Swedish guarantee programme for banks concluded
(Thomson Reuters ONE) -
Sweden's government guarantee programme for banks and mortgage institutions is
now closed as the last outstanding loan has been repaid. The programme, which
was introduced during the financial crisis in 2008, contributed to financial
stability and resulted in a surplus of SEK 6 billion for taxpayers.
The aim of the guarantee programme was to facilitate funding for banks and
mortgage institutions and thereby improve conditions for company and household
borrowing. At its peak, the government had outstanding guarantees of a total of
SEK 354 billion (in June 2009) to six banks and mortgage institutions.
- Now that the guarantee programme has come to an end we can put the support
measures from the financial crisis in 2008-09 behind us. The state guarantees
helped buoy lending during the crisis, alleviating the effects of the crisis on
the economy, says Hans Lindblad, Director General at the Swedish National Debt
Office.
The surplus from the programme is a result of banks and mortgage institutions
paying fees to participate, while the Debt Office did not have to honour any
guarantees.
As the support measures are now concluded, the Debt Office is focusing on
preparing for the new role as Sweden's resolution authority, responsible for
both planning and managing crises in financial institutions according to the
Bank Recovery and Resolution Directive.
- It is important that the government can handle a failing bank in a way that
prevents the crisis from spreading in the financial system. With the new EU
rules, shareholders and creditors will primarily bear losses, not taxpayers,
says Hans Lindblad.
Contact
Linda Rudberg, press officer, +46 (0)8 613 45 38
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Source: Riksgälden via GlobeNewswire
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Unternehmensinformation / Kurzprofil:
Datum: 13.05.2015 - 10:14 Uhr
Sprache: Deutsch
News-ID 392874
Anzahl Zeichen: 2420
contact information:
Town:
Stockholm
Kategorie:
Business News
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