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Presentationsbilder till talet On the Agenda: The Swedish FSA’s mandate and current challenges

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(1)

On the Agenda: The Swedish FSA’s mandate and current challenges

Erik Thedéen, Director General, Swedish FSA

Stockholm, September 13, 2018

(2)

Responsibilities

Parliament

Government

National Debt Office

Finans- inspektionen

The Riksbank

Deposit insurance Resolution

Macropru Supervision Secondary legislation

Monetary policy Efficient payments system

Lender of last resort Primary legislation

(3)

Financial Stability Council

Parliament

Government

National Debt Office

Finans- inspektionen

The Riksbank

(4)

Financial stability

- Capital req - Liquidity req - CCB

Consumer protection

- LTV-cap

- Consumer credit

Counteract financial imbalances

- amortization

- DTI-cap

(5)

Unique situation

Source: NIER and Riksbank

-4 -2 0 2 4 6 8

-8 -6 -4 -2 0 2 4

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 GDP-gap (left axis) Repo rate (right axis)

(6)

Accelerating total debt

0 20 40 60 80 100 120 140 160 180

1980 1984 1988 1992 1996 2000 2004 2008 2012 2016

Non-financial corp Households Total Share of GDP, per cent

Source: Statistics Sweden

(7)

What have we done?

Increase resilience

Decrease

risks

(8)

Curb systemic risk

Per cent

Source: Finansinspektionen

Note: Loan-to-value (LTV) and Loan-to-(gross)income (LTI).

LTV

LTI

(9)

Effects

Per cent

Source: Finansinspektionen

Note: Mortgage bar for LTV-cap shows ‘Total Debt’

-8 -7 -6 -5 -4 -3 -2 -1 0

Capital requirements

LTV cap Amortization:

LTV-based

Amortization:

LTI-based

Mortgages Real Estate Prices

(10)

Mortgages, the Swedish way

Investor

Bank Borrower

Mortgage

Mortgage payments Funding

Covered bonds

Households

Deposits

Interest

(11)

Alternative structure

Short term finance

Portfolio manager

Borrower Investor

Mortgage Fund underwriter

Mortgage

Mortgage payments

Mortgage Funding

Fund

share

Funding

(12)

Housing prices have stabilized

Index January 2005 = 100

Source: Valueguard

Note: Seasonally adjusted 100

150 200 250 300 350

2005 2007 2009 2011 2013 2015 2017

Weighted Tenant-owned apartments Single family homes

(13)

High activity

Source: Valueguard

Note: Seasonally adjusted

0 2000 4000 6000 8000 10000 12000 14000 16000

Turnover

(14)

What if…?

(15)

References

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