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Swedish markets minister says ready to do more on household debts if needed
December 7, 2016 / 4:26 PM / a year ago

Swedish markets minister says ready to do more on household debts if needed

STOCKHOLM, Dec 7 (Reuters) - Swedish Financial Markets Minister Per Bolund said on Wednesday there was a preparedness to take further steps to handle soaring household debts if needed and that the financial watchdog’s upcoming expanded remit would allow it to evaluate appropriate measures.

“We have a good base since the banks have stability that has been built up by us raising capital requirements for them,” Bolund told reporters after meeting representatives of the Riksbank, debt office and financial watchdog in a stability council meeting.

“But we are all the time analysing developments, both the individual authorities and us at the ministry, and looking to see if there is a need for further measures.”

Bolund also repeated that he was open to the idea of adjusting generous tax breaks on mortgage interest payments but that this would require broad political agreement.

The watchdog, the Financial Supervisory Authority (FSA), last week called on the government and central bank to do more to curb soaring household debts amid a decade-long boom in house price, saying tax breaks and ultra-low interest rates had created a “greenhouse” for debt. (Reporting by Johan Sennero, editing by Niklas Pollard)

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