Low repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015

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1 Low repo rate supports upturn in inflation Governor Stefan Ingves Bank & Finans Outlook 18 March 2015

2 Sweden - a small open economy in an uncertain world Large oil price fluctuations Negative interest rates and unconventional measures Central banks out of step Increased uncertainty: Greece, Russia,Ukraine

3 Swedish economy performing relatively well Normal GDP growth Quarterly changes in per cent calculated as an annual rate Labour market strengthening Percentage of labour force aged Note. Seasonally-adjusted data. Sources: Statistics Sweden and the Riksbank

4 Note. Annual percentage change. The CPIF is the CPI with a fixed mortgage rate. Sources: Statistics Sweden and the Riksbank Signs that inflation has bottomed out and is rising

5 Important that expectations are anchored Note. Inflation expectations among money market participants, per cent. Source: TNS Sifo Prospera

6 The Riksbank is supporting the upturn in inflation Expansionary monetary policy Repo rate per cent Rates for the Riksbank's fine-tuning operations with the banks: repo +-/0.10 Purchase of government bonds for SEK 10 billion If more is required, we will do more!

7 Note. Average rates for new loans. Maturities vary over time and between countries. Loans to households refers to mortgages. Sources: Bank of England, ECB, Federal Reserve, Mortgage Bankers Association (MBA) and Statistics Sweden Interest rates for Swedish households and companies are low Households Per cent Companies Per cent

8 Sources: Valueguard, Statistics Sweden and the Riksbank Risks increase with low interest rates for a long timer Housing prices Annual percentage change, seasonallyadjusted data Debts Percentage of disposable income

9 The Riksbank s role in macroprudential policy FI Macroprudential policy authority Decision-making powers Macroprudential policy tools The Swedish National Debt Office Financial Stability Council Ministry of Finance Chair The Riksbank Analysis

10 Household debts - double risks Real economic instability Households consume less Financial instability Funding problems for banks Loan losses on banks lending Current high indebtedness means that the effects of a crisis will be greater

11 Vulnerabilities in the banking system increase the risks relating to household debt The banks assets in relation to GDP Switzerland The Netherlands Sweden United Kingdom Spain France Denmark Cyprus Austria Germany Portugal Greece Luxembourg Average Ireland Italy Belgium Slovenia Finland Latvia Hungary Poland Bulgaria Czech Republic Slovakia Lithuania Romania Estonia The major Swedish banks foreign operations Large and interlinked banking system Dependent on market funding on foreign currencies Tangible liquidity risks Limited equity in relations to assets Note: Data refers to December Sources: ECB, national centralbanks and the Riksbank

12 Indebtedness: where can we find the balance? Risks to the economy Welfare gains associated with loans

13 Takes time to slow down debt growth Percentage of disposable income Debt ratio Forecast, Monetary policy Report, February 2015 Lower interest rate deduction (20%) Lower LTV ceiling (80%) Buffer in discretionary income(3000kr) FI:s proposal to amortisation Source: The Riksbank

14 Toolbox for managing risks Demand-side measures Mortgage ceiling Debt ratio ceiling Debt service ratio Discretionary income calculations Amortisation requirements Fixed-rate period Interest deductions Increased housing taxation The repo rate Supply-side measures Capital requirements The countercyclical capital buffer Sectorial capital requirements Improve the supply of housing

15 Increase in interest expeneses (SEK/month) Substantial impact of interest rate increases Interest expenses in SEK Interest rate increase (percentage point)) 1 Million SEK 2,5 Million SEK 5 Million SEK Source: The Riksbank

16 Important to manage the risks relating to household debt Risks have increased over a long period of time and are again showing signs of a faster rate of increases The long period of low interest rates makes it urgent for other policy areas to manage these risks Measures to manage the driving forces behind household indebtedness Further macroprudential policy measures The European Commission, OECD and IMF have repeatedly pointed out the risks

17 Thank you!

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