The Swedish central bank, the Riksbank wants to know how much debt people have amassed

Friday, 05 July 2013
It is an open secret the Swedish household debts are astronomical but it seems the central bank does not know really how much people owe. Therefore, it has requested such information to be sent to them ASAP by the banks.

According to media reports, the central bank or the Riskbank is request this information at the individual level via letter that the Swedish banks should disclose anonymised data on their customers' debts.

The reason for this is that Riksbank's Executive Governors want to obtain detailed knowledge of indebtedness among Swedish households. Sweden has received criticism from the IMF for high household debt levels and the Riksbank wants to make a deeper analysis of the 'assertion'.

While this information is already collected by the Financial Supervisory Authority (FI), it is argued that the information is done mostly through sampling.

The banks are said to be on their way to support the request and plans to disclose details of all personal customers credit. The information however is said to be anonymous.

by Scancomark.com Team

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