Member Profile. ANFH Finansieringsselskapenes Forening The Association of Norwegian Finance Houses

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1 Finansieringsselskapenes Forening The Association of Norwegian Finance Houses

2 NOTE: Sources and definitions are provided in the accompanying supplemental document

3 Norwegian economic context Population 1 (millions on January 1) (p) Real GDP growth 2 0.7% - Household Final Consumption Expenditure 5 2.1% - Unemployment 3 3.5% - Inflation 4 2.0% - Real household consumption per capita 6 ( /inhabitant) Real adjusted household gross disposable income per capita 7 ( /inhabitant) Saving rate % - Indebtedness ratio % (2012) - - Source: Eurostat 1-9

4 Norwegian economic context Norway compared to the rest of Europe Real GDP growth rate 2 and household final consumption growth 5 for 2013 Household real adjusted gross disposable income 7 vs. household real consumption 6 ( per capita, 2013) 5% 30,000 4% 3% 2% 25,000 20,000 1% 15,000 0% -1% -2% 10,000 5,000-3% IT PT ES FI NL CZ DK DE FR BE NO SE PL UK LT RO 0 ROCZ PL LT PT ESNLDK IT FRSE FI BEUKDENO Real GDP Growth Household Final Consumption Expenditure Household real consumption Household real adjusted gross disposable income Source: Eurostat 2, 5-7

5 Norwegian economic context Norway compared to the rest of Europe Household saving rate 8 (%) Household gross debt-to-income ratio 9 (%) 18% 300% 16% 14% 250% 12% 200% 10% 8% 150% 6% 100% 4% 2% 0% LT PL DK UK FI ES CZ NL IT PT NO SE FR BE DE 50% 0% LT PL CZ IT FR DE BE FI PT ES UK SE NO NL DK Source: Eurostat 8&9

6 Norwegian consumer credit market structure Dec 2013 ()* Dec 2013 ECB June 2014 ()* 1. Total lending to households in mil (outstandings)** Consumer credit*** Loans for house purchasing Loans for other purposes**** Growth of total consumer credit national market in terms of outstandings (CAGR 08-13) ( - including car finance) na (ECB) na Source: *Estimates provided by the Norwegian member association on the size of the national market. **exchange rate of 1 Euro = 8.3 Norwegian Kroner used. ***includes overdraft and working capital facilities. ****includes housebuilding loans.

7 Norwegian consumer credit market structure All companies dealing with consumer credit in Norway are required to be licensed, which includes universal and specialised banks and finance houses. European lenders are present in the market through subsidiaries or affiliates. Growth in consumer lending was high in the years preceding the financial crisis of 2008, but fell substantially the following year. The last three years have again seen quickening growth. Banks loans to households are predominantly home mortgage loans, whereas uncollateralised consumer loans are fairly limited. While it remains unknown how much of these loans are used to finance consumer consumption, many of them will have been used to finance consumer goods such as cars, redecoration and other personal commodities. In addition to loans collateralized by residential property, other important forms of financing include revolving credit products such as credit cards, vehicle finance and unsecured loans. Companies offering credit cards provide financing by point of sale and this plays, together with internet lending, an important role in Norwegian consumer finance. The unsecured loan and revolving credit markets have been increasing since 2009, with growth in Q of 7.8%. Unsecured loans vary in value from approximately 1,250 to 43,500. Source:

8 membership member companies are specialsed in vehicle finance, personal (unsecured) loans and all types of credit cards. member companies are not involved in mortgage lending. member companies do not offer home equity loans. For the moment member companies do not offer cross border consumer credit. Some of our member companies have branches in other Nordic countries. Some of s members only deal with credit cards. Most of their members deal with car financing and some offer in addition credit cards and unsecured loans. Source:

9 membership membership structure Finance houses 24 Captives 6 Specialised banks 3 Universal banks 1 Other 1 Share of total national consumer credit & car finance market Share of total national mortgage market 0.0% na Share of new consumer credit granted Growth of total consumer credit member market in terms of outstandings (CAGR 08-13): 8.4% Consumer car finance na 81% Non auto PoS 13 na 1% Personal loans na 18% Revolving na 0% Source: Eurofinas 12,14

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