaldebt.

Table A-1: NORWAY 4- EXTERNAL PUBLIC DEBT

(In thousands)

Page 1Debt outstanding Dobt contractedJune 30, 1953 July 1 - Dec. 1, 1953

IMMNTIFIGATION In currency Expressed in In currency Expressed inof payment U.S. dollars of payment U.S. dollars

TOTAL EXTRNAL PUBLIC EBT 314,868 2 9L665

NATIONAL, GOVIRNMENT GUARANTED, JMD BANK OFNORWAY ZEBT 303_044 6

U.S. DOLLAR DEBT $ 137,467 137,467Securities 4..5?T?$17,000,000 Kingdom of Norway, Ext.S.P.

4 1/2 t 1936-1956 $ 4,363 4,363$31,500,000 Kingdom of Norway, Ext. S.F.

4 1/4%, 1936-1965 $ 21,283 21,283$29,000,000 Kingdom of Norway, Ext. S.F.

4V, 1937-1963 $ 15,089 15,089$10,000,000 Kingdom of Norway, Ext. S.F.

3 1/2%, 1947-1957 $ 8,350 8,350$5,360,000 Kingdom of Norway Municipalities

Bank 5%, 1930-1970 Z/ $ 3,684 3,684

U.S. government loans $..841§8 .841 9$50,000,000 Export-Import Bank loan 35,

1945-1966 $ 37,500 37,500

$35,000,000 MsA loan 2 i/z%, 1948-1983 $ 35,000 35,000$2,400,000 mSA loan 2 114, 1952-1986 $ 2,400 2,400$1,800,000 MSA loan 2 1/l, 1952-1964 $ 1,800 1,800$4,590-,790 Surplus Property credit 2 3/8%,

1946-1976 3/ $ 2,281 2,281$600,000 GSA loan 3%, 1947-1963 4 306 306$18,963,000 Maritime Administration loan

3 1/2, 1946-1957 $ 5,411 5,411See footnotes at end of table

Table A-1: NORWAY - EXT'TRNAL PUBLIC DEBT (Cont.)

(In thousands)

Page 2Debt outstanding Debt contracted

IDE1TIFICATION June 30, 1953 July 1 - Dec. 1. 1953In currency Expressed in In currency Expressed inof payment U.S. dollars of payment U.S. dollars

TOTAL EXTERNAL PUBLIC DEBT (Cont.)

NATIONAL, GOVER.NMENT GUARANTEED, AND BANK OFNORWAY DEBT (Cont.)

CANADIAN DOLLAR DEBT Can $ 15,773 15,862Can $2q,656,985 Canadian government loan toKingdom of Norway 2 3/14, 1945/48-1959 Can $ 15,773 15,862

FPU MET u a/c 59,694 59,69410,000,000 EPU units a/c to Kingdom of Norway

3 1/2 e16 u a/c 10,000 10,000120,000,000 EPU units a/c to Kingdom of Norway5/ u a/c 49,694 49,694

STERLING DEBT 23,828Securities payable in sterling in London

Z 1,700,000 Kingdom of Norway ConversionLoan 3, 1886-1961 Z 476 1,333

& 3,560,000 Kingdom of Norway ConversionLoan 3f, 1888 - 1963 £ 1,074 3,007

Z 73,947 Kingdom of Norway 3%, 1899-1954 i 74 207Z 5,000,000 Kingdom of Norway (Shipping)

Registered Stock 4 1/14p, 1951-1966 Z 4.539 12,709

Securities payable in sterling in France 9f 4...?t 87.fr 50,600,000 Kingdom of Norway 3 1/2%,1902-1962 Z 619 1,733

fr 115,085,000 Kingdom of Norway 3 1/2,190/05-1964 E 1,728 4,839

See footnotes at end of table

Table A-1: NORWAY - EXTRNAL PUBLIC DEBT (Cont.)

(In thousands)

Page 3Debt outstanding Debt contractedJune 30, 1953 July 1 - Dec. 1, 1953

IDENTIFICATION In currency Expressed in In currency Expressed inof payment U.S. dollars of payment U.S. dollars


NATIONAL, GOVERNMENT GUARANTEED, AND BANK OFNORWAY DEBT (Cont.)

SWISS F2ANC DEBT Sw fr 35,179 8,212Securities Sw fr 404 ...

Sw fr 46,500,000 Kingdom of Norway 3%,1938-1971 Sw fr 31,404 7,331

Intergovernment debt w.fr 8...81t.-

Sw fr 8,089,641 Banque Nationale Suisse loanto Bank of Norway 2%, 1950-1955 2] 8/ Sw fr 3,775 881

SWEDISH KRON DEBT SKr 170,412 32,942 SKr 50,000 9,665Securities SKr 61 412 7 0^9 SKr (0 000 9 66'

SKr 12,000,000 AgriculturalProperties Bank3%) 1938-1953 / SKr 492 95

SKr 20,000,000 Mortgage Bank of Norway

3 3/40, 1936-1966 2/ SKr 11,507 2,224SKr 16,000,000 Mortgage Bank of Norway

3 1/4%, 1938-1966 2/ SKr 4,152 803SKr 14,000,000 Kingdom of Norway MunicipalitiesBank 3 1/4 , 1938-1963 ./ SKr 6,961 1,346

5Kr 16,362,000 Kingdom of Norway MunicipalitiesBank 3 1/4v, 1939-1954 ./ sKr 2,659 514

SKr 19,602,000 Kingdom of Norway MunicipalitiesBank 3 1/2, 1948-1958 9/ SKr 10,641 2,057

See foofnotes at end of table

Table A-1: NORWAY - EXTERNAL PUBLIC DEBT (Cont.)

(In thousands)

P age 14Debt outstanding Debt contractedJune 30, 1953 July 1 - Dec. 1, 1953IIE~NTIFICATION In.currency Expressed in In currency Expressed in

of payment U.S. dollars of payment U.S. dollars


NATIONAL, GOVERNMENT GUARANTEED, AND BANK OFNORWAY DEBT (Cont.)

SWEDISH KRONA DIBT (Cont.)SKr 50,000,000 Kingdom of Norway 4 1/2%,

8/28/1953-1961 SKr 50,000 9,665Intergovernment debt SKrSKr 22,000,000 Sveriges Riksbank loan to Bank of

Norway 2%, 1950-1954 7 , SKr 9,000 1,740SKr 125,000,000 Swedish government loan toKingdom of Norway 3%, 1950-1979 SKr 125,000 24,163

NORWEGIAN KRONE DEBT NKr 20,277 2t839Intergovernment debt 9/NKr 42,838,153 Banque Nationale De Belgigue loan

to Bank of Norway 3%, 1950-1953 NKr 4,079 571NKr 40,921,000 De Nederlandsche Bank N.Y. loan

to Bank of Norway 2, 1950-1954 HKr 11,935 1,671NKr 38,364,000 Banque de France loan to Bank ofNorway 1%, 1950-1953 NKr 4,263 597

DEBT PAYABLE IN GOODS AND SERVICES $ 223200 22,200$22,200,000 Defense Materials loan to Kingdom of

Norway 2 1/44 1.951-1964 _91 $ 22.t200 22,200

See footnotes at end of table

Table A-: NORWAY - EXTERNAL PUBLIC DEBT (Cont.)

(In thousands)

Debt outstanding Debt contracted

IDETTIFICATION June 30, 1953 Jaly 1 - Dec, 1, 1953In currency Expressed in In currency Expressed inof payment U.S. dollars of payment U.S. dollars

DEBT OF POLITICAL SUBDIVISIONS 11,824

U.S. DOLLAR DEBT 5,496 5,496Securities

$7,000,000 Department of Akershus, Ext. S.F. 4%,1938-1968 $ 4,726 4,726

$6,500,ooo City of Oslo, Ext. S.F. 4 1/2%,1936-1955 $ 770 770

STERLING DEBT £ 501 1,508Securities£960,000 City of Bergen 4%, 1935-1965 £ 467 1,308£850,000 City of Oslo 4 1/2%, 1914-1954 o 0 34 f1) 200

SWISS FRANC DEBT Sw fr 3,900 910Securities

Sw fr 13,000,000 City of Oslo 3%,- 1938-1958 Sw fr 3,900 910

SWEDISH KRONA LUBT SKr 11,744 2,270Securities

SKr 6,000,000 City of Bergen 3 1/2%, 1938-1960 SKr 1,909 369SKr 12,000,000 City of Oslo 4%, 1937-1957 SKr 2,400 464SKr 18,000,000 City of Oslo 4%, 1937-1962 SKr 7,435 1.!7

NORWEGIAN KRONE EBT: NKr 110717 1,640Securities WfNKr 12,000,000 City of Oslo 4 1/e%, 1937-1967 NKr 6,218 870NKr 9,559000 City of Oslo Series I, 3%,

1946-1962 NKr 5,499 770See footnotes at end of table

Table A-i: NORWAY - EXTERNAL PUBLIC D5BT (Cont.)Pa-e 6

Exchange rates: Can $ 1 = $1.00563 as of June 30, 1953 and Can $ 1 = $1.0207 as of Oct. 31, 1953;Z 1 = $2.80 except as noted otherwise; SKr 1 = $0.193304; Sw fr 1 = $0.23344 as ofJune 30, 1953 and Sw fr 1 = $0.23310 as of Oct. 31, 1953; NKr 1 = $0.14; EPU unita/c 1 = $1.

Footnotes:

}} Does not include the following4a. Credit-agreement offsets to grants of $5,900,000 outstanding on June 30, 1953.

This obligation is payable in local currency or real estate only.b. City of Oslo bonds, 3 1/2%, 1948-1955 of SKr 1,980,000 outstanding in June, 1952.

The notes of this issue are held by the Municipality Bank of Norway.

2/ Guaranteed by the Kingdom of Norway.

3 The agreement provides that the United States may elect to accept either real property and improvementsto real property or local currency instead of U.S. dollars for repayment of this obligation, such paymentsto be used for U.S. Government purposes, including cultural and educational programs. See Table .-2 forpayments of Norwegian kroner made to U.S. government on account of this loan.

Aj This represents Norwayls initial credit balance with the European Payments Union, 1950-51, granted asa loan. It is to be repaid over a twelve year period beginning three years after the dissolution of theEPU and is to carry interest of 3 1/2 per annum.

5/ This represents a credit granted to Norway by the EPU for settling of the Norwegian cumulative accountingdeficits as from July 1, 1950. Of the original 200,000,000 EPU units a/c deficit, only 120,000,000 unitsa/c represents a credit, and tho Inlar.co of 60,000,006 rnitg v/c i; to be settled in gold, After106 of the credit has been utilized, payments in gold will have to be made for partial settlement of themonthly accounting deficits. The date of final principal payment is not yet fixed, but will be approximatelythree years after dissolution of the EPU; the interest rate will vary from 2 1/2o to 3 1/4%; and principalwill be repaid by equal monthly installments of the currencies of the contracting parties to the EPU.

/ According to contractual provisiozV& principal and interest are payable in Oslo, Berlin, Hamburg, Paris andLondon (at fr 1,000 = Z 39 12s. 10d.). These bonds are now payable (to non-Norwegian holders and to Norwegianholders residing outside Norway) in France in sterling, or current equivalent in French francs.

V/ Interst is payable in Nor-egian kroner.

Table A-: NORWAY - ExTERNAL PUBLIC DEBT (Cont.)

Page 7

Footnotes: (Cont.)

if This represents debt consolidated at the establishment of the European Payments Union in 1950. It is shownas an obligation of the official bank of the creditor country because that bank maintains the EPU accountsfor the government and handles the transactions.

21 This loan was made under the ECA program in 1951 in order to finance 'thc production of aluminumand housing at Sunndalsora. The contracts are between the Kingdom of Norway and the Defense MaterialsProcurement Agency of the U.S. government. Several currencies are available to Norway under the contractsprovided that DMPA shall not be required to make advances in excess of the following amounts of each currency.

$200,000 NKr 71,350,000 German mks 36,706,250627,591 MKr 6,205,500 Austrian S 12,738,000

OTA may at the request of the Ministry and on such terms and conditions as may be acceptable to DlPA,substitute advances of any currency of the European Payments Union which may be available to DIVA foradvances of any of the above-mentioned currencies." These advances from EMPA are not to exceed the equiva-lent of $22,200,000, and the Norwegian government has agreed to make available from its own resources anadditional amount equivalent to $1,800,000 for the carrying out and completion of the aluminum plant atSunndalsora. Deliveries of aluminum as principal repayment are to begin in 1955 (or in 1954, if possible)and shall end in 1964, Interest is to be paid in aluminum at the rate of 2 1/2e per annum.

The U.S. Government reports that as of June 30, 1953, the following expenditures of these funds had beenmade;

In currency of exoenditure Expressed in U.S.dollars (Estimated by IBRD)NKr 10,064,520.74 (country's funds) $1,409,033NKr 54,744,943.19 (MsA -unds) $7,664,292DM 19554,076.27 (MSA funds) $4,650,155IKr 1,575,058.68 (MsA funds) $ 228,034$ 200,000.00 (MSA funds) $ 200,000£ 76,471-16s-2d (MSA funds) $ 214,122

Since the IBRD estimate of the dollar equivalent of these expenditures is $12,956,603 of DMPA funds, thebalance authorized and not yet utilized would be $9,243,397 of DMPA funds and the equivalent in Norwegiankroner of $309,967 from Norway's funds.

Table A-1: NORWAY - EXTERNAL PUBLIC DEBT (Cont.)

Page 8

10 According to contractual provisions, principal and interest are payable in London in sterling, or Oslo,or Amsterdam in guilders based on face value in Swiss francs converted at buying rate on day of presen-tation. The bonds were denominated with equivalents at "Z 1 = Sw fr 25.25 = f 12.10 = RM 20.40 = Kr 18.15".

II/ This amount was converted to U.S. dollars on the following basis: £ 1 = Sw fr 25.25 (See footnote ten);and Sw fr 25,25 = $5.89436 at the rate of Sw fr 1 = $0.23344; therefore £ 1 = 5.89436.

12/ These bonds were issued externally and are held outside Norway.

IBRD - STATISTICS SECTION12/8/53

Table A-2t NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT

National, Government Guaranteed, and Bank of Norway Debt and Debt of Political Subdivisions

(Expressed in thousands of U.S. dollars)

Pare 1Total debt Service payments by currency

Year Debt out- Payments during year U.S Canadian EU Pounds Swiss Swedish Norwegin Payables t a n d in g A m o r t i- In - T o a _ o l a r s d a r n i a s r n g f r a n c e d r or o n inJan. 1 zation terest Total dollars dollars a/c 1z sterling francs kronor kroner goods

1953 265,174 gj 22,460 8,671 31,131 14,569 3,198 323 2,151 1,085 4,258 4,992 5551954 265,085 17,417- 8,478 25,895 13,839 3,114 350 2,288 1,080 3,616 1,053 5551955 247,668 19,015 7,923 26,938 13,672 3,050 350 2,763 1,013 3,190 195 2,7751956 228,653 20,315 7,305 27,620 13,863 2,977 350 2,754 695 4,074 187 2,7201957 208,338 26,650 6,537 33,187 18,736 2,903 350 2,757 690 4,905 182 2,6641958 181,688 19,269 5,748 25,017 10,860 2,829 350 2,757 685 4,750 177 2,6091959 162,419 19,787 5,105 24,:892 10,738 2,755 1,184 2,755 529 4,206 172 2,5531960 142,632 17,489 4,434 21,923 10,705 1,154 2,759 529 4,113 167 2,4961961 125,143 16,774 3,827 20,601 10,582 1,126 2,760 529 3,000 162 2,4421962 108,369 15,815 3,277 19,092 lo,456 1,095 2,465 529 2,005 155 2,3871963 92,554 14,867 2,744 17,611 9,412 1,o67 2,351 529 1,850 71 2,3311964 77,687 13,584 2,269 15,853 8,330 1,037 2,015 529 1,598 68 2,2761965 64,103 9,703 1,824 11,527 6,890 1,009 1434 529 1,599 661966 54,400 8,537 1,516 10,053 5,628 979 1,364 529 1,490 631967 45,863 4,405 1,273 5,678 2,753 951 529 1,381 641968 41,458 4,205 1,133 5,338 2,508 920 529 1,3811969 37,253 4,055 1,005 5,o6o 2,259 892 529 1,3801970 33,198 3,955 881 4,836 2,o66 860 529 1,3811971 29,243 2,745 766 3,511 1,866 264 1,3811972 26,498 2 517 695 3,212 1,831 1,3811973 23,981 2,550 626 3,176 1,796 1,3801974 21,431 2,584 556 3,140 1,760 1,3801975 18,847 2,620 485 3,105 1,724 1,381196 16,227 2,656 414 3,070 1,689 1,3811977 13,571 2,611 341 2,952 1,572 1,3801978 10,960 2,649 269 2,918 1,537 1.381

See footnotes at end of table.

Table A-2: NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERAL PUBLIC DEBT - Contd.


(Expressed in thousands of U.S. dollars)Page 2

Total U.S. dollar debt Dollar securities Total U.S. Government loans

Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during yearstanding Amorti- In- standing Amorti- In- standing Amorti- In-Jan. 1 zation terest Total Jan. 1 zation terest Total Jan. 1 zation terest Total

1953 142,963 Vl 9t?71 4,798 14,569 58,265 21 5,204 2,459 7,663 84,698 20 4,567 2,339 6,9061954 137,581 9,410 4,429 13,839 55,640 5,390 2,237 7,627 81,941 4,020 2,192 6,2121955 128,171 9,599 4,073 13,672 50,250 5,399 2,008 7,407 77,921 4,200 2,065 6,2651956 118,572 10,123 3,740 13,863 44,851 4,620 1,784 6,404 73,721 5,503 1,956 7,4591957 108,449 15,415 3,321 18,736 40,231 10,094 1,498 11,592 68,218 5,321 1,823 7,1441958 93,o34 7,959 2,901 10,860 30,137 3,640 1,234 4,874 62,897 4,319 1,667 5,9861959 85,075 8,113 2,625 10,738 26,497 3,793 1,080 4,873 58,578 4,320 1,545 5,8651960 76,962 8,362 2,343 10,705 22,704 3,953 922 4,875 54,258 4,4o9 1,421 5,8301961 68,600 8,530 2,052 lo,582 18,751 4,120 754 4,874 49,849 4,410 1,298 5,7081962 60,070 8,700 1,756 10,456 14,631 4,292 582 4,874 45,439 4,408 1,174 5,5821963 51,370 7,962 1,450 9,412 10,339 3,552 401 3,953 41,031 4,410 1,049 5,4591964 43,408 7,137 1,193 8330 6,787 2,759 268 3,027 36,621 4,378 925 5,3031965 36,271 5,938 952 6,890 4,028 1,739 149 1,888 32,243 4,199 803 5,oo21966 30,333 4,847 781 5,628 2,289 649 97 746 28,044 4,198 684 4,8821967 25,486 2,099 654 2,753 1,640 678 68 746 23,846 1,421 586 2,0071968 23,387 1,918 590 2,508 962 497 38 535 22,425 1,421 552 1,9731569 21,469 1,724 535 2,259 465 304 19 323 21,004 1,420 516 1,9361970 19,745 1,581 485 2,066 161 161 4 165 19,584 1,420 481 1,9011971 18,164 1,421 445 1,866 18,164 1,421 445 1,8661972 16,743 1,421 410 1,831 16,743 1,421 410 1,8311973 15,322 1,421 375 1,796 15,322 1,421 375 1,7961974 13o901 1,421 339 1,760 13,901 1,421 339 1,7601975 12,480 1,421 303 1,724 12,480 1,421 303 1,7241976 11,059 1,421 268 1,689 11,059 1,421 268 1,6891977 9,638 1,339 233 1,572 9,638 1,339 233 1,5721978 -8,299 1,338 199 1,537 8,299 1,338 199 1,537


Table A-2i NORWAY - ESTI1ATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON TIE EXTIRNAL PUBLIC DEBT - Conl


(Expressed in thousands of U.S. dollars)Rage 3

Export-Import Bank loan Other U.S. Government loans Canadian dollar debtYear Debt out- Payments during year Debt out- Payments during year Debt out- Payments during yearstanding Amorti- In- standing Amorti- In-

Jan. 1 zation terest Jan. 1 zation terest Total Jan. 1 zation terest Total

1953 37,500 g/ 2,777 1,125 3,902 47,198 g/ 1,790 1,214 3,004 15,862 2V3/ 2,683 515 3,1981954 36,111 2,778 1,062 3,840 45,830 1,242 1,130 2,372 16,099 2,683 431 3,1141955 33,333 2,777 979 3,756 44,588 1,423 1,086 2,509 13,416 2,683 367 3,0501956 30,556 2,778 896 3,674 43,165 2,725 1,060 3,785 10,733 2,684 293 2,9771957 27,778 2,778 812 3,590 40,440 2,543 1,011 3,554 8,049 2,683 220 2,9031958 25,000 2,778 729 3,507 37,897 1,541 938 2,479 5,366 2,683 146 2,8291959 22,222 2,77 646 3,423 36,356 1,543 899 2,442 2,683 2,683 72 2,7551960 19,445 2,778 562 3,340 34,813 1,631 859 2,4901961 16,667 2,778 479 3,257 33,182 1,632 819 2,4511962 13,889 2,778 396 3,174 31,550 1,630 778 2,4081963 11,111 2,778 312 3,090 29,920 .1,632 737 2,3691964 8,333 2,777 229 3,006 28,288 1,601 696 2,2971965 5,556 2,778 146 2t924 26,687 1,421 657 2,0781966 2,778 2,778 62 2,840 25,266 1,420 622 2,0421967 23,846 1,421 586 2,0071968 22,425 1,421 552 1,9731969 21,004 1,420 516 1,9361970 19,584 1,420 481 1,9011971 18,164 1,421 445 1,8661972 16,743 1,421 410 1,831197 15,322 1,421 375 1,79619R 13,901 1,421 339 1,7601975 12,480' 1,421 303 1,7241976 11,059 1,421 268 1,6891977 9,638 1,339 233 1,5721978 8,299 1,338 199 1,537


Table A-2A NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT - Contd.National, Government Guaranteed, and Bank of Norway Debt and Debt of Political Subdivisions


EPU long-term debt /Total sterling debt Securities payable_______________________-_ in sterling in LondonYear Debt out- Payments during year Debt out- Payments during year Debt out- Payments durina yearstanding Amorti- In- -standing mrti- In- standing Amorti- in-

Jan. 1 zation terest Total Jan. 1 zation terest Total Jan. 1 zation terest

1953 10,000 gJ - 323 323 25,336 .9/ 1,167 984 2,151 18,764 2/ 622 5] 748 5 1,370 51954 10,000 - 350 350 24,788 1,349 939 2,288 18,470 825 722 1,5471955 10,000 - 350 350 23,439 1,873 890 2,763 17,645 1,330 692 2,0221956 10,000 - 350 350 21t566 1939 815 2,754 16,315 1,377 636 2,0131957 10,000 - 350 350 19,627 2,018 739 2,757 14,938 1,436 580, 2,0161958 10,000 - 350 350 17,609 2,093 664 2,757 13,502 1,490 526 2,0161959 10,000 834 350 1,184 15,516 2,170 585 2,755 12,012 1,546 468 2,0141960 9,166 833 321 1,154 139346 2,258 501 2,759 10,466 1,612 4o6 2,0181961 8,333 834 292 1,126 11,088 2,346 414 2,760 8j854 1,677 342 2,0191962 7,499 833 262 1,095 8,742 2,136 329 2,465 7,177. 1,557 280 1,8371963 6,666 834 233 1,067 6,6o6 2,103 248 2,351 5,620 1618 218 1,8361964 5,832 833 204 1,037 4,503 1,845 170 2,015 42002 1,44 157 15011965 4,999 834 175 1,009 2,658 1,336 98 1,434 2,658 1,336 98 1,4341966 4,165 833 146 979 1,322 1,322 42 1,364 1,322 1,322 42 1,641967 3,332 834 117 9511968 2,498 833 87 9201969 1,665 834 58 8921970 831 831 29 86019711972197319741975197619771978

See footnotes at end of tableT

Table A-2: NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT - Contd.


(Expressed in thousands of U.S. dollars)Page 5

Securities payable Total Swiss franc debt Swiss franc securitiesin sterling in France

Year Debt out- Payments during year Debt, out- Payments during year Debt out- Payments during yearstanding Amorti- In- Total standing Amorti- In- Total standing Amorti- In- TotalJan. 1 zation terest Jan. 1 zation terest Jan. 1 zation terest

1953 6,572 11 545 V/ 236 Vj 781 ./ 9,122 2W 836 249 1,085 8,241 2/.2/ 459 249 7081954 6,318 524 217 741 8,614 845 235 1,080 7,923 468 235 7031955 5,794 543 198 741 7,769 792 221 1,013 7,455 478 221 6991956 5,251 562 179 741 6,977 488 207 695 6,977 488 207 6951957 4,689 582 159 741 6,489 498 192 690 6,489 498 192 6901958 4,107 603 138 741 5,991 508 177 685 5,991 508 177 6851959 3,504 624 117 741 5,483 367 162 529 5,483 367 162 5291960 2,880 646 95 741 5,116 379 150 529 5,116 379 150 5291961 2,234 669 72 741 4,737 390 139 529 4,737 390 139 5291962 1,565 579 49 628 4,347 402 127 529 4,347 402 127 5291963 986 485 30 515 3,945 414 115 529 3,945 414 115 5291964 501 501 13 514 3,531 427 102 529 3,531 427 102 5291965 3,104 439 90 529 3,104 439 90 5291966 2,665 453 76 529 2,665 453 76 5291967 2,212 466 63 529 2,212 466 63 5291968 1,746 481 48 529 1,746 481 48 5291969 1,265 495 34 529 1,265 495 34 5291970 770 510 19 529 770 510 19 5291971 260 260 4 264 260 260 4 2641972197319741975197619771978


Table A-2t NOR1W1AY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON TIB EXTERNAL PUBLIC DEBT - Contd.


(Expressed in thousands of U.S. dollars)Pap-e6

Other privately Total Swedish krona debtheld Swiss franc debt

Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during yearstanding Amorti- In- Total standing Amorti- In- TotalJan. 1 zation terest Jan. 1 zation terest Tand 1 zti In-es t1Jan. 18 zaio t83 19est,

1953 881 J.2/ 377 Z/ 377 35,212 -/ 3,183 1,075 4,258 9,309 _2j 1,443 350 7931954 .> 691 377 Z/ 377 43,425 2,155 1,461 3,616 18,392 1,285 736 2,0211955 314 314 314 41,270 1,709 1,411 3,120 17,107 1,048 691 1,7391956 39,561 2,722 1,352 4.0o74 16,059 2,041 652 2,6931957 36,839 3,677 1,228 4,905 14,018 2,976 548 3,5241958 33,162 3,667 1,083 4,750 11,042 2,944 425 3,3691959 29495 3,261 945 4,206 8r098 2,517 309 2,8261960 26,234 3,298 815 4,113 5,581 2,531 201 2,7321961 22,936 2,315 685 3,000 3,050 1525 94 1,6191962 20,621 1,387 618 2,005 1,525 573 51 6241963 19,234 1,276 574 1,850 952 437 32 4691964 17,958 1,064 534 1,598 515 200 17 2171965 16,894 1,098 501 1,599 315 208 10 2181966 15,796 1,024 466 1,490 107 107 2 1091967 14,772 945 436 1,3811968 13,827 973 408 1,3811969 12,854 1,002 378 1,3801970 11,852 1,033 348. 1,3811971 10,819 1,064 317 1,3811972 9,755 1,096 285 1,3811973 8,659 1,129 251 1,3801974 7,530 1,163 217 1,3801975 6367 1,199 182 1,3811976 5,168 1,235 146 1,3811977 3,933 1,272 108 1,3801978 2,661 1,311 70 1,381


Table A-2: NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT - Contd.


(Expressed in thousands of U.S. dollars)Pare 7

held Sdisphrivatelydebt Swedish Government loan Tob2 Norwegian krone debtYear Debt out- DPaebt out- Payments during year Debt out- Payments during year

standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In-Jan. 1 zation terest Jan. 1 zation terest Jan. 1 zation terest Total

1953 1,740 £1 1,740 2 l' 1,740 24,163 V] - 725 725 4,479 Z/ 4,820 172 4,9921954 870 870 870 24,163 - 725 725 2,378 975 78 1,0531955 24,163 661 720 1,381 1,403 139 56 1951956 23,502 681 700 1381 1,264 139 48 1871957 22,821 701 680 1,381 1,125 139 43 1821958 22,120 723 658 1,381 986 139 38 1771959 21,397 744 636 1,380 847 139 33 1721960 20,653 767 614 1,381 708 139 28 1671961 19,886 790 591 1,381 569 139 23 1621962 19,096 814 567 1,381 430 137 18 1551963 18,282 839 542 1,381 293 58 13 711964 17,443 864 517 1,381 235 58 10 681965 16,579 890 491 1,381 177 58 8 661966 .15,689 917 464 1,381 119 58 5 631967 14,772 945 436 1,381 61 61 3 641968 13,827 973 408 1,381196 12,854 1,002 378 1,3801970 11,852 1,033 348 1,3811971 10,819 1,064 317 1,3811972 9,755 1,096 285 1,3811973 8,659 1,129 251 1,3801974 -7,530 i,163 217 1,3801975 6,367 1,199 182 1,3811976 5,168 1,235 146 1,3811977 3,933 1,272 108 1,3801978 2,661 1,3U 70 1,381


Table A-2t NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DEBT - Contd.National, Government Guaranteed, and Bank of Norway Debt and Debt of Political Subdivisions


Pae 8

Norwegian krone securities Other privatelyheld Norwegian krone debt

Year Debt out- Payments during year Debt out- Payments durini Yearstanding Amorti- In- Total standing Amorti- In- TotalJan. 1 zation terest Jan. 1 zation terest

1953 1,64o g/ 139 63 202 2,839 91 4,007 55 4,0621954 1,542 139 58 .197 836 836 5 8411955 1,403 139 53 1921956 1,264 139 48 1871957 1,125 139 43 1821958 986 139 38 1771959 847 139 33 1721960 708 139 28 1671961 569 139 23 1621962 430 137 18 1551963 293 58 13 711964 235 58 10 681965 177 58 8 661966 119 58 5 631967 61 61 3 6419681969197019711972197319741975197619771978

See footnotes at end of table,

Table A-2: NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON TB EXTERNAL PUBLIC DEBT - Contd.



Page 9Other Norwegian krone payments Debt payable in goods and service-ii

U.S. Swide SwedishCentral Central Debt out- Payments during yearYear Govement Bank J Bank 1.J standing I Amorti- In-T.

Jan. 1 zatio teret TotalAmortization Interest Interes . 1 on teree

1953 674 ./ 18 36 22,200 &/ - 555 5551954 10 5 22,200 - 555 5551955 3 22,200 2,220 555 2,7751956 19,980 2,220 500 2,7201957 17,760 2,220 444 2,6641958 15,540 2,220 389 2,6091959 13,320 2,220 333 2,5531960 11,100 2,220 276 2,4961961 8,880 2,220 222 2,4421962 6,660 2,220 167 2,3871963 4,440 2,220 111 2,3311964 2,220 2,220 56 2,276196519661967196819691970

19711972197319741975197619771978

See footnotes on page 10.

Table A=21 NORWAY - ESTIMATED CONTRACTUAL INTEREST AND AMORTIZATION PAYMENTS ON THE EXTERNAL PUBLIC DE1T - Contd.

Page 10.J Does not include 49,694,ooo EPU units of account outstanding of original funded amount of 120,000,000 EPUunits. There is not sufficient detail to project a schedule of repayments. See footnote five on Table A-1.

2J Amount outstanding is as of June 30, 1953;,,payments shown are for the full year.

j This amount outstanding is based on the exchange rate as of June 30, 1953. The projection of repayments,however, is basedon the exchange rates as of October 31, 1953.

J' It has been assumed that the EPU will be d-i4solved by 1955 and that amortization will start in the firsthalf of 1959. For further details see footnote four on Table A-1.

/ Included here are payments of £11,200 ($31,360) amortization and £224 ($627) interest on the issue of£450,000 City of Bergen 4%, 1913-1953 which was retired in the first half of 1953.

1 Included here are payments of £14,231 ($39,846) amortization and £213 ($596) interest on the issue offr 18,500,000 Kingdom of Norway 3, 1903-1953 which was retired in the first half of 1953.

.Z/ The interest on the obligation included here is payable in Norwegian krone and is shown on this table under0Other Norwegian krone paymentsu.

iJ This represents a payment of Norwegian krone (equivalent to $647,050.00) which was made for amortization ofthe Surplus Property Credit during 1953. See footnote three on Table A-1 for other details,

/ This represents the interest payments (to be made in Norwegian krone) on the Sw fr 8,089,641 Swiss CentralBank loan to the Bank of Norway 2yo, due 1955. The principal of the loan is repayable in Swiss francs andis shown under "Other privately - held Swiss franc debt1.

1J/ This represents the interest payments (to be made in Norwegian krone) on the SKr 22,000,000 Swedish CentralBank loan to the Bank of Norway 2%, due 1954. The principal of the loan is repayable in Swedish kronor andis shown under nOther privately-held Swedish krona debt".

11J It has been assumed that deliveries of aluminum sufficient to repay this loan in ten equal annual instalmentswill begin in 1955 and end in 1964.

IBRD - Statistics SectionDecember 10, 1953

international bank for reconstruction and … · of which were issued in the 1936-1938 period. it...

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