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Economy
In reply to the discussion: STOCK MARKET WATCH -- Monday, 20 May 2013 [View all]xchrom
(108,903 posts)22. Swedish Banks Get No Mercy as EU Agenda Ignored: Nordic Credit
http://www.bloomberg.com/news/2013-05-20/swedish-banks-get-no-mercy-as-eu-agenda-ignored-nordic-credit.html
Swedish Finance Minister Anders Borg said he wont cave to pressure from banks or the European Union to harmonize standards and insists capital ratios in the largest Nordic economy need to be higher than those elsewhere.
We will push ahead with higher capital requirements, Borg said in an interview in Stockholm. We wont take any risks regarding the Swedish economy; we have a large banking sector and highly indebted households, so we need to be sure whats ahead.
Some of Swedens biggest banks have argued the governments approach is hurting their ability to lend. Without harmonized capital rules, banks will suffer competitive distortions, Nordea Bank AB (NDA) Chief Executive Officer Christian Clausen has repeatedly warned. Clausen, who is also president of the European Banking Federation, said in February lenders need one rule book.
Yet Borgs tougher stance is supported by debt markets, which have rewarded Swedens banks with some of Europes lowest funding costs and default risks.
Swedish Finance Minister Anders Borg said he wont cave to pressure from banks or the European Union to harmonize standards and insists capital ratios in the largest Nordic economy need to be higher than those elsewhere.
We will push ahead with higher capital requirements, Borg said in an interview in Stockholm. We wont take any risks regarding the Swedish economy; we have a large banking sector and highly indebted households, so we need to be sure whats ahead.
Some of Swedens biggest banks have argued the governments approach is hurting their ability to lend. Without harmonized capital rules, banks will suffer competitive distortions, Nordea Bank AB (NDA) Chief Executive Officer Christian Clausen has repeatedly warned. Clausen, who is also president of the European Banking Federation, said in February lenders need one rule book.
Yet Borgs tougher stance is supported by debt markets, which have rewarded Swedens banks with some of Europes lowest funding costs and default risks.
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