January 23, 2018 / 8:44 AM / a year ago

Swedish cbank chief Ingves says household debt a risk to economy

STOCKHOLM, Jan 23 (Reuters) - Swedish Central Bank Governor Stefan Ingves said on Tuesday high household debt posed a risk to an economy that has seen residential property prices boom over the past two decades.

“High indebtedness makes the economy vulnerable and it is important that we slow down this development,” Ingves said in a statement.

Property prices in the Nordic country have soared since the late 1990s, leaving Swedish households among the most indebted in Europe. However, in recent months prices have shown signs of faltering, especially in the capital, Stockholm.

Swedish authorities as well as the European Commission and the IMF, have repeatedly warned the high debt levels are a serious threat to the economy.

Reporting by Stockholm Newsroom; editing by Niklas Pollard

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