fsr 2009:02 26/11/2009. government support from the riksbank and the swedish national debt office to...

FSR 2009:02

26/11/2009

Government support from the Riksbank and the Swedish National Debt Office to

financial institutions on the Swedish market

SEK, billion

0

100

200

300

400

500

600

700

800

900

okt-08

nov-08

dec-08

jan-09

feb-09

mar-09

apr-09

maj-09

jun-09

jul-09

aug-09

sep-09

okt-09

nov-09

dec-09

Issues in USD and euro guaranteed by the Swedish National Debt Office

Issues in SEK guaranteed by the Swedish National Debt Office

The Riksbank's USD lending (in SEK)

The Riksbank's SEK lending

Sources: the Riksbank and Swedish National Debt OfficeChart 1:1

Federal Reserve balance sheetUSD, billions

0

500

1000

1500

2000

2500

aug-07 dec-07 apr-08 aug-08 dec-08 apr-09 aug-09 dec-09

0

200

400

600

800

1000

Total assets (left scale) TAF (right scale)CPFF (right scale) Swap lines to other central banks (right scale)Other liquidity facilites (right scale)

Source: Federal ReserveChart 1:2

Three-month interbank rate minus expected policy rate

Basis points

0

50

100

150

200

250

300

350

400

jan-07 jul-07 jan-08 jul-08 jan-09 jul-09 jan-10

US Euro area UK Sweden

Source: BloombergChart 1:3

Decomposition of the swedish basis spread

Basis points

0

20

40

60

80

100

120

140

160

jan-07 jul-07 jan-08 jul-08 jan-09 jul-09 jan-10

Credit premium Liquidity premium

Source: The RiksbankChart 1:4

Outstanding volumes in US commercial paper

USD, billions

0

500

1000

1500

2000

2500

jan-05 jan-06 jan-07 jan-08 jan-09 jan-10

Non-financial commercial paperFinancial commercial paperAsset Backed Commercial Papers

Source: Reuters EcoWinChart 1:5

Outstanding volumes of Euro Commercial Paper

USD, billions

0

200

400

600

800

1000

jan-07 jan-08 jan-09

Source: EuroclearChart 1:6

Ten-year government bond yields in various countries

Per cent

0

1

2

3

4

5

6

jan-07 jan-08 jan-09 jan-10

Germany France Spain Sweden US UK


Issues of corporate bonds in US dollar

USD, Billions

0

200

400

600

800

1000

1200

96 97 98 99 00 01 02 03 04 05 06 07 08 09

Investment grade corporate bonds High-yield corporate bonds

Source: SIFMAChart 1:8

Credit spreads for corporate bonds in the United States and euro area

Basis points

0

100

200

300

400

500

600

700


AAA - euro area BBB - euro area Baa - US Aaa - US


Credit spreads for high yield corporate bonds in the United States

and euro areaBasis points

0

500

1000

1500

2000

2500


US Euro area


Actual global default rate and forecast

Per cent

0

2

4

6

8

10

12

14

16

70 73 76 79 82 85 88 91 94 97 00 03 06 09 12

Actual global default rate in October 2009 Forecast in May 2009


Difference between mortgage bond yields and government bond yields

with two and five years maturity respectively

Basis points

0

50

100

150

200

250


5-year 2-year

Sources: Reuters EcoWin and the RiksbankChart 1:12

Premiums in the CDS indexBasis points

0

50

100

150

200

250

300


North America - CDX Europe - iTraxx

Sources: Reuters EcoWin and BloombergChart 1:13

U.S. securitization market issuance volumesUSD, billions

0

500

1000

1500

2000

2500

3000

3500

4000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009-Q1

2009-Q2

2009-Q3

MBS - Government sponsored agencies MBS - Non-government ABS CDO

Source: Securities Industry and Markets AssociationChart 1:14

Stock market developmentsIndex, 28 December 2007=100

0

20

40

60

80

100

120

jan-08 jul-08 jan-09 jul-09 jan-10

Sweden - OMXS30 United States - S&P 500 Europe - STOXX


Implied stock market volatilityPer cent, 10 day moving average

0

10

20

30

40

50

60

70

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10

Sweden - OMX Europe, STOXX United States - S&P 500 Historical average, OMX

Source: BloombergChart 1:16

P/E ratios

0

5

10

15

20

25

30

35

40

dec-93 dec-95 dec-97 dec-99 dec-01 dec-03 dec-05 dec-07 dec-09

Sweden - OMXS30 Europe - STOXX United States - S&P 500 Historical average, OMXS30, STOXX and S&P 500


Swedish stress index

-2

0

2

4

6

8

10

12

2007 2008 2009 2010

Stress index TED spread Bond spread Equity volatility

Source: The RiksbankChart B1

International stress index

-2

0

2

4

6

8

10

12

2007 2008 2009 2010

Stress index TED spread Bond spread Equity volatility


Do you consider that the financial crisis has peaked?

Per cent


Result spring 2009

Result autumn

2009

Yes

No

Don’t know

Yes

No

Don’t know

86%

5%9%

46%

35%

19%

How has your propensity to take risk changed compared to six month ago?

Per cent


29%

20%

Result spring 2009 Result autumn 2009

Greatly increased

Increased

slightly

Neither increased or decreased

Decreased slightly

Greatly decreas

ed

32%

5%

52%

9%

34%

19%

7%

28%

12%

Greatly increased

Increased

slightlyNeither increased or decreased

Decreased slightly

Greatly decreased,

2%

How has your institution’s buffer of liquid assets changed compared to six

month ago?Per cent


28%

12%

9%

29%

20%

20%

17%

13%

5%

28%

17%

Result spring 2009 Result autumn 2009

Don’t know

Don’t know

Greatly increased

Greatly increased

Increased

slightly

Increased

slightly



Decreased slightly

Decreased slightly

Greatly decreas

ed

Greatly decreased,

2%

Households' financial net wealth

Percentage of disposable income

0

20

40

60

80

100

120

97 98 99 00 01 02 03 04 05 06 07 08 09 10

Source: Statistics SwedenChart 2:1

Households' nominal disposable income and saving ratio

Annual percentage change and percentage of disposable income

0

2

4

6

8

10

12

14

93 97 01 05 09

Households' disposable incomes Households' saving ratio

Sources: Statistics Sweden and the RiksbankChart 2:2

Households' total borrowing from credit institutionsAnnual percentage change

-10

-5

0

5

10

15

20

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

FSR 2009:2 FSR 2009:1


Consumer credit with housing as collateral, as

a percentage of disposable incomePer cent

-6

-4

-2

0

2

4

6

8

10

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Sweden UK Australia

Sources: Reserve Bank of Australia, Reuters EcoWin, Statistics Sweden and the RiksbankChart 2:4

Breakdown of households' new loans by fixed interest period

Per cent

0%

20%

40%

60%

80%

100%

96 97 98 99 00 01 02 03 04 05 06 07 08 09

Variable rate Fixed rate < 5 years Fixed rate > 5 years


Households' debt and post-tax interest exependiturePercentage of disposable income

0

20

40

60

80

100

120

140

160

180

200

220

82 85 88 91 94 97 00 03 06 09 12

0

2

4

6

8

10

12

14

16

18

20

22

Debt ratio (left scale) Interest ratio (right scale)

Debt ratio FSR 2009:1 (left scale) Interest ratio FSR 2009:1 (right scale)


Households below the margin, impaired loans and potential loan

lossesPer cent

0

1

2

3

4

5

6

7

8

2004 2005 2006 2007 2008(forecast)

2009(forecast)

2010(forecast)

Households below the margin Impaired loans Potential loan losses


Percentage of debt and assets held by indebted households in different

income groupsPer cent

0

10

20

30

40

50

60

Income group 1 Income group 2 Income group 3 Income group 4 Income group 5

Share of total debts Share of financial assets Share of real assets


House prices in Sweden and the Stockholm, Göteborg and Malmö

regionsIndex, 1986 = 100

0

100

200

300

400

500

600

700

86 88 90 92 94 96 98 00 02 04 06 08 10

Sweden Stockholm region Göteborg region Malmö region

Source: Statistics SwedenChart 2:9

Tenant-owned apartment prices, three-month moving average

SEK per square metre

0

10 000

20 000

30 000

40 000

2002 2003 2004 2005 2006 2007 2008 2009 2010

Sweden Stockholm regionGöteborg region Malmö regionSweden, excluding metropolitan areas

Source: www.maklarstatistik.seChart 2:10

Time to sale in SwedenNumber of days, median

0

10

20

30

40

50

60

70

80

90

jan-08 jul-08 jan-09 jul-09 jan-10

Single-family dwellings Tenant-owner apartments

Sources: Hemnet and www.maklarstatistik.seChart 2:11

Real house prices in Sweden and abroadIndex, 1995 = 100

0

50

100

150

200

250

300

350

1985 1990 1995 2000 2005 2010

Sweden Denmark Finland UK Germany

Sources: The BIS, Reuters EcoWin and Statistics SwedenChart B6

Real house prices in Sweden and abroadIndex, 1995 = 100

0

50

100

150

200

250

300

350

1985 1990 1995 2000 2005 2010

Sweden Norway Spain Ireland US Australia

Sources: Reuters EcoWin and Statisics SwedenChart B7

Household debt as percentage of disposable income

Per cent

0

50

100

150

200

250

300

1980 1985 1990 1995 2000 2005 2010Sweden Norway Denmark Finland UKSpain US Australia

Sources: The BIS, national central banks, Reuters EcoWin and the RiksbankChart B8

Percentage of new borrowing with variable interest rates

Per cent

0

10

20

30

40

50

60

70

80

90

100

Sweden Denmark UK Spain Ireland

2006 Q1 2009 Q1

Source: European Mortgage FederationChart B9

Housing investment in relation to GDP, seasonally-adjusted data

Per cent

0

2

4

6

8

10

12

14

1993 1995 1997 1999 2001 2003 2005 2007 2009

Sweden Norway Denmark UK Ireland Spain US Australia

Sources: Reuters EcoWin, Statistics Sweden and the RiksbankChart B10

Housing investments in relation to GDP, compared with changes in real

house pricesPer cent

US

Ireland

Spain

Denmark

UK

Norway

Australia

Sweden

0

2

4

6

8

10

12

14

-40-35-30-25-20-15-10-50Change in real houseprices

Max

(ho

usin

g in

vest

men

ts/G

DP)

Source: Reuters EcoWinChart B11

Change of mortgage rates compared with real house prices

Percentage and per cent

US

Sweden

AustraliaSpain

UK

Denmark

Ireland

-5,0

-4,5

-4,0

-3,5

-3,0

-2,5

-2,0

-1,5

-1,0

-0,5

0,0

-40-35-30-25-20-15-10-50

Change in real house prices

Mor

tgag

e ra

te

Sources: European Mortgage Federation, Federal Reserve and Reserve Bank of AustraliaChart B12

Interest rate changes as of 31 March 2009 compared with 30 September

2008Percentage points

-5,0

-4,0

-3,0

-2,0

-1,0

0,0

Sweden Denmark UK Ireland Spain US Australia

Sources: Central Bank & Financial Services Authority of Ireland, Reserve Bank of Australia and Reuters EcoWin

Chart B13

Real house prices as a percentage of GDP

in constant pricesIndex, 2000 = 100

0

20

40

60

80

100

120

140

160

180

1980 1985 1990 1995 2000 2005 2010

Sweden Denmark UK Spain Ireland US Australia

Source: Reuters EcoWinChart B14

Profitability and debt/total assets ratio in Swedish listed companies

Per cent

0

3

6

9

12

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

50

55

60

65

70

Profitability (left scale) Debt/total assets ratio (right scale)

Sources: Bloomberg and the RiksbankChart 2:12

Interest coverage ratio in Swedish listed companies

Ratio

0

1

2

3

4

5

6

7

8

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


Current ratio in Swedish listed companies

Per cent

100

120

140

160

180

200

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


The number of company bankruptcies broken down by

company sizeTwelve-month moving average

0

100

200

300

400

500

600

700

800

1983 1986 1989 1992 1995 1998 2001 2004 2007 2010

1-9 employees 10-49 employees All companies


Corporate borrowing form credit institutions and their securities

fundingSEK billion

0

500

1000

1500

2000

2500

3000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Swedish credit institutions Debt securities in Sweden Foreign credit institutionsDebt securities abroad Trade credits


Corporate borrowing from credit institutions and fixed gross

investmentAnnual percentage change

-20

-15

-10

-5

0

5

10

15

20

25

98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

Corporate borrowing from credit institutions Forecast borrowing FSR 2009:02Forecast borrowing FSR 2009:01 Gross fixed capital formation

Forecast investments, MPR October Forecast investments, FSR 2009:01


Corporate credit risk, outcome and forecast according to the Riksbank's

main scenarioPer cent

0,0

0,5

1,0

1,5

2,0

99 00 01 02 03 04 05 06 07 08 09 10 11 12

Sources: Moody's KMV and the RiksbankChart 2:18

Transaction volumes on the Swedish commercial property market

SEK billion

0

20

40

60

80

100

120

140

160

99 00 01 02 03 04 05 06 07 08 09

Swedish investors Foreign investors

Sources: Savills and the RiksbankChart 2:19

Prices for office premises in Sweden and abroad

Annual percentage change

-50

-40

-30

-20

-10

0

10

20

30

40

50

dec-05 jun-06 dec-06 jun-07 dec-07 jun-08 dec-08 jun-09 dec-09

Sweden UK Ireland US

Sources: IPD, Reuters EcoWin, MIT Center for Real Estate, Newsec and the RiksbankChart 2:20

Real prices of office premises in city centres

Index, 1981 = 100

0

50

100

150

200

250

300

350

400

450

500

81 83 85 87 89 91 93 95 97 99 01 03 05 07 09

Stockholm Göteborg Malmö

Sources: Newsec and the RiksbankChart 2:21

Average yield levels for modern office premises in city centres

Per cent

0

2

4

6

8

10

12

14

16

dec-85 dec-88 dec-91 dec-94 dec-97 dec-00 dec-03 dec-06 dec-09

Stockholm Göteborg Malmö Five-year government bond yield

Sources: Newsec and Reuters EcoWinChart 2:22

Real prices and rents of office premises in Stockholm city centre


-50

-40

-30

-20

-10

0

10

20

30

40

82 85 88 91 94 97 00 03 06 09

Prices Rents

Sources: Newsec and the RiksbankChart 2:23

Vacancy rate for office premises in city centres

Per cent

0

5

10

15

20

25

87 89 91 93 95 97 99 01 03 05 07 09

Stockholm Göteborg Malmö

Source: NewsecChart 2:24

Number of employed in the business sector


-6

-4

-2

0

2

4

6

8

94 96 98 00 02 04 06 08 10 12

Business sector Goods producers Services producers


Expected default frequency (EDF) and share prices for property

companiesIndex, January 2005 = 100 and per cent

0

50

100

150

200

250

300

jan-

05

jan-

06

jan-

07

jan-

08

jan-

09

jan-

10

0,0

0,3

0,6

0,9

1,2

1,5

1,8

CREX (left scale) OMXS (left scale) EDF (right scale)

'09'08'07'06'05

Sources: Moody's KMV Credit Edge, Reuters EcoWin and the RiksbankChart 2:26

House pricesAnnual percentage change

-20

-10

0

10

20

30

99 00 01 02 03 04 05 06 07 08 09 10

Germany Denmark Norway Finland Sweden

Sources: Reuters EcoWin and the BISChart 2:27

Companies borrowingsAnnual percentage change

-15

-10

-5

0

5

10

15

20

25

30

2003 2004 2005 2006 2007 2008 2009


Sources: ECB and national statistics officesChart 2:28

Households' borrowingsAnnual percentage change

-5

0

5

10

15

20

25

2003 2004 2005 2006 2007 2008 2009


Sources: ECB and national statistics officesChart 2:29

Expected default frequency for listed non-financial companies

Per cent

0

1

2

3

4

98 99 00 01 02 03 04 05 06 07 08 09 10


Sources: Moody's KMV Credit Edge and the RiksbankChart 2:30

Corporate defaultsTwelve month moving average

0

1000

2000

3000

4000

04 05 06 07 08 09 10

0

200

400

600

800

Germany (left scale) Denmark (right scale) Norway (right scale)Finland (right scale) Sweden (right scale)

Sources: National statistics officesChart 2:31

GDPAnnual percentage change

-25

-20

-15

-10

-5

0

5

10

15

98 99 00 01 02 03 04 05 06 07 08 09

Estonia Latvia Lithuania

Source: Reuters EcoWin Chart 2:32

Current accountPercentage of GDP

-30

-25

-20

-15

-10

-5

0

5

10

15

20

dec-00 dec-01 dec-02 dec-03 dec-04 dec-05 dec-06 dec-07 dec-08 dec-09



UnemploymentPer cent

0

4

8

12

16

20

24

00 01 02 03 04 05 06 07 08 09 10


Source: EurostatChart 2:34

Consumer confidence indicatorNet figures, per cent

-60

-50

-40

-30

-20

-10

0

10

20

jan-05 jan-06 jan-07 jan-08 jan-09 jan-10


Source: European CommissionChart 2:35

Real exchange rates for the Baltic countries

Index, 2000 = 100

80

90

100

110

120

130

140



Source: The BISChart 2:36

Nominal wagesAnnual percentage change

-5

0

5

10

15

20

25

30

35




Harmonised index for consumer prices


-3

0

3

6

9

12

15

18

00 01 02 03 04 05 06 07 08 09 10



Household borrowingAnnual percentage change

-20

0

20

40

60

80

100

120

140

jan-01 jan-02 jan-03 jan-04 jan-05 jan-06 jan-07 jan-08 jan-09 jan-10

Estonia Lativa Lithuania


Corporate borrowingAnnual percentage change

-20

0

20

40

60

jan-01 jan-02 jan-03 jan-04 jan-05 jan-06 jan-07 jan-08 jan-09 jan-10



Households' and companies' debt in realtion to GDP

Per cent

0

20

40

60

80

100

120

140

160

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

Estonia Latvia Lithuania Sweden

Sources: National central banks and Reuters EcoWinChart 2:41

Late paymentsPer cent of outstanding loans

0

2

4

6

8

10

12

14

16

dec-

00

dec-

01

dec-

02

dec-

03

dec-

04

dec-

05

dec-

06

dec-

07

dec-

08

dec-

09

Estonia (more than 60 days) Latvia (more than 90 days) Lithuania (more than 60 days)

Sources: Eesti Pank, Financial and Capital Market Commission and Lietuvos BankasChart 2:42

GDP in constant pricesAnnual percentage change

-20

-15

-10

-5

0

5

10

15

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Russia Ukraine

Sources: IMF World Economic Outlook DB, Oct 09, Eastern Europe Consensus Forecasts, Sep 09, the Riksbank

Chart 2:43

Bank borrowing in foreign and domestic currency in Ukraine

Per cent of nominal GDP

0

10

20

30

40

50

60

70

80

90

2000 2001 2002 2003 2004 2005 2006 2007 2008

Foreign currency Domestic currency

Sources: Reuters EcoWin, IMF World Economic Outlook Database, October 2009, and the RiksbankChart 2:44

Bank borrowing in foreign and domestic currency in Russia

Per cent of nominal GDP

0

5

10

15

20

25

30

35

40

45

2006 2007 2008

Foreign currency Domestic currency

Sources: Reuters EcoWin, IMF World Economic Outlook Database, October 2009, and the RiksbankChart 2:45

The banks' earningsSEK billion

0

20

40

60

80

100

120

140

sep 05 sep 06 sep 07 sep 08 sep 09

Net interest income Net commission incomeOperations at fair value Other income

Sources: Bank reports and the RiksbankChart 3:1

Lending per geographical area and borrower category, September 2009

Per cent of total lending

0

20

40

60

80

100

Sweden Other Nordiccountries

Baltic countries Other countries Total

Households Companies, excluding property companies Property companies

Sources: Banks reports and the RiksbankChart 3:2

Net interest income in relation to interest-bearing assets

Per cent

1,0

1,1

1,2

1,3

1,4

1,5

1,6

1,7

1,8

1,9

97:4 98:4 99:4 00:4 01:4 02:4 03:4 04:4 05:4 06:4 07:4 08:4 09:4


The major banks' securities-related commission income and turnover

and stock market indexIndex, 2003 Q1 = 100

0

50

100

150

200

250

300

350

03:1 04:1 05:1 06:1 07:1 08:1 09:1

Asset management-related income OMX index Turnover OMX Brokerage income

Sources: Bank reports, NASDAQ OMX and the RiksbankChart 3:4

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SEB Handelsbanken Nordea Swedbank

Loans to public Loans to credit institutions Debt securities Other assets

Allocation of total assetsPer cent, September 2009

Chart 3:5 Sources: Bank reports and the Riksbank

Market shares of lending in the Baltic countries

Per cent, September 2009

0%

20%

40%

60%

80%

100%


Swedbank SEB Nordea Other


The major banks' loan lossesPercentage of lending

-0,6

-0,4

-0,2

0,0

0,2

0,4

0,6

0,8

1,0

00

:1

01

:1

02

:1

03

:1

04

:1

05

:1

06

:1

07

:1

08

:1

09

:1

Recoveries and reversals Realised and probable loan losses Loan losses


Earnings before loan losses and loan losses (net) in the major banks

Summed up over four quarters, SEK billion, fixed prices, 30 September 2009

-20

0

20

40

60

80

100

120

dec-90 dec-93 dec-96 dec-99 dec-02 dec-05 dec-08 dec-11

Profit before loan losses Loan losses, net Main scenario loan losses, net, FSR 2009:1

Sources: Bank reports, SME Direkt and the RiksbankChart 3:8

Distribution of loan losses per region in the period Q4 2009 to 2011

in the Riksbank's main scenario

SEK billion and per cent

2516%

2919%

3119%

149%

2818%

2919%

Sweden Nordic countries excluding SwedenEstonia LatviaLithuania Other countries


Total loan losses in the Riksbank's main scenario in relation to lending

Per cent

0

1

2

3

4

5

Handelsbanken Nordea SEB Swedbank Total


The core Tier 1 capital ratios of European banks, March 2009

Per cent

0

2

4

6

8

10

12

14

16

Swedbank SEB

Nordea

SHB

Source: NomuraChart 3:11

Assets in relation to equityPer cent


10

15

20

25

30

35

40

45

jun-04 jun-05 jun-06 jun-07 jun-08 jun-09

European banks Major Swedish banks

The banks' sources of financing, September 2009

Per cent

3% 4%

46%

28%

6%

13%

Credit from the Riksbank

Government-guaranteedborrowing via the SwedishNational Debt OfficeInterbank, net

Covered bonds in SEK

Certificates

Deposits


The banks' deposits and lendingSEK billion


0

1000

2000

3000

4000

5000

6000

7000

8000

mar-01 mar-02 mar-03 mar-04 mar-05 mar-06 mar-07 mar-08 mar-09 mar-10

Loans Deposits Deposit deficit

The major bank with the lowest Tier 1 capital ratio after another Swedish major bank defaulted on payments

Per cent

0

1

2

3

4

5

6

7

dec-99 dec-00 dec-01 dec-02 dec-03 dec-04 dec-05 dec-06 dec-07 dec-08 dec-09

0

1

2

3

4

5

6

7


The bank's Tier 1 and core Tier 1 capital, actual and in the stress test

Per cent

0

2

4

6

8

10

12

14

16

Handelsbanken Swedbank SEB Nordea

0

2

4

6

8

10

12

14

16

2009 Kv 3 2009 Kv 4 2010 20112009 Kv 3 2009 Kv 4 2010 2011

Tier 1 capital ratioCore tier 1 capital ratio


Spread over swap for covered bonds in EUR, five years

Basis points

-100

-50

0

50

100

150

200

jun-07 dec-07 jun-08 dec-08 jun-09 dec-09

Sources: Reuters EcoWin and the RiksbankChart B15

EUR/SEK cross currency basis spread,

five yearsBasis points

-10

0

10

20

30

40

dec-05 dec-06 dec-07 dec-08 dec-09

Source: BloombergChart B16

Money market basis spread (between 6 months EURIBOR and 3

months EURIBOR), five yearsBasis points

0

2

4

6

8

10

12

14

dec-05 dec-06 dec-07 dec-08 dec-09

Source: BloombergChart B17

fsr 2009:02 26/11/2009. government support from the riksbank and the swedish national debt office to...

Documents

cent source

billions source

riksbankchart b1 slide

riksbankchart b2 slide

average source

reuters ecowinchart

swedish stress index

euro area basis points