rfr · H30WRFR7 · 2016-01-19 00:00:00 — submits for consultation a proposal that all new mortgages with a loan-to-value ratio over 50 per cent shall be subject to amortisation requirements. decides to cut the repo rate by 0.15 percentage points to – 0.25 per cent. also decides to increase the purchases of nominal government bonds by the sum of billion, with maturities of up to 25 years. A new forecast is not published, but expects the repo rate to rise at a slower pace than was forecast in the February Monetary Policy Re- port. decides not to progress with the amortisation requirement after the Administrative Court of Appeal in in its consultation response questioned whether is entitled by law to introduce such rules decides to leave the repo rate unchanged at – 0.25 per cent and to extend the purchases of nominal government bonds by a further billion, with maturities of up to 25 years. The repo-rate path is lowered significantly compared with the decision in February. 2 SWEDISH MONETARY POLICY 2010-2015 decides to cut the repo rate by 0.10 percentage points to – 0.35 per cent and to extend the purchases of government bonds by a further billion until the end of the year. The repo rate path is adjusted downwards. decides hold the repo rate unchanged at – 0.35 per cent, and to continue to purchase government bonds until the end of the year, according to the plan announced in . The repo rate path is left unchanged. decides hold the repo rate unchanged at – 0.35 per cent, and to extend the government bond purchasing programme by an additional billion. The repo rate path is adjusted downwards so that an initial raise in the repo rate will be deferred by approximately six months compared with the previous assessment. Sources: Notices and press releases on web pages of the Swedish Government, the Swedish Bankers’ Association, and the Riksbank in Swedish Financial Stability Policy 2010-2015 Loan-to-value of new loans should not be more Credit growth and leverage 5 May2010 (1) Discount rate for life Temporary floor on discount rate to be applied 2012 (2) Deactivated (3) by life insurance companies. Liquidity Coverage Ratio > in USD, EUR and total. Introduction of a risk weight floor of for Credit growth and leverage 26 Swedish mortgage loans by Internal Rating Individually tailored amortisation plans - Im- plemented by Swedish Bankers' Association as ture and thereby promote the soundness and stability Discount rate for life New regulation on a discount rate curve that is 2013 (4) adapted to Solvency II. Shorter transitional period for the introduction Credit growth and leverage 9 2014 of a capital conservation buffer of . Shorter transitional period for the introduction Credit growth and leverage 9 2014 of the countercyclical capital buffer. The four largest banking groups are subject to a 8 2014 (5) Pillar II capital add-on of . 2015/16:RFR7 3 SWEDISH FINANCIAL STABILITY POLICY 2010-2015 A risk weight floor of (raised from previ- Credit growth and leverage 8 2014 ously ) for Swedish mortgage loans by In- ternal Rating Based banks. Reciprocation of tighter model requirements by Credit growth and leverage 8 2014 Norwegian Financial Supervisory Authority for mortgage lending by Internal Rating Based The four largest banking groups are subject to a Misaligned incentives 8 2014 (6) Systemic Risk Buffer of . Applied to all ex- posures on a consolidated basis. Activation and setting of a countercyclical capi- Credit growth and leverage 12 2014 tal buffer rate at from . the countercyclical capital buffer rate Credit growth and leverage New mortgage loans with Loan-to-value > Credit growth and leverage 10 2015 (7) On hold (8) need to be repaid down by a minimum of of the original loan each year. gage loans with Loan-to-value < need to be paid down by a minimum of annually until the Loan-to-value has reached . the CCB rate at . Credit growth and leverage 20 January 2015 capital buffer (CCB) Proposal to raise the CCB rate to from growth and leverage 26 2015 capital buffer (CCB) SWEDISH FINANCIAL STABILITY POLICY 2010-2015 3 2015/16:RFR7 is identified as a globally system- ically important institution (G-SII). fication means that Nordea is required to hold a capital buffer of as a globally systemically already has decided that Nordea is to hold a systemic risk buffer of , the decision will not affect the capital requirement of Nordea. The four large banking groups, (Nordea, Sven- ska , Skandinaviska Enskilda buffers of other sys- Banken () and ) are intended to be identified as other systemically important in- institutions (O-SIIs) stitutions (O-SIIs).The capital buffer require- ment that follows from this identification as O– SIIs, which is to be held in the form of Com- mon Equity Tier 1, is intended to amount to 2 per cent at group level. nen already has decided that the banks are to hold a systemic risk buffer of , the decision will not affect the capital requirements of the banks. (1)Pre-announced 16 February 2010. (2)Pre-announced 7 2012. (3)Deactivated upon adaption of new regulation on a discount rate curve in . (4)Pre-announced 18 February 2013 and updated . (5)Pre-announced . (6)Pre-announced . (7)Pre-announced . (8)Proposal stopped for the moment, pending clarification of the legal mandate of to impose the measure. Source: , unpublished compilation Individuals and Organizations interviewed by the Evaluators Meetings, 5-6 2015 •Staff at the Riksbank , Head of Monetary Policy Department , Deputy Head of Monetary Policy Department Beechey, Deputy Head of Markets Department , Deputy Head of Financial Stability Department •The , Vice Chair , member , member , member , member , Head of the Secretariat , at the Secretariat •Staff at the Riksbank , Head of Markets Department , Head of Financial Stability Department , Deputy Head of Monetary Policy Department , Deputy Head of Monetary Policy Department , Head of the General •Johan , Chair of the 2006-2014 •Private banks, trade unions and employers’ organizations , Head of Economic Forecasting, , Head of , , Chief Economist, Employer and for the Sector () , Chief Economist, The Employers , Chief Economist, Swedish Trade Union Confederation (LO) , Economist, Swedish Trade Union Confederation (LO) •Private banks, housing, trade unions and employers’ organizations , Analyst, , and Planning , Chief Economist, Nordea , Chief Analyst, Nordea , Chief Economist, The Swedish Confederation for Professional Employees (TCO) , Chief Economist, , , Evidens INDIVIDUALS AND ORGANIZATIONS INTERVIEWED BY THE EVALUATORS 4 •The Presidium of the , Chair Meetings, 17-18 2015 •Kerstin af Jochnick, First Deputy Governor , Deputy Governor •Cecilia Skingsley, Deputy Governor Per , Deputy Governor •Martin Noréus, Deputy Director General of , Chief Economist •Karolina , Deputy Governor from to , Deputy Governor •Lars , Deputy Governor from to •Svante , First Deputy Governor from to •Assar , Professor emeritus of () •Torsten , Professor of () •Lars Calmfors, Professor emeritus of () , Professor emeritus of () •Stefan Ingves, Governor •Lars , emeritus for (video conference) •Martin , Director General of from 2009-01- 15 to •Barbro Wickman-Parak, Deputy Governor from to 2013-05- 20 •Lars , Deputy Governor from to •Jörgen and , Audit Directors at the National Audit Office •Mikael Åsell and , Secretariat of •Staff at the Riksbank , Head of Forecast Division , Deputy Head of Monetary Policy Department , Research Division 1 The report may be viewed at ment/utskotteunamnd/201516/fiu/An-Evaluation-of-Swedish-Monetary-Pol- icy-between-1995-and-2005.pdf 2 The report may be viewed at ment/utskotteunamnd/201516/fiu/Evaluation-of-the-Riksbanks-monetary- policy-and-work-with-financial-stability-2005-2010.pdf. 3 The financial crisis can be said to have begun in 2007 with financial institutions experiencing a drying up of liquidity and difficulties in obtaining funding. In countries such as , it is more common to think of the crisis dating from , with the bankruptcy of making it obvious that a global financial crisis was under way. 4 The maximum number of dissents in any one meeting is 3 and so in a year with six meetings it is 18. 5 Since a (with a new format) is prepared for each scheduled meeting. 6 and , “The decision-making process – how decides on the repo rate”, Economic Re- view, the Riksbank, No. 1, 2009. 7 and , “An Assessment of the Riksbank’s International Forecasts,” Economic Commentaries, the Riksbank, No. 14, 2015, No- vember 4. 8 The forecast comparison refers to full-year forecasts conducted up to two years ahead of the realized outcome, measured as an annual average of the annual percentage change, for the period 2007-2014. The full-year forecasts are evaluated against the first available outcomes. 9Mårten Löf, “Recent Inflation Outcomes and Forecasts,” Economic Commentaries, the Riksbank, No. 4, 2015, 7. 10The biases in Table 3 are calculated from forecast errors defined as forecast less outcome, while the biases in Figure 11, and in Figures 16-18, are calculated from forecast errors defined as outcome less forecast. So the same upward bias will have different signs. 11A similar point was made in the Review by Goodhart and Rochet. 12For example, Chapter 4 article 6 states that “the and may not convene in a region occupied by a foreign power”. Etisk bedömning av nya metoder i vården – en uppföljning av landstingens och statens insatser Uppföljning av regeringens resultatredovisning för utgiftsområde 17 Kultur, medier, trossamfund och fritid En bok är en bok är en bok? – en fördjupningsstudie av e-böckerna Offentlig utfrågning om funktionshindersperspektiv i kulturarvet – En uppföljning av transportsystemets tillgänglighet för personer med funktionsnedsättning offentliga utfrågning om ändring av be- slut om höjd nedre skiktgräns för statlig inkomstskatt Inventering av skatteforskare 2013 Ett förlängt arbetsliv – forskning om arbetstagarnas och Offentlig utfrågning om vårdnadsbidrag och jämställdhetsbonus Subsidiaritet i EU efter Utvärdering av skattelättnader för utländska experter, specialister, forskare och andra nyckelpersoner offentliga utfrågning om PISA-undersökningen öppna kunskapsseminarium om icke smittsamma – ett ökande hot globalt och i () För, med och av – en uppföljning av tillgängligheten inom kulturen Översyn av ändringar i offentlighets- och sekretesslagstiftningen öppna kunskapsseminarium om ar- bete med barn som far illa seminarium om utbildning för hållbar utveckling inklusive entreprenöriellt lärande För, med och av – en uppföljning av tillgänglighet inom kulturen Autonomi och kvalitet – ett uppföljningsprojekt om implementering och effekter av två högskolereformer i Delredovisning 1: Skrivbordsstudie om autonomi- och Autonomi och kvalitet – ett uppföljningsprojekt om implementering och effekter av två högskolereformer i Delredovisning 2: Intervjuundersökning med rektorer hearing om framtidens luftfart – Har vi luft under Offentlig utfrågning med anledning av dom om data- Stöd till lokala åtgärder mot övergödning Om samhällsekonomiska analyser inom transportsektorn med sär- skild hänsyn till hållbar utveckling offentliga utfrågning om järnvägens vägval Blev det som vi tänkt oss? En uppföljning av vissa frågor i det försvarspolitiska inriktningsbe- Autonomi och kvalitet – ett uppföljningsprojekt om implementering och effekter av två högskolereformer i Autonomi och kvalitet – ett uppföljningsprojekt om implementering och effekter av två högskolereformer i Delredovisning 3: Enkätundersökning till studieansvariga Autonomi och kvalitet – ett uppföljningsprojekt om implementering och effekter av två högskolereformer i Delredovisning 4: Den fallstudiebaserade undersökningens första fas Seminarium om samhällsekonomiska analyser Sjöfartsnäringen och dess konkurrenskraft Skattebefriade bränslen i industriella processer, så kallade råvaru- offentliga utfrågning om idrott och fysisk akti- vitet i skolan – ett sätt att stärka inlärning och hälsa hearing om journalisters och medie-redakt- ioners säkerhet och arbetsförutsättningar Finsam – en uppföljning av finansiell samordning av rehabilite- offentliga utfrågning om Finsam – finansiell samordning av rehabiliteringsinsatser seminarium om internationellt samarbete mot skat- Offentlig utfrågning om ett handelsavtal mellan och offentliga utfrågning om unga vuxnas möjlighet att finansiera ett eget boende Statsråds medverkan i granskning offentliga utfrågning om den aktuella penningpolitiken Om krisen eller kriget kommer – En uppföljning av informationsinsatser till allmänheten om den enskil- des ansvar och beredskap Är samverkan modellen? En uppföljning och utvärdering av kultursamverkansmodellen Öppna utfrågning om den aktuella penningpolitiken Utvärdering av penningpolitik 2010–2015