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November 17, 2017

IMF published its staff report and selected issues report in the context of the 2017 Article IV consultation with Sweden. The staff report concludes that Swedish banks are healthy and progress is being made on the 2016 Financial Sector Assessment Program (FSAP) recommendations. The selected issues report examines the issues of household savings and recent wage moderation in Sweden.

With regard to banks, the staff report reveals that capital buffers were raised to meet the minimum requirement of 24.6% of risk-weighted assets at the of end 2016. While their leverage ratio exceeds the EC proposal of 3%, it falls just short of 5%, as recommended by the Riksbank. The staff suggests that, alongside the adoption of EU liquidity regulations, Sweden should retain its own requirements on euro and U.S. dollar exposures. Monitoring an extended (three-month) liquidity coverage ratio in U.S. dollars and euros will remain useful in ensuring the adequacy of liquidity buffers.

Directors encouraged the Swedish and regional authorities to collaborate closely on sound supervisory and resolution arrangements regarding Nordea’s proposed relocation. Directors commended the further progress made in following up on the 2016 FSAP, including the planned expansion of FI’s macro-prudential authority in early 2018. The expansion of the FI’s macro-prudential mandate should be implemented in a manner that facilitates timely and effective action. The government has submitted draft legislation that, from February 2018, would give FI the authority to use macro-prudential tools without parliamentary approval, but remaining subject to government approval. Completing this step would address a key recommendation of the 2016 FSAP.

 

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Keywords: Europe, EU, Sweden, Banking, Article IV, FSAP, Macroprudential Tools, IMF

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