chapter 1. difference between the sek/usd fx-swap implied dollar interest rate and the usd libor...

Chapter 1

Difference between the SEK/USD FX-swap implied dollar interest rate and the USD libor rate, 3 monthsPer cent

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

jan-

07

mar

-07

maj

-07

jul-07

sep-

07

nov-

07

jan-

08

mar

-08

maj

-08

jul-08

sep-

08

nov-

08

jan-

09

mar

-09

maj

-09

jul-09

sep-

09

nov-

09

jan-

10

mar

-10

maj

-10

jul-10

Finanskrisen startar

Lehman-kraschen

Greklands-krisen

Source: BloombergChart 1:1

Start of the

financial crisis

Lehman Greece

Swedish and international stress index

Sources: Reuters EcoWin, Bloomberg and the RiksbankChart 1:2

-2

0

2

4

6

8

10

jan-07

apr-07

jul-07

okt-07

jan-08

apr-08

jul-08

okt-08

jan-09

apr-09

jul-09

okt-09

jan-10

apr-10

jul-10

International stress index Swedish stress index

Lehman Brothers

Bear Sterns

Greece

The difference between interest rates on ten year government bonds and the German government bond with the same maturityBasis points

Source: Reuters EcoWinChart: 1:3

-200

0

200

400

600

800

1 000

jan-08 apr-08 jul-08 okt-08 jan-09 apr-09 jul-09 okt-09 jan-10 apr-10 jul-10

Ireland Sweden Portugal Spain Greece

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 11

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

Source: Reuters EcoWinChart 1:4

CDS-premiums on European governments and corporationsBasis points

0

20

40

60

80

100

120

140

160

180

okt-09 nov-09 dec-09 jan-10 feb-10 mar-10 apr-10 maj-10 jun-10

SovX (governments) iTraxx (companies)


Government CDS premiums Basis points

0

200

400

600

800

1000

1200

aug-08 okt-08 dec-08 feb-09 apr-09 jun-09 aug-09 okt-09 dec-09 feb-10 apr-10 jun-10

Ireland Sweden Portugal Spain Greece


Stock market developmentsIndex, 1 January 2008 =100

Sources: Reuters EcoWin Chart 1:7

0

20

40

60

80

100

120

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

Sweden - OMXS30 USA - S&P 500 Europe - STOXX Emerging markets - MSCI EM

Risk premiums on the interbank market, 3 monthsBasis points

0

50

100

150

200

250

300

350

400

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

USA Euro area UK Sweden

Soure: Reuters EcoWinChart 1:8

Central banks balance sheetsPer cent of GDP

0

5

10

15

20

25

30


ECB Bank of England Federal Reserve The Riksbank

Sources: Respective central bankChart 1:9

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 apr-10 aug-10

Total Assets Securities Held Outright All Liquidity Facilities

Source: Federal ReserveChart 1:10

The Riksbank loans and the guaranteeprogramme’s outstanding volumesSEK billion

Sources: The Riksbank and Swedish National Debt OfficeChart 1:11

0

100

200

300

400

500

600

700

800

okt-

08

mar

-09

aug-

09

jan-

10

jun-

10

nov-

10

apr-

11

sep-

11

feb-

12

jul-12

dec-

12

maj

-13

okt-

13

mar

-14

aug-

14

jan-

15

jun-

15

Issuance in SEK guaranteed by the Swedish National Debt Office

Issuance in foreign currency guaranteed by the Swedish National Debt Office

The Riksbank's SEK lending

The Riksbank's USD lending (in SEK)

Budget balance in selected EU countriesPercentage of GDP

-20

-15

-10

-5

0

5

10

2006 2007 2008 2009 2010 2011

Greece Ireland Italy Portugal Spain Sweden

Source: Reuters EcowinChart B1

CDS premiums (5 years) for selected EU countriesBasis points

0

200

400

600

800

1000

1200

aug-08 dec-08 apr-09 aug-09 dec-09 apr-10 aug-10

Greece Ireland Italy Portugal Spain

Source: Reuters EcowinChart B2

Difference between yields on mortgage bonds and govermnent bond yields with five year maturityBasis points

0

20

40

60

80

100

120

140

160

180

200

220


Sources: Reuters EcoWin and the RiksbankChart 1:12

The difference between the interbank rate and the expected policy rate of different maturitesBasis points

-50

0

50

100

150

200

250


1 month 3 month 6 month 9 month


Indicative breakdown of the Swedish riskpremium, 3 monthsBasis points

Source: The RiksbankChart 1:14

0

20

40

60

80

100

120

140

160

dec-06 jun-07 dec-07 jun-08 dec-08 jun-09 dec-09 jun-10

Credit risk premium Liquidity risk premium

EUR/SEK cross currency basis spread, 5 yearsBasis points

-10

-5

0

5

10

15

20

25

30

35

jan-02 jan-03 jan-04 jan-05 jan-06 jan-07 jan-08 jan-09 jan-10 jan-11


Credit spreads for US corporate bondsBasis points


0

200

400

600

800

1000

jan-05 jan-06 jan-07 jan-08 jan-09 jan-10 jan-11-300

200

700

1200

1700

2200

Aaa (left scale) Bbb (left scale) High yield (right scale)

Credit spreads for European corporate bondsBasis points

0

100

200

300

400

500

jan-06 jan-07 jan-08 jan-09 jan-10 jan-11

0

500

1000

1500

2000

2500

Aaa (left scale) Bbb (left scale) High yieald (right scale)


Chapter 2

The Swedish Banks lending per borrower categorySeptember 2009, per cent of total lending

Sources: Bank reports and the RiksbankChart 2:1

Households ; 40%

Companies excluding property companies;

18%

Property companies; 43%

The Swedish Banks lending per geographical area September 2009, per cent of total lending


Sweden; 50%

Other Nordic countries; 35%

Baltic countries; 5%

Other countries; 9%

Household borrowing from monetary financial institutionsAnnual percentage change

-10

-5

0

5

10

15

20

dec-95 dec-98 dec-01 dec-04 dec-07 dec-10

Three month, y-o-y Annual percentage change


Mortgage equity witdrawals, 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 United Kingdom Australia

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

House pricesPurchase Price Coefficient

0,9

1,0

1,1

1,2

1,3

1,4

1,5

1,6

1,7

jan-03 jan-04 jan-05 jan-06 jan-07 jan-08 jan-09 jan-10 jan-11

K/T ratio Seasonal adjusted data

Sources: Statistics Sweden and the RiksbankChart 2:5

Tenant-owned apartment prices, three-month moving averageSEK per square metre

Source: www.maklarstatistik.seChart 2:6

0

10 000

20 000

30 000

40 000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Sweden Stockholm regionGöteborg region Malmö regionSweden, exculding metropolitan areas

Time to sale in SwedenNumber of days, median

Sources: Hemnet and www.maklarstatistik.seChart 2:7

0

10

20

30

40

50

60

70

80


Single-family dwellings Tenant-owned apartments

Number of housing starts

Source: Statistics SwedenChart 2:8

0

10000

20000

30000

40000

50000

60000

70000

80000

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

Household debt and post-tax interest expenditurePercentage 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)

Households' debt ratio in a number of municipalities and in SwedenPer cent

0

50

100

150

200

250

300

350

400

Vaxh

olm

Velling

e

Dande

ryd

Simris

hamn

Kung

sbacka

Öste

råke

r

Valle

ntun

a

Värm

dö

Strömsta

dEk

erö

Rike

t

Perst

orp

Färgela

nda

Mullsj

ö

Mun

kfors

Berg

Filipsta

dMalå

Öve

rkali

x

Storum

an

Dorotea


Breakdown of households' new mortgages by fixed interest periodsPer cent

0%

20%

40%

60%

80%

100%

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

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


Disposable income of households, final consumption expenditure and savingsSEK million

Source: Statistics SwedenChart 2:12

0

2

4

6

8

10

12

1993 1995 1997 1999 2001 2003 2005 2007 2009

Corporate borrowing from credit institutions and fixed gross investmentAnnual percentage change

-20

-15

-10

-5

0

5

10

15

20

25

1998 2000 2002 2004 2006 2008 2010 2012

-20

-15

-10

-5

0

5

10

15

20

25

Corporate borrowing from credit institutions and fixed gross investment

Forecast borrowing FSR 2010:2

Fixed gross investment

Forecast investments MPR February 2010


Corporate borrowing from 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 2010

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


Interest coverage ratio in Swedish listed companiesRatio

0

1

2

3

4

5

6

7

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

Sources: Bloomberg and the RiksbankChart: 2:15

Profitability and debt/total assets ratio in Swedish listed companiesPer cent

0

3

6

9

12

dec-

99

dec-

00

dec-

01

dec-

02

dec-

03

dec-

04

dec-

05

dec-

06

dec-

07

dec-

08

dec-

09

dec-

10

50

55

60

65

70

75

Profitability (left hand side) Debt/total assets ratio (right hand side)

Sources: Bloomberg and the RiksbankChart 2:16

Breakdown of corporate borrowing by period of fixed interestPer cent

0

10

20

30

40

50

60

70

80

90

100

2001 2002 2003 2004 2005 2006 2007 2008 2009

Less than 1 year Between 1 and 5 years More than 5 years

Sources: RiksbankenChart 2:17

Expected default frequency (EDF), outcome och forceastPer cent

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

1997 2000 2003 2006 2009 2012

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

EDF Forecast FSR 2010:1 Forecast FSR 2009:2

Sources: Moody´s KMV och RiksbankenChart 2:18

Transaction volumes in the Swedish commercial property marketSEK billion

Sources: Savills and the RiksbankChart 2:19

0

20

40

60

80

100

120

140

160

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Swedish investors Foreign investorsSwedish investors Q 2-4 2010 Foreign investors Q 2-4 2010

Real prices of office premises in city centresIndex, 1981 = 100

0

100

200

300

400

500

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

Stockholm Göteborg Malmö

Sources: Newsec and the RiksbankChart 2:20

Average yield levels for modern office premises in city centresPer cent

0

2

4

6

8

10

12

14

16

dec-86 dec-89 dec-92 dec-95 dec-98 dec-01 dec-04 dec-07 dec-10

Stockholm Göteborg Malmö Five-year government bond yield

Sources: Newsec and Reuters EcoWinChart 2:21

Component factors for annual change in prices for offices in central StockholmPer cent

-150

-100

-50

0

50

100

88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

Implicit risk premium Rents Ten-year Government bond yield

Short-term rent expectations Annual change in prices

Sources: Newsec, Reuters EcoWin and the RiksbankChart 2:22

Vacancy rate for office premises in city centresPer cent

0

5

10

15

20

25

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

Stockholm Göteborg Malmö

Source: NewsecChart 2:23

The property companies’ credit structureSEK million

Sources: Reports of the 17 property comp. listed on the NASDAQ OMX Stockholm A-list, q4, 2009 and the Riksbank.Chart 2:24

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

0-1 year 1-2 years 2-3 years 3-4 years 4-5 years > 5 years

jun-09 dec-09

GDP in the Nordic countries and GermanyQuarterly changes in per cent

-6

-5

-4

-3

-2

-1

0

1

2

mar jun sep dec mar jun sep dec mar jun sep dec

2007 2008 2009

Denmark Norway Finland Germany

Sources: Reuters EcoWin and the RiksbankChart 2:25

Households’ borrowingsAnnual percentage change

-5

0

5

10

15

20

2003 2004 2005 2006 2007 2008 2009 2010

Sweden Denmark Norway Finland Germany

Sources: ECB and national statistics officesChart 2:26

Real house prices in the Nordic countries and GermanyIndex, March 2004 = 100

40

60

80

100

120

140

160

mar-04 mar-05 mar-06 mar-07 mar-08 mar-09 mar-10


Sources: the BIS Database, Reuters EcoWin, Statistics Sweden and the RiksbankChart 2:27

Companies’ borrowingsAnnual percentage change

-15

-10

-5

0

5

10

15

20

25

30

2004 2005 2006 2007 2008 2009 2010


Sources: The ECB and national statistics agenciesChart 2:28

Corporate defaultsTwelve-month moving average, index, average year 2007 = 100

0

50

100

150

200

250

300

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


Sources: National statistics agencies and the RiksbankChart 2:29

Expected default frequency for companies in the Nordic countries and GermanyPer cent

0

1

2

3


Sweden (355) Denmark (119) Norway (177)Finland (116) Germany (656)

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

Expected default frequency for property companies in the Nordic countries and GermanyPer cent

0

2

4

6

8

10

12

14

16

18

maj

-08

jul-08

sep-

08

nov-

08

jan-

09

mar

-09

maj

-09

jul-09

sep-

09

nov-

09

jan-

10

mar

-10

Sweden (19) Denmark (10) Norway (7) Finland (6) Germany (64)

Sources: Moody’s KMV Credit Edge and the RiksbankChart 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 10

Estonia Latvia Lithuania


Nominal wagesAnnual percentage change

-15

-10

-5

0

5

10

15

20

25

30

35

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

28

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


Source: EurostatChart 2:34

Terms of tradeIndex: March 2000 = 100


60

70

80

90

100

110

120

130

mar

-00

nov-

00

jul-01

mar

-02

nov-

02

jul-03

mar

-04

nov-

04

jul-05

mar

-06

nov-

06

jul-07

mar

-08

nov-

08

jul-09

mar

-10


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 dec-10



Harmonised index for consumer pricesAnnual percentage change

-6

-3

0

3

6

9

12

15

18

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



Real exchange ratesIndex, 2000 = 100

80

90

100

110

120

130

140



Source: BISChart:2:38

Liabilities from banks operating in the Baltic countries to foreign financial institutionsNational currencies; Index, December 2008 = 100

Sources: National central banksChart: 2:39

40

50

60

70

80

90

100

110

mar

-07

jun-

07

sep-

07

dec-

07

mar

-08

jun-

08

sep-

08

dec-

08

mar

-09

jun-

09

sep-

09

dec-

09


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 jan-11



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 jan-11



Households´and companies´debts in relation to GDPPer cent

0

20

40

60

80

100

120

140

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 2:42

Late paymentsPer cent of outstanding loans

0

2

4

6

8

10

12

14

16

18

20

dec-

00

dec-

01

dec-

02

dec-

03

dec-

04

dec-

05

dec-

06

dec-

07

dec-

08

dec-

09

dec-

10

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

Sources: Eesti Pank, Financial and Capital Market Commission och Lietuvos BankasChart 2:43

HousepricesIndex, January 2006 = 100

Sources: Latio, Ober Haus, Arco Real Estate Land Board and Lietuvos BankasChart 2:44

0

20

40

60

80

100

120

140

160

180

200

jan-05 jan-06 jan-07 jan-08 jan-09 jan-10 jan-11


Chapter 3

The major Swedish banks' assets and liabilities per currency, December 2009SEK billion


0

1 000

2 000

3 000

4 000

5 000

6 000

SEK EUR USD GDP Sweden 2009

Assets

Assets

Assets

Liabilites

Liabilites

Liabilites

The total assets of the major Swedish banks in Sweden and abroad, March 2010SEK billion

0

2 000

4 000

6 000

8 000

10 000

12 000

Handelsbanken Nordea SEB Swedbank Summa

Sweden Abroad


Total

The banks' earningsSEK billion, rolling four quarters


0

20

40

60

80

100

120

140

mars 06 mars 07 mars 08 mars 09 mars 10

Net interest income Net commission income

Net result of financial items Other income

Profit before loan losses and loan losses (net) in the major Swedish banksTotalled over four quarters, SEK billion, fixed prices, 31 March 2010


-20

0

20

40

60

80

100

120


Profit before loan losses Loan losses, net

Annual lending growth at the major Swedish banksPer cent


-10

-5

0

5

10

15

20

25

05:4 06:2 06:4 07:2 07:4 08:2 08:4 09:2 09:4 10:2

Net interest income in relation to interest-bearing assets, the net interest income marginPer 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 10:4


The major Swedish banks' securities-related net commission income, Stockholm Stock Exchange turnover and the stock market indexIndex, Q 1 2003 = 100

0

50

100

150

200

250

300

350

03:1 04:1 05:1 06:1 07:1 08:1 09:1 10:1

Asset management-related income OMX index Turnover OMX Brokerage income

Source: Bank reports, NASDAQ OMX and the RiksbankChart 3:7

Allocation of total assetsPer cent, December 2009

0%

20%

40%

60%

80%

100%

Handelsbanken Nordea SEB Swedbank

Loans to public Loans to credit institutions Debt securities Derivatives Other assets


Swedish major banks' lending in the Baltic countries Left axis EUR billion, right axis per cent

0

5

10

15

20

25

30

35

40

45

07:1 07:2 07:3 07:4 08:1 08:2 08:3 08:4 09:1 09:2 09:3 09:4 10:1

-15

-10

-5

0

5

10

15

20

25

30

Lending to the public (left axis) Annual percentage change (right axis)


Market shares of lending in the Baltic countriesPer cent, March 2010


0%

20%

40%

60%

80%

100%

Estonia Latvia LithuaniaSwedbank SEB Nordea ÖvrigaOther

s

Geographical distribution of loan losses, in the period second quarter 2009 to first quarter 2010Per cent


19%

49%

22%

10%

Sweden Other Nordic countries excl Sweden The Baltic countries Other countries

Loan losses per quarterPercentage of lending at the start of the respective quarters

-0,2

0,0

0,2

0,4

0,6

0,8

1,0

08:1 08:2 08:3 08:4 09:1 09:2 09:3 09:4 10:1

Group provisions Individual provisions Write-offsReversals Recoveries Loan-loss level


Capital ratios of Swedish and international banksPer cent

Source: Standard & Poor’sChart 3:13

0

1

2

3

4

5

6

7

8

9

10

Nordea

HSBC

Holding

s

DnB NO

R Gr

oup

Dexia SEB

Swed

bank

Hand

elsba

nken

KBC Ba

nk

Banc

o Sa

ntan

der

Barcl

ays B

ank

Cred

it Su

isse

Cred

it Ag

ricole

Socie

te G

enerale

LBBW

UniCredit

Intesa Sa

npao

loDa

nske

Ban

k

Deutsche

Ban

kBN

P Pa

ribas

Allie

d Irish

Ban

ksBa

yeris

che L

B

UBS

Citig

roup

Lending in relation to depositsPer cent

0

50

100

150

200

250

300

Hande

lsban

ken

Swed

bank

Norde

a

UniCr

edit

SEB

Banc

o Sa

ntan

der

Commerzb

ank A

G

Barcl

ays B

ank

BNP Pa

ribas

RBS H

oldin

gs UBS

Cred

it Su

isse

HSBC Hold

ings

Deutsc

he Ban

k

Sources: Bankscope and the RiksbankChart 3:14

The major Swedish banks' deposits and lendingSEK billion

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

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

Lending Deposits and borrowing Deposit deficit


The major Swedish banks' sources of funding, March 2010Per cent


3 35

12

9

22

46

Credit from the Riksbank

Government-guaranteedborrowing via the SwedishNational Debt OfficeInterbank, net

Covered bonds in SEK

Covered bonds in foreigncurrency

Other debt securitiesissued

Deposits

Maturity of the securities of the major Swedish banks, March 2010SEK billion


430

590 590

0

100

200

300

400

500

600

700

<1 month 1-3 months 3-12 months

The market funding of the major Swedish banks per currency, December 2009Per cent


SEK35%

EUR28%

USD21%

DKK10%

Other currencies6%

Chapter 4

Profit before loan losses and loan losses (net) in the major Swedish banksTotalled over four quarters, SEK billion, fixed prices, 31 March 2010

Sources: Bank reports, SME Direkt and the RiksbankChart 4:1

-20

0

20

40

60

80

100

120

dec-90 dec-92 dec-94 dec-96 dec-98 dec-00 dec-02 dec-04 dec-06 dec-08 dec-10 dec-12

Profit before loan losses Loan losses, net

Main scenario loan losses, net, FSR 2009:1 Main scenario loan losses, net, FSR 2009:2

Distribution of loan losses in main scenario per bank and yearSEK billion

0

2

4

6

8

10

12

14


2010 2011 2012


Distribution of loan losses per region in the period 2010–2012 in the Riksbank’s main scenarioSEK billion and per cent


58%

1017%

814%

58%

1931%

1322%

Sweden Nordic countries excl Sweden Estonia Latvia Lithuania Other countries

The major Swedish bank with the lowest Tier 1 capital ratio after another Swedish major bank has defaulted on its paymentsPer cent

0

1

2

3

4

5

6

7

8

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010


Expected Default Frequency (EDF) for the Swedish corporate sector in the stress test and main scenarioPer cent

0,0

0,5

1,0

1,5

2,0

2,5

3,0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

EDF, stress scenario EDF, main scenario

Sources: Moody's KMV and the RiksbankChart 4:5

The major Swedish banks' Tier 1 and core Tier 1 capital ratios, today and in the stress testPer cent


0

2

4

6

8

10

12

14

16


0

2

4

6

8

10

12

14

16

Q110*

1110

Handelsbanken SwedbankSEBNordea

Q1 10*

1110Q1 10*

1110Q1 10*

111012 121212

chapter 1. difference between the sek/usd fx-swap implied dollar interest rate and the usd libor...

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reuters ecowinchart

reuters ecowinchart

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