Norway c bank governor points to debt risk

NORWAY - Norway's central bank governor Svein Gjedrem reiterated on Friday that high credit growth posed a risk to the Norwegian oil-backed economy.

"The debt level in the households is increasing sharply," Gjedrem said in the script to a speech at a meeting with local SR-Bank. "Parallel growth in debt and housing prices represent a risk."

He said he anticipated that continued credit growth would mean that average household debt by 2004 will exceed 150 percent of yearly income.

The central bank