1. FINANCIAL SECTORS FOR SUSTAINABLE GROWTH Idar Kreutzer, CEO, Finance Norway NFU Conference May 28 2015

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3. Economic Outlook USA –Increased growth –QE-program finished last year –First interest rate hike getting closer Euro area –Fragile growth, high unemployment rate, low inflation –Quantitative easing – 60 bn. Euro per month until September 2016 –Grexit? China –Reduced growth –Rebalancing the economy –Weak housing market, high corporate debt and uncertainty in the credit markets causes concern Annual Growth in GDP and Projections. Percentage 3 Source: IMF

4. The financial sector’s contribution to society Credit makes other sectors more productive Provides risk relief Large employer and taxpayer Highly compentent work force and high level of productivity Norwegian welfare and wage levels require high level of productivity Source: Statistisk sentralbyrå 4

5. The financial sector – A productive sector with unused potential Growth in productivity and employment Norwegian mainland industries, 1990–2010 (deviations from the average for industries) 5 Employment growth Growth in productivity Information and communications Finance and insurance business Retail etc Source: Victor Norman, NHH

6. 6 Tillit er grunnsteinen for en velfungerende finansnæring

8. New EU Commission: Job creation Policy framework for financial services: –Innovation friendly –Fight fraud, protect consumers –Financial stability Is there a correlation between goals and instruments? Need for calibration 8 Sustainable growth Need for calibration

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