(1) risk factors
The Norwegian central bank must be careful analysis financial risk factors and the establishment of a security risk management mechanism, to deal with management funds and foreign exchange reserves management risk facing a lot. These risks are mainly divided into the market risk, credit risk and risk management. Market risk is because the exchange rate, the interest rate and stock price change in the financial tools value change. Credit risk is to because the debtor can't pay back the debt or management object cannot fulfil its obligation and the risk of loss. Risk management, including all other financial and non-financial factors of risks.
Market risk must be associated with the expected returns, investment management main goals is given the rate of return to realize the risk minimization, or in the can accept the risk of standard, achieve maximize returns. The Norwegian central bank in order to obtain high yield, calculation overestimate how much risk factors, take a positive risk standard, to achieve expected returns.
(2) the external service personnel
In order to avoid the account settlement, deposit management and use of the subcontractor in the risk, the Norwegian central bank of external experts engaged in special investment management, and these external service contract implementation supervision.
The Norwegian central bank selected and the employment of the famous external investment institutions to oil money stock index investment management, and with a responsible for stock transaction settlement global savings bank signed contract, appoint the agent for stock trading. In addition, also invited a high level of securities companies and stock brokers in internal interest rates and stock futures of internal trade for advice.
In the choice of external investment agency, the central bank to take the standard to measure its company mainly include scale and in stock index management experience, the investment process, the management system, and the central bank communication degree, the internal control condition and operation team and work ability, the competent investment transaction cost and the fees charged, etc. The central bank also note on investment company in "intelligent" trading skills.
Audit conclusion http://www.51lunwen.org/sjs/2012/0118/lw201201181251373698.html
In 1998, Norwegian central bank return on investment than benchmark portfolio high return 0.2% in 1999 and 1.25% higher, 2000 high 0.2%, and only 0.02% higher than in 2001. The audit report think oil fund the department the achievements is satisfying. In 1998 the entire annual expected relative risk, which is the actual investment combination of yield of the relative to the benchmark rate of return on investment portfolio standard variance, has remained at 1.5% of limited scope. And other international capital management institutions of execution similar investment behavior, compared to the management cost is lower.
Auditors also found that the government capital projects the benchmark oil established portfolio to the distribution of assets and currency shall be fully consider the location. Choice of markets function is good, liquidity, and have appropriate laws and institutions of the regulation. The Treasury for oil money management strategy reflects on the risks and benefits of proportion of careful thought.
The Norwegian central bank management and control ability accords with the international similar funds management practice of the standard. In fact, the Norwegian central bank is to improve the o
