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2 - Sveriges Riksbank

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					Figure 1. Lending as a percentage of GDP and real asset prices.
Percentage of GDP plus index: 1980=100
Sources: BIS, SCB and the Riksbank.
Note. The data for 2001 refers to the first half of the year.

                Asset price index (left scale)      Lending/GDP (right scale)
     1970                  109.90                            0.83
     1971                  110.70                            0.85
     1972                  110.40                            0.88
     1973                  108.30                            0.88
     1974                  100.70                            0.88
     1975                  105.90                            0.85
     1976                  110.30                            0.85
     1977                  101.00                            0.88
     1978                  107.20                            0.88
     1979                  104.10                            0.89
     1980                  100.00                            0.93
     1981                  107.80                            0.95
     1982                  110.50                            1.01
     1983                  122.10                            1.01
     1984                  121.10                            1.01
     1985                  130.90                            1.01
     1986                  156.60                            1.12
     1987                  168.50                            1.15
     1988                  201.60                            1.30
     1989                  222.90                            1.43
     1990                  190.30                            1.49
     1991                  176.10                            1.45
     1992                  156.20                            1.48
     1993                  154.60                            1.39
     1994                  165.10                            1.26
     1995                  177.50                            1.18
     1996                  197.10                            1.19
     1997                  220.00                            1.22
     1998                  246.51                            1.25
     1999                  286.33                            1.26
     2000                  302.70                            1.31
     2001                  293.83                            1.37
Figure 2. Profit before loan losses and loan losses, net in the major banks, aggregate over four quarters.
SEK billion, 1991 prices
Sources: The banks' reports and the Riksbank.
               Profit before loan losses Loan losses, net
12/31/1990               26.151               12.552
 4/30/1991               27.000               15.000
 8/31/1991               30.515               32.484
12/31/1991               26.288               35.051
 3/31/1992               25.292               51.558
 6/30/1992               24.236               56.227
 9/30/1992               23.133               61.688
12/31/1992               23.828               70.530
 3/31/1993               25.036               63.982
 6/30/1993               29.609               61.069
 9/30/1993               31.367               52.587
12/31/1993               32.097               45.852
 3/31/1994               31.906               40.110
 6/30/1994               29.854               29.854
 9/30/1994               29.161               24.292
12/31/1994               30.265               18.807
 3/31/1995               26.964               16.875
 6/30/1995               26.978               16.387
 9/30/1995               28.488               14.917
12/31/1995               28.170               9.873
 3/31/1996               28.770               8.973
 6/30/1996               28.917               6.789
 9/30/1996               28.510               6.336
12/31/1996               29.595               5.675
 3/31/1997               31.022               5.247
 6/30/1997               31.623               4.601
 9/30/1997               31.383               3.638
12/31/1997               30.383               4.896
 3/31/1998               29.098               4.189
 6/30/1998               28.909               4.283
 9/30/1998               27.219               5.702
12/31/1998               25.979               4.206
 3/31/1999               25.936               3.880
 6/30/1999               23.768               2.645
 9/30/1999               23.907               0.853
12/31/1999               25.779               0.343
 3/31/2000               31.745               0.525
 6/30/2000               34.477               1.491
 9/30/2000               39.947               1.877
12/31/2000               40.697               1.862
 3/31/2001               38.286               1.872
 6/30/2001               39.544               2.042
 9/30/2001               38.504               3.458
ggregate over four quarters.
Figure 3. Share price developments in Sweden and USA.
Index: 1995=100, SEK or USD respectively
Source: Ecowin
                 OMX S&P 500       Nasdaq
 12/31/1998       100       100        100
   1/1/1999
   1/4/1999 103.6774 99.6891 102.3976
   1/5/1999 104.9593 101.0431 105.0818
   1/6/1999            103.2802 108.4474
   1/7/1999 105.4897 103.0684 108.5799
   1/8/1999 105.3329 103.5034 108.9836
  1/11/1999 103.2054 102.5935 110.4480
  1/12/1999 101.2990 100.6153 107.0741
  1/13/1999 98.2518 100.2005 107.5689
  1/14/1999 99.2514 98.3976 105.2541
  1/15/1999 99.2329 100.9197 109.4231
  1/18/1999 102.3713             109.4231
  1/19/1999 102.7406 101.6292 112.2995
  1/20/1999 102.3984 102.0042 112.2995
  1/21/1999 100.7500 100.2622 108.3265
  1/22/1999 98.8835 99.4529 108.4618
  1/25/1999 99.0118 100.1664 110.2812
  1/26/1999 98.7694 101.6543 113.8727
  1/27/1999 99.8374 100.9124 112.1145
  1/28/1999 102.3556 102.7144 116.2134
  1/29/1999 103.0030 103.8728 117.4614
   2/1/1999 104.5329 103.3338 117.6679
   2/2/1999 104.6156 102.4401 114.7832
   2/3/1999 104.3975 103.2583 117.0610
   2/4/1999 105.3528 101.3442 111.9654
   2/5/1999 105.1347 100.6064 109.8058
   2/8/1999 104.0253 100.9611 112.3271
   2/9/1999 102.0177 98.7183 106.8670
  2/10/1999 101.1749 99.3198 107.3557
  2/11/1999 100.7600 101.7947 112.9052
  2/12/1999 101.5999 99.8539 108.1520
  2/15/1999 101.8195
  2/16/1999 103.0657 100.8069 107.9250
  2/17/1999 101.5086 99.3587 104.4396
  2/18/1999 102.0305 100.4343 105.2524
  2/19/1999 103.4307 100.5918 106.6605
  2/22/1999 105.4227 103.2640 110.2183
  2/23/1999 105.4455 103.1861 111.9969
  2/24/1999 106.1841 101.7436 109.8384
  2/25/1999 104.6556 101.0626 109.0239
  2/26/1999 104.4802 100.5195 106.3121
   3/1/1999 102.4255 100.3434 106.9979
   3/2/1999 103.5077 99.4781 104.2900
   3/3/1999 103.1156 99.6566 104.9057
   3/4/1999 103.2995 101.1941 106.7400
   3/5/1999 105.0919 103.5343 108.7743
   3/8/1999 103.9811 104.1236 112.3183
 3/9/1999   104.3404   103.8890   112.0157
3/10/1999   102.9117   104.4572   112.5645
3/11/1999   103.5091   105.3372   112.8544
3/12/1999   103.4293   105.0863   110.9328
3/15/1999   102.9930   106.1148   113.7700
3/16/1999   103.5362   106.0434   114.4768
3/17/1999   102.5752   105.3485   113.9997
3/18/1999   101.0010   106.8689   116.1129
3/19/1999   103.3081   105.4678   113.4028
3/22/1999   102.4811   105.2828   111.9367
3/23/1999   102.4155   102.4522   108.3016
3/24/1999   100.7101   102.9758   111.1863
3/25/1999   103.6917   104.7129   115.0406
3/26/1999   104.3590   104.1293   114.1543
3/29/1999   105.1946   106.3510   118.4260
3/30/1999   104.8267   105.5864   117.3785
3/31/1999   105.9261   104.4191   116.3310
 4/1/1999   106.4066   105.0157   118.5072
 4/2/1999
 4/5/1999              107.2399   122.5664
 4/6/1999   109.7988   106.9777   122.5216
 4/7/1999   109.3568   107.7082   121.0561
 4/8/1999   109.3026   109.0955   122.8485
 4/9/1999   109.4651   109.4502   123.2748
4/12/1999   108.2788   110.2855   122.5426
4/13/1999   109.2969   109.5695   120.1113
4/14/1999   109.8672   107.8340   116.1604
4/15/1999   107.6400   107.3811   117.9373
4/16/1999   109.1828   107.0678   115.2123
4/19/1999   111.0165   104.6715   108.6479
4/20/1999   108.8392   106.0263   112.1101
4/21/1999   110.3791   108.4575   116.2813
4/22/1999   111.2632   110.3001   120.5702
4/23/1999   110.8968   110.1402   122.0583
4/26/1999   111.7523   110.3991   124.8314
4/27/1999   112.4980   110.6232   121.8700
4/28/1999   111.3873   109.6580   118.7452
4/29/1999   110.8682   109.0021   117.0251
4/30/1999   110.7855   108.3812   117.9694
 5/3/1999   113.0584   109.9600   118.0555
 5/4/1999   112.9814   108.1230   115.8247
 5/5/1999   110.8896   109.3658   119.0395
 5/6/1999   109.3725   108.1271   114.7799
 5/7/1999   109.1044   109.1783   116.9390
5/10/1999   109.4894   108.7968   117.8788
5/11/1999   110.6772   110.0395   120.1483
5/12/1999   110.9809   110.7206   122.4581
5/13/1999              111.0096   120.3267
5/14/1999   110.4362   108.5938   117.3487
5/17/1999   109.4509   108.7310   120.1422
5/18/1999   110.9196   108.2302   119.2322
5/19/1999   112.7062   109.1158   120.7198
5/20/1999   113.3593 108.6774 118.1660
5/21/1999   113.3850 107.9842 116.7551
5/24/1999            106.0653 113.7838
5/25/1999   112.2072 104.2592 110.3850
5/26/1999   111.5698 105.9119 113.3669
5/27/1999   110.4305 104.0165 113.2040
5/28/1999   110.1011 105.6748 115.3912
5/31/1999   110.2194
 6/1/1999   110.1852 105.0595 111.8622
 6/2/1999   110.9552 105.1042 114.5541
 6/3/1999   112.4139 105.4881 112.1167
 6/4/1999   113.2566 107.7780 116.4796
 6/7/1999   114.9392 108.3276 118.8694
 6/8/1999   114.8936 106.9322 115.2283
 6/9/1999   116.5120 107.0385 117.9191
6/10/1999   115.2643 105.7544 115.8379
6/11/1999   117.0909 105.0092 113.8776
6/14/1999   116.8527 105.0384 112.0350
6/15/1999   115.5937 105.6196 113.6501
6/16/1999   116.9825 107.9940 119.6867
6/17/1999   116.6317 108.7643 120.9755
6/18/1999   118.6822 109.0029 121.7834
6/21/1999   119.9156 109.5030 125.2732
6/22/1999   119.3039 108.4380 122.0280
6/23/1999   118.4811 108.2091 123.6536
6/24/1999   118.4312 106.8064 120.6464
6/25/1999            106.7682 120.6955
6/28/1999   118.6522 108.0703 123.9082
6/29/1999   119.4864 109.7018 125.9027
6/30/1999   118.2273 111.4276 126.8254
 7/1/1999   119.3709 112.0973
 7/2/1999   120.7654 112.9301 129.6476
 7/5/1999   121.5982
 7/6/1999   120.8581 112.6785 128.7006
 7/7/1999   117.7810 113.3068 129.2495
 7/8/1999   117.5671 113.1899 131.1220
 7/9/1999   118.4754 113.9091 132.1402
7/12/1999   118.9303 113.5698 131.6554
7/13/1999   117.0966 113.1201 131.0712
7/14/1999   117.2705 113.4943 133.4671
7/15/1999   118.5453 114.4237 134.1419
7/16/1999   117.8024 115.1673 135.8101
7/19/1999   118.5909 114.2638 133.8852
7/20/1999   117.4188 111.7839 128.6228
7/21/1999   116.2838 111.9617 130.5173
7/22/1999   114.6212 110.4746 126.0054
7/23/1999   115.4910 110.1475 127.1153
7/26/1999   115.9017 109.4023 123.3322
7/27/1999   116.4335 110.6264 127.4886
7/28/1999   117.7796 110.8342 128.8691
7/29/1999   115.6536 108.8560 124.9640
7/30/1999   117.3903 107.8568 125.3985
  8/2/1999   116.7372   107.8024   125.0606
  8/3/1999   115.9502   107.3259   123.6453
  8/4/1999   115.5053   105.9581   121.7210
  8/5/1999   113.2923   106.6384   123.2616
  8/6/1999   114.2690   105.5490   122.1528
  8/9/1999   115.9516   105.3469   120.7977
 8/10/1999   114.3631   104.0181   119.4813
 8/11/1999   115.6493   105.6821   123.7900
 8/12/1999   117.9022   105.3761   122.2731
 8/13/1999   118.5724   107.7724   127.3936
 8/16/1999   119.0158   108.0232   127.7260
 8/17/1999   119.3894   109.1101   129.0673
 8/18/1999   119.4736   108.1912   127.9640
 8/19/1999   118.1304   107.4404   125.8326
 8/20/1999   120.4660   108.4972   127.8359
 8/23/1999   122.4537   110.4137   131.7454
 8/24/1999   122.1314   110.6800   132.7918
 8/25/1999   123.2436   112.1647   135.8896
 8/26/1999   123.6329   110.5590   133.4810
 8/27/1999              109.4437   132.6676
 8/30/1999   122.0202   107.4753   130.6968
 8/31/1999   119.3367   107.1822   132.3528
  9/1/1999   119.8885   108.0475   132.7984
  9/2/1999   118.6751   107.0767   132.1170
  9/3/1999   121.4627   110.1718   138.4170
  9/6/1999   122.6861
  9/7/1999   121.7436 109.6207     137.5959
  9/8/1999   120.6514 109.1093     135.5445
  9/9/1999   120.5972 109.3942     138.3513
 9/10/1999   121.4684 109.7189     139.9587
 9/13/1999   120.9437 109.1077     137.1144
 9/14/1999   120.6485 108.4713     139.2878
 9/15/1999   119.0415 106.9842     136.0094
 9/16/1999   118.8219 107.0256     136.2187
 9/17/1999   119.7117 108.4006     140.0857
 9/20/1999   120.9608 108.4096     140.5551
 9/21/1999   120.5815 106.1408     136.5975
 9/22/1999   119.6062 106.3786     138.8173
 9/23/1999   120.4674 103.9353     132.6952
 9/24/1999   119.1185 103.6877     132.5025
 9/27/1999   120.5929 104.1707     133.9895
 9/28/1999   120.0026 104.0806     134.0779
 9/29/1999   118.5995 102.9580     132.4583
 9/30/1999   118.6836 104.1220     132.9619
 10/1/1999   119.0757 104.1301     132.7714
 10/4/1999   119.5049 105.8989     136.2761
 10/5/1999   119.6746 105.6351     136.4738
 10/6/1999   121.1062 107.5873     139.8102
 10/7/1999   122.3838 106.9574     139.8146
 10/8/1999            108.4493     141.1045
10/11/1999   124.2903 108.3836     142.4032
10/12/1999   123.1053 106.5840     139.5285
10/13/1999   122.0045   104.3525   135.5345
10/14/1999   121.4228   104.1796   136.4457
10/15/1999   119.4536   101.2566   132.7360
10/18/1999   117.8252   101.8021   130.4334
10/19/1999   120.4104   102.3857   130.4411
10/20/1999   120.2421   104.6675   136.1861
10/21/1999   119.7958   104.1950   136.7853
10/22/1999   124.5270   105.6594   137.2690
10/25/1999   124.8563   105.0084   137.1746
10/26/1999   126.6744   104.0570   136.1922
10/27/1999   127.1121   105.2584   135.6985
10/28/1999   128.8517   108.9705   140.2525
10/29/1999   131.6108   110.6337   145.6369
 11/1/1999   131.3784   109.9186   144.4729
 11/2/1999   131.7221   109.4007   145.0598
 11/3/1999   132.0985   109.9843   147.5850
 11/4/1999   134.6081   110.6102   149.2631
 11/5/1999   134.5824   111.2263   152.1671
 11/8/1999   136.2707   111.7766   153.8551
 11/9/1999   135.2569   110.8245   152.6022
11/10/1999   137.1733   111.4885   154.4813
11/11/1999   139.5046   112.1379   157.3637
11/12/1999   138.9485   113.3230   159.5228
11/15/1999   141.0475   113.1874   158.8027
11/16/1999   142.3550   115.2525   162.3450
11/17/1999   144.3898   114.5122   160.7807
11/18/1999   148.0073   115.6673   165.8498
11/19/1999   145.3822   115.4286   167.2496
11/22/1999   144.3912   115.3426   168.3965
11/23/1999   144.8104   114.0195   165.6449
11/24/1999   144.0818   115.0293   171.6494
11/25/1999   146.5828
11/26/1999   148.4807   114.9919   172.0967
11/29/1999   149.4418   114.2784   169.1486
11/30/1999   147.0063   112.7426   163.8188
 12/1/1999   150.7408   113.4577   165.5069
 12/2/1999   152.6130   114.3766   171.6467
 12/3/1999   156.2276   116.3459   175.1752
 12/6/1999   158.0015   115.5366   176.2089
 12/7/1999   158.4848   114.3872   176.9814
 12/8/1999   167.7047   113.9578   174.7174
 12/9/1999   162.6813   114.3011   174.9074
12/10/1999   160.5610   115.0260   176.8820
12/13/1999   161.3580   114.8783   179.0405
12/14/1999   162.8894   113.9001   174.8947
12/15/1999   158.6702   114.7241   178.8644
12/16/1999   159.7026   115.1673   184.0069
12/17/1999   161.3295   115.3499   185.5282
12/20/1999   160.4383   115.1112   187.1931
12/21/1999   159.8722   116.3564   194.8420
12/22/1999   161.6974   116.5756   196.7062
12/23/1999   164.1884   118.3785   198.2518
12/24/1999
12/27/1999   164.6291   118.2778   198.7062
12/28/1999   166.6895   118.3233   197.6814
12/29/1999   168.7000   118.7941   203.7405
12/30/1999   170.9615   118.8761   203.4087
12/31/1999              119.2641   204.7428
  1/3/2000   172.7895   118.1252   209.3105
  1/4/2000   168.5460   113.5957   195.8177
  1/5/2000   161.3124   113.8141   193.6702
  1/6/2000              113.9229   184.4763
  1/7/2000   164.3410   117.0091   194.9011
 1/10/2000   168.9367   118.3184   205.2718
 1/11/2000   169.7309   116.7729   195.7156
 1/12/2000   169.7038   116.2607   192.0595
 1/13/2000   170.4638   117.6755   199.4555
 1/14/2000   174.1298   118.9313   204.5721
 1/17/2000   177.6233
 1/18/2000   173.3042   118.1187   207.5010
 1/19/2000   173.0718   118.1804   209.3293
 1/20/2000   173.6365   117.3419   212.1371
 1/21/2000   173.7021   117.0002   212.5910
 1/24/2000   175.0053   113.7670   202.1546
 1/25/2000   173.3057   114.4570   207.5744
 1/26/2000   174.8599   113.9748   199.9597
 1/27/2000   173.2116   113.5259   198.4102
 1/28/2000   177.4878   110.4089   190.2919
 1/31/2000   173.9930   113.1931   197.1347
  2/1/2000   179.8278   114.3961   204.4087
  2/2/2000   187.3408   114.3831   205.6611
  2/3/2000   188.0210   115.6697   212.6573
  2/4/2000   189.5453   115.6210   213.9389
  2/7/2000   192.3942   115.6105   217.1952
  2/8/2000   193.3909   117.0294   224.3422
  2/9/2000   194.3991   114.5934   219.1345
 2/10/2000   195.5113   115.0090   225.8458
 2/11/2000   196.6520   112.5973   219.1582
 2/14/2000   192.5411   112.8262   220.1102
 2/15/2000   186.7847   113.8092   220.7121
 2/16/2000   191.5430   112.6420   220.7640
 2/17/2000   192.7906   112.6898   227.7995
 2/18/2000   195.6824   109.2668   218.9849
 2/21/2000   196.2199
 2/22/2000   192.1875   109.7603   219.1715
 2/23/2000   194.6400   110.4519   230.2683
 2/24/2000   196.7518   109.8626   234.8493
 2/25/2000   203.5633   108.2334   230.7371
 2/28/2000   203.8770   109.4259   229.8288
 2/29/2000   204.5458   110.9170   235.6163
  3/1/2000   208.7165   111.9536   237.9393
  3/2/2000   216.1127   112.1622   233.8117
  3/3/2000   218.1660   114.3872   245.3310
  3/6/2000   219.2083   112.9350   246.1211
 3/7/2000   219.4465   110.0403   242.4574
 3/8/2000   211.1449   110.9397   245.4861
 3/9/2000   211.3003   113.7800   253.2488
3/10/2000   214.4587   113.2426   253.2985
3/13/2000   209.1201   112.3132   244.4436
3/14/2000   209.1614   110.3269   233.4103
3/15/2000   201.0195   113.0056   228.0551
3/16/2000   200.7443   118.3890   240.3866
3/17/2000   205.9275   118.8761   245.1973
3/20/2000   212.5137   118.2397   235.2966
3/21/2000   210.9638   121.2626   245.6877
3/22/2000   213.3165   121.8121   253.8314
3/23/2000   209.1956   123.9803   257.3549
3/24/2000   210.8554   123.9892   259.0661
3/27/2000   210.1111   123.6970   259.7906
3/28/2000   205.4256   122.3876   253.0903
3/29/2000   203.6018   122.4518   243.7324
3/30/2000   197.8027   120.7796   234.6914
3/31/2000   197.2965   121.6449   242.8444
 4/3/2000   195.2047   122.2448   225.1291
 4/4/2000   193.7959   121.3324   222.7629
 4/5/2000   188.3033   120.7349   222.5470
 4/6/2000   197.7628   121.8689   225.6653
 4/7/2000   200.8612   123.0874   236.9741
4/10/2000   201.6512   122.1214   220.7800
4/11/2000   195.1562   121.8081   215.8628
4/12/2000   191.1908   119.0952   200.6455
4/13/2000   187.1512   116.9312   196.2379
4/14/2000   181.9067   110.1166   177.1404
4/17/2000   184.1097   113.7597   194.8928
4/18/2000   189.0505   117.0204   205.1834
4/19/2000   194.9480   115.8727   197.8536
4/20/2000   192.1989   116.4466   193.5587
4/21/2000              116.4352   193.4543
4/24/2000              116.0667   185.1787
4/25/2000   192.3301   119.9289   199.9790
4/26/2000   196.6449   118.5936   193.5819
4/27/2000   200.1697   118.9126   203.9001
4/28/2000   203.8485   117.8987   208.3513
 5/1/2000              119.1829   211.4800
 5/2/2000   208.5426   117.4003   200.2965
 5/3/2000   203.3295   114.8685   196.6990
 5/4/2000   205.2345   114.4042   197.1722
 5/5/2000   205.3571   116.2915   203.6676
 5/8/2000   201.1978   115.6048   194.4593
 5/9/2000   199.4311   114.6283   190.2439
5/10/2000   193.8258   112.2669   179.1708
5/11/2000   193.7346   114.2768   186.7270
5/12/2000   197.3535   115.3442   188.0898
5/15/2000   195.2204   117.8931   193.9353
5/16/2000   203.7458   119.0035   201.3777
5/17/2000   201.9563   117.5229   196.0552
5/18/2000   203.7672   116.6633   189.1997
5/19/2000   195.2945   114.2070   180.0494
5/22/2000   187.3793   113.7013   180.2741
5/23/2000   192.7892   111.5209   166.9503
5/24/2000   184.2908   113.5657   175.6136
5/25/2000   191.2678   112.1427   171.1392
5/26/2000   187.6146   111.8586   171.2585
5/29/2000   188.9350
5/30/2000   194.8553   115.4627   188.5194
5/31/2000   196.3682   115.3182   183.5525
 6/1/2000              117.6049   194.3146
 6/2/2000   205.6665   119.9143   207.3844
 6/5/2000   202.7449   119.1326   205.9841
 6/6/2000   203.2126   118.3379   201.3462
 6/7/2000   201.7738   119.4354   206.2988
 6/8/2000   202.8119   118.6488   204.7140
 6/9/2000   202.5238   118.2656   207.6379
6/12/2000              117.3768   200.9100
6/13/2000   196.1144   119.2828   207.9444
6/14/2000   195.1092   119.3720   203.0674
6/15/2000   191.2906   120.0263   207.1823
6/16/2000   190.7986   118.8753   209.1343
6/19/2000   188.5942   120.6189   217.2151
6/20/2000   196.9956   119.8307   217.2223
6/21/2000   194.2878   120.0612   219.2195
6/22/2000   190.9612   117.8785   210.0593
6/23/2000              117.0099   203.4987
6/26/2000   189.8789   118.1325   208.2558
6/27/2000   186.1844   117.7461   204.2552
6/28/2000   190.0001   118.0927   208.2343
6/29/2000   183.1515   117.0838   202.4236
6/30/2000   187.5205   118.0749   207.8328
 7/3/2000   191.4631   119.2698   210.0962
 7/4/2000   193.0059
 7/5/2000   190.5363   117.3265   201.5384
 7/6/2000   190.8543   118.2429   209.4723
 7/7/2000   195.9233   120.0474   212.1112
7/10/2000   196.2042   119.7812   208.2972
7/11/2000   194.1410   120.2081   206.7693
7/12/2000   196.7874   121.1855   215.4160
7/13/2000   200.5347   121.4225   218.4835
7/14/2000   202.5281   122.5703   223.1484
7/17/2000   205.9346   122.6117   224.2931
7/18/2000   201.9734   121.2520   218.7204
7/19/2000   199.3099   120.2958   212.2608
7/20/2000   203.2667   121.4006   220.6254
7/21/2000   192.8505   120.1521   215.8374
7/24/2000   193.8829   118.8615   209.3143
7/25/2000   191.8980   119.6878   213.4431
7/26/2000   191.4146   117.8979   210.8417
7/27/2000   186.3684   117.6706   203.2960
7/28/2000   185.4130   115.2574   192.0137
 7/31/2000   188.2363   116.1454   199.3048
  8/1/2000   186.8717   116.7355   194.4345
  8/2/2000   185.2704   116.7842   192.7332
  8/3/2000   179.0221   117.9093   200.0861
  8/4/2000   179.8049   118.7511   199.8172
  8/7/2000   182.7266   120.0815   204.8841
  8/8/2000   183.6021   120.3640   203.5578
  8/9/2000   186.2386   119.5579   203.9261
 8/10/2000   183.8688   118.5335   198.5229
 8/11/2000   180.8544   119.4743   201.2518
 8/14/2000   184.0256   121.0751   205.3932
 8/15/2000   182.5683   120.4963   205.5595
 8/16/2000   185.3859   120.1245   205.4838
 8/17/2000   186.9815   121.4412   211.5214
 8/18/2000   186.9801   121.0880   210.2470
 8/21/2000   187.0628   121.7180   211.3574
 8/22/2000   190.0101   121.6084   211.3724
 8/23/2000   188.4858   122.2448   215.1841
 8/24/2000   187.6788   122.4347   218.0914
 8/25/2000   188.4901   122.2837   217.0798
 8/28/2000   188.8708   122.4583   218.3493
 8/29/2000   187.4021   122.5589   218.2223
 8/30/2000   188.0067   121.8657   219.1494
 8/31/2000   190.6247   123.1953   225.1605
  9/1/2000   193.6747   123.4461   226.3594
  9/4/2000   196.4809
  9/5/2000   195.6695   122.3349   220.1599
  9/6/2000   193.9314   121.1311   211.9096
  9/7/2000   194.1025   121.9639   218.3007
  9/8/2000   189.4497   121.3137   210.5744
 9/11/2000   188.4516   120.8884   204.6826
 9/12/2000   188.5300   120.2982   202.4810
 9/13/2000   185.5870   120.5353   206.6158
 9/14/2000   190.0957   120.2073   206.3767
 9/15/2000   186.4881   118.9848   203.0034
 9/18/2000   184.4577   117.2559   197.9889
 9/19/2000   185.9420   118.5051   207.4248
 9/20/2000   183.8060   117.8103   209.3050
 9/21/2000   179.1276   117.6244   205.3126
 9/22/2000   178.8852   117.5976   204.3756
 9/25/2000   181.6287   116.8110   200.0088
 9/26/2000   178.0896   115.8516   197.8271
 9/27/2000   177.3481   115.7996   197.2368
 9/28/2000   174.3765   118.3744   205.6992
 9/29/2000   173.6992   116.6065   197.1656
 10/2/2000   175.9621   116.5837   190.9457
 10/3/2000   177.3139   115.7907   185.1682
 10/4/2000   174.9840   116.4287   190.6912
 10/5/2000   176.7592   116.5878   189.0876
 10/6/2000   174.6802   114.3726   182.8821
 10/9/2000   168.6087   113.8076   183.2664
10/10/2000   169.7338   112.5892   176.0543
10/11/2000   163.6851   110.7685   171.2082
10/12/2000   165.8026   107.9428   165.9028
10/13/2000   166.9362   111.5453   180.9953
10/16/2000   169.9733   111.5826   179.4320
10/17/2000   167.4752   109.5817   175.1652
10/18/2000   161.4735   108.9445   173.3496
10/19/2000   168.2252   112.7296   187.9076
10/20/2000   161.9141   113.3928   190.8706
10/23/2000   159.8152   113.2995   188.9595
10/24/2000   167.5764   113.4902   185.1638
10/25/2000   164.2826   110.7928   171.5992
10/26/2000   163.7778   110.7555   174.8864
10/27/2000   165.2393   111.9844   175.3342
10/30/2000   164.2170   113.5340   170.1337
10/31/2000   168.1582   116.0285   181.2454
 11/1/2000   169.7409   115.3645   178.0963
 11/2/2000   169.7067   115.9417   182.6910
 11/3/2000   170.7562   115.8085   183.4326
 11/6/2000   169.1577   116.2558   181.6965
 11/7/2000   167.4481   116.2298   181.0947
 11/8/2000   167.3782   114.3961   168.9200
 11/9/2000   164.4437   113.6534   168.8079
11/10/2000   160.2159   110.8813   159.5973
11/13/2000   157.2785   109.6864   156.6354
11/14/2000   161.7530   112.2580   167.8382
11/15/2000   164.3467   112.8157   169.8924
11/16/2000   162.4289   111.3951   161.5245
11/17/2000   160.9331   111.0623   162.0596
11/20/2000   160.4455   108.9843   154.1942
11/21/2000   159.8423   109.3690   153.8695
11/22/2000   154.3896   107.3397   147.3382
11/23/2000   154.9429
11/24/2000   158.6517   108.9161   156.2748
11/27/2000   160.5567   109.5005   152.9192
11/28/2000   158.6046   108.4550   144.7351
11/29/2000   158.4706   108.9283   143.7268
11/30/2000   156.1977   106.7390   138.4087
 12/1/2000   159.6926   106.7569   140.7942
 12/4/2000   155.7471   107.5524   141.0515
 12/5/2000   160.8205   111.7385   157.5327
 12/6/2000   162.6855   109.7018   151.5044
 12/7/2000   160.1489   109.0598   150.1908
 12/8/2000   161.7630   111.1329   159.8806
12/11/2000   165.5074   112.0348   164.1612
12/12/2000   163.7336   111.3034   158.1037
12/13/2000   161.2539   110.3943   151.7905
12/14/2000   159.0894   108.8479   145.7374
12/15/2000   155.8783   106.5117   140.7864
12/18/2000   154.1986   107.3714   140.4270
12/19/2000   156.8108   105.9800   132.5052
12/20/2000   149.3976   102.6633   122.0517
12/21/2000   149.7298   103.4848   122.8535
12/22/2000   149.2222 106.0101 134.5279
12/25/2000
12/26/2000              106.7585   132.7797
12/27/2000   151.0887   107.8730   135.8504
12/28/2000   151.9699   108.3032   136.0939
12/29/2000   150.5910   107.1717   129.3064
  1/1/2001   150.5910
  1/2/2001   148.5306   104.1674   117.5492
  1/3/2001   142.2253   109.3861   139.6147
  1/4/2001   151.9342   108.2318   135.8410
  1/5/2001   152.8568   105.3915   125.2285
  1/8/2001   152.0084   105.1894   125.9844
  1/9/2001   148.6461   105.5904   127.6333
 1/10/2001   147.2487   106.6026   133.2827
 1/11/2001   150.6310   107.7058   139.3888
 1/12/2001   152.9509   107.0312   138.3816
 1/15/2001   154.9272
 1/16/2001   150.9076   107.7009   136.4308
 1/17/2001   156.8650   107.9298   141.2873
 1/18/2001   158.2724   109.4194   147.4608
 1/19/2001   157.7633   108.9786   146.6441
 1/22/2001   156.7609   109.0078   145.9511
 1/23/2001   154.2271   110.4284   150.7507
 1/24/2001   156.6568   110.7449   150.5519
 1/25/2001   159.8366   110.1938   143.3403
 1/26/2001   153.0479   109.9860   145.3243
 1/29/2001   153.9975   110.7344   148.7893
 1/30/2001   155.7243   111.5104   148.3260
 1/31/2001   158.6431   110.8837   143.1829
  2/1/2001   156.6269   111.4893   143.9648
  2/2/2001   154.7390   109.5411   136.5114
  2/5/2001   152.1210   109.9340   136.2419
  2/6/2001   153.7622   109.7676   136.5699
  2/7/2001   151.1386   108.8447   133.0591
  2/8/2001   149.4845   108.1660   130.0778
  2/9/2001   144.8332   106.7236   124.8927
 2/12/2001   146.0552   107.9858   126.2776
 2/13/2001   145.8143   107.0515   121.9457
 2/14/2001   141.1444   106.8178   127.3251
 2/15/2001   145.7986   107.6855   130.9265
 2/16/2001   141.2214   105.6497   122.1726
 2/19/2001   141.6920
 2/20/2001   140.7680   103.8160   115.6899
 2/21/2001   139.8825   101.8946   113.6706
 2/22/2001   137.3216   101.6957   112.2283
 2/23/2001   134.3215   101.1307   113.5336
 2/26/2001   138.0873   102.8995   115.8296
 2/27/2001   139.7128   102.1113   108.4789
 2/28/2001   139.1182   100.6502   105.3756
  3/1/2001   134.7550   100.7549   108.6721
  3/2/2001   138.8216   100.1826   103.8858
  3/5/2001   140.0180   100.7695   105.8372
 3/6/2001   143.8009   101.7753   109.1299
 3/7/2001   143.8736   102.4320   110.2299
 3/8/2001   141.0403   102.6633   107.0228
 3/9/2001   138.4751   100.1209   100.1132
3/12/2001   128.8546    95.7977    92.8033
3/13/2001   128.6892    97.2182    98.8255
3/14/2001   125.0717    94.7059    96.3616
3/15/2001   127.8693    95.2619    93.7575
3/16/2001   124.0421    93.3925    90.9739
3/19/2001   122.9185    95.0387    95.5543
3/20/2001   125.9372    92.7504    89.1495
3/21/2001   121.7650    91.0880    88.6287
3/22/2001   117.6783    90.7178    93.9773
3/23/2001   120.2464    92.5239    94.1495
3/26/2001   125.8830    93.5678    92.5968
3/27/2001   129.2595    95.9608    95.8437
3/28/2001   123.0725    93.6165    88.4730
3/29/2001   120.2022    93.1831    86.3151
3/30/2001   118.6023    94.1880    86.8733
 4/2/2001   115.7491    93.0142    83.7441
 4/3/2001   112.7476    89.8152    77.2542
 4/4/2001   114.5328    89.5546    75.6915
 4/5/2001   120.9251    93.4663    83.8805
 4/6/2001   117.6555    91.5985    79.9660
 4/9/2001   122.0787    92.3421    81.7915
4/10/2001   125.7461    94.8414    88.2328
4/11/2001   124.1662    94.6393    90.9656
4/12/2001   121.4028    96.0688    94.6614
4/13/2001
4/16/2001               95.7587    91.1230
4/17/2001   121.1547    96.7206    92.2992
4/18/2001   128.3042   100.5057   101.0944
4/19/2001   131.5966   101.7663   107.8582
4/20/2001   126.6501   100.8970   106.7699
4/23/2001   123.6586    99.3855   100.0508
4/24/2001   124.5298    98.1768    97.3075
4/25/2001   125.7433    99.7419   100.1855
4/26/2001   126.9268   100.2102    97.3694
4/27/2001   129.8399   101.7144    99.9724
4/30/2001   133.2492   101.4230   102.4396
 5/1/2001              102.8013   105.9659
 5/2/2001   133.2592   102.8817   108.3629
 5/3/2001   129.4306   101.3515   103.6903
 5/4/2001   131.9117   102.8151   106.2309
 5/7/2001   132.9883   102.5635   104.6627
 5/8/2001   131.0020   102.3759   106.5308
 5/9/2001   129.7358   101.9165   103.6389
5/10/2001   131.1816   101.8873   101.5102
5/11/2001   130.5129   101.1153   100.5649
5/14/2001   129.0300   101.3791    99.1215
5/15/2001   128.6564   101.4213    99.2181
5/16/2001   129.8342   104.3071   104.8869
5/17/2001   133.0382 104.5912   106.3044
5/18/2001   134.7421 104.8728   106.4452
5/21/2001   138.3967 106.5669   113.3409
5/22/2001   138.9828 106.2869   112.8086
5/23/2001   136.8054 104.6366   108.0946
5/24/2001            104.9711   110.6241
5/25/2001   136.3249 103.7307   108.2702
5/28/2001   136.1466
5/29/2001   134.3072 102.9222   103.4545
5/30/2001   131.5538 101.3110    98.2346
5/31/2001   132.1356 101.9392    99.3882
 6/1/2001   130.7653 102.3329   101.6488
 6/4/2001            102.8557   101.5390
 6/5/2001   134.6708 104.1918   106.2359
 6/6/2001   133.0168 103.0927   105.1282
 6/7/2001   131.2886 103.6552   108.4121
 6/8/2001   129.4292 102.6812   104.7074
6/11/2001   127.4786 101.8232   101.9619
6/12/2001   125.1429 101.9417   102.2673
6/13/2001   125.0303 100.7849    98.8537
6/14/2001   122.0388 99.0210     94.5013
6/15/2001   123.6201 98.5738     93.9568
6/18/2001   121.4570 98.0924     92.0220
6/19/2001   121.2973 98.4293     92.5416
6/20/2001   119.7416 99.2865     95.0629
6/21/2001   120.5373 100.4148    96.7007
6/22/2001             99.4659    95.3892
6/25/2001   121.1690 98.9180     96.2965
6/26/2001   120.5073 98.7686     96.7228
6/27/2001   121.1775 98.3067     96.9657
6/28/2001   124.9918 99.5349     99.8879
6/29/2001   125.4410 99.3871    101.2027
 7/2/2001   127.8678 100.3888   100.8890
 7/3/2001   126.8754 100.2046   100.6179
 7/4/2001   124.4870
 7/5/2001   121.6481 98.9699     96.6885
 7/6/2001   117.3547 96.6443     92.1379
 7/9/2001   117.1992 97.3091     93.7094
7/10/2001   116.8884 95.9080     89.7282
7/11/2001   116.0728 95.7993     90.6453
7/12/2001   118.6708 98.0689     96.6405
7/13/2001   120.0496 98.6809     96.6946
7/16/2001   119.0287 97.6070     93.0849
7/17/2001   117.8651 98.5803     95.5041
7/18/2001   116.0428 98.0340     92.0429
7/19/2001   118.9488 98.6274     93.6454
7/20/2001   118.1446 98.2889     92.5725
7/23/2001   117.6570 96.6800     90.0031
7/24/2001   115.7135 95.1069     88.6188
7/25/2001   113.9040 96.6362     89.8888
7/26/2001   115.7306 97.6460     92.4030
7/27/2001   119.3623 97.8806     92.9436
7/30/2001   121.8420   97.7750   92.2174
7/31/2001   123.8910   98.3197   92.9673
 8/1/2001   123.7698   98.7012   95.5030
 8/2/2001   123.5417   99.0925   96.7134
 8/3/2001   121.8320   98.5730   95.3025
 8/6/2001   121.9732   97.4471   94.0292
 8/7/2001   122.3696   97.7653   93.6719
 8/8/2001   120.2920   96.0712   89.7972
 8/9/2001   117.6470   96.0631   89.9474
8/10/2001   116.3679   96.6094   89.3140
8/13/2001   116.8185   96.7011   91.2920
8/14/2001   119.1256   96.3310   90.0043
8/15/2001   118.0990   95.6239   86.8060
8/16/2001   116.0058   95.9194   87.3554
8/17/2001   114.0223   94.3211   83.7441
8/20/2001   112.8845   95.0874   84.8159
8/21/2001   115.1787   93.9388   81.7650
8/22/2001   116.2681   94.5922   83.6795
8/23/2001   117.3490   94.3308   82.6618
8/24/2001   119.7331   96.1848   87.2251
8/27/2001   119.3452   95.7205   87.1538
8/28/2001   117.9008   94.2838   84.2808
8/29/2001   116.9469   93.2326   82.8153
8/30/2001   113.7799   91.6473   80.2829
8/31/2001   113.1654   92.0166   81.1554
 9/3/2001   112.3754
 9/4/2001   111.8250   91.9646   78.6385
 9/5/2001   108.4841   91.8672   78.1515
 9/6/2001   106.9541   89.8103   75.1912
 9/7/2001   104.7383   88.1365   74.7815
9/10/2001   104.5329   88.6852   75.3955
9/11/2001    95.9889
9/12/2001   101.2519
9/13/2001   102.5210
9/14/2001    99.1744
9/17/2001   101.0851   84.3205   69.1729
9/18/2001    99.2314   83.8311   67.6234
9/19/2001    97.5004   82.4803   66.7173
9/20/2001    93.9912   79.9185   64.4003
9/21/2001    93.1999   78.3973   62.2291
9/24/2001    98.3017   81.4535   65.7670
9/25/2001    99.1259   82.1694   65.5875
9/26/2001    97.0712   81.7449   64.7228
9/27/2001    97.6629   82.6841   63.1855
9/28/2001   100.2723   84.4967   64.5163
10/1/2001    98.8636   84.3027   63.5704
10/2/2001    99.2072   85.3401   64.0193
10/3/2001   101.2819   87.0407   68.9912
10/4/2001   103.4236   86.8247   69.6124
10/5/2001   103.3509   86.9676   70.2237
10/8/2001   103.4949   86.2419   70.6599
10/9/2001   101.5984   85.7800   68.7234
10/10/2001   105.0206   87.7477   72.0432
10/11/2001   108.7707   89.0822   76.7473
10/12/2001   106.5777   88.6130   76.9665
10/15/2001   106.0487   88.4774   76.1426
10/16/2001   106.5934   89.0911   77.5722
10/17/2001   111.1677   87.4311   72.6020
10/18/2001   108.1433   86.7428   73.4595
10/19/2001   105.7721   87.1381   74.4126
10/22/2001   105.9831   88.4709   76.3718
10/23/2001   109.3611   88.0553   76.4264
10/24/2001   109.9357   88.0894   78.6700
10/25/2001   107.2251   89.2981   81.6717
10/26/2001   110.8126   89.6650   80.3382
10/29/2001   108.0663   87.5293   75.9030
10/30/2001   104.8523   86.0268   74.1183
10/31/2001   105.7906   86.0260   75.3618
Figure 4. Financial saving in different sectors in the USA, Percentage of GDP.
Per cent
Source: Statistics Sweden

             Private sector Current account Public sector
12/31/1980       2.5901          0.3289       -2.8985
 3/31/1981       1.0352          0.1474       -2.2080
 6/30/1981       1.4711          0.1004       -2.3265
 9/30/1981       2.1486          0.3141       -2.4281
12/31/1981       3.0627          0.2373       -3.4904
 3/31/1982       4.3522          0.1158       -4.1361
 6/30/1982       5.1125          0.6341       -4.4138
 9/30/1982       5.1821         -0.3325       -5.4779
12/31/1982       5.6460         -0.4253       -6.5599
 3/31/1983       5.5735         -0.1450       -6.4526
 6/30/1983       3.7254         -0.7078       -5.8832
 9/30/1983       3.3269         -1.2532       -6.0789
12/31/1983       2.1850         -1.4558       -5.2429
 3/31/1984       1.7255         -1.9799       -4.7359
 6/30/1984       1.9491         -2.1717       -4.7526
 9/30/1984       2.6115         -2.1964       -5.0042
12/31/1984       2.7569         -2.4817       -5.3006
 3/31/1985       2.3724         -2.0950       -4.3823
 6/30/1985       3.0935         -2.5899       -5.7696
 9/30/1985       2.1374         -2.7722       -5.3140
12/31/1985       1.6415         -3.0491       -5.3712
 3/31/1986       1.6365         -2.8844       -5.0945
 6/30/1986       1.7259         -3.1663       -5.7596
 9/30/1986       1.2981         -3.3055       -5.9062
12/31/1986       0.6832         -3.2683       -5.1372
 3/31/1987       1.5480         -3.2262       -5.4225
 6/30/1987       0.4792         -3.2433       -3.9738
 9/30/1987       1.5366         -3.1844       -4.2766
12/31/1987       1.2286         -3.1667       -4.2522
 3/31/1988       2.3200         -2.5116       -4.1477
 6/30/1988       2.2915         -2.1218       -3.7896
 9/30/1988       2.4265         -2.0208       -3.5854
12/31/1988       2.4951         -2.2251       -3.5962
 3/31/1989       1.6639         -1.6806       -2.9652
 6/30/1989       1.3311         -1.5966       -3.2920
 9/30/1989       1.4545         -1.5613       -3.5658
12/31/1989       1.5408         -1.4800       -3.6560
 3/31/1990       2.0050         -1.3232       -4.3490
 6/30/1990       2.5966         -1.1310       -4.3172
 9/30/1990       2.3063         -1.4919       -4.1609
12/31/1990       3.7282         -0.8294       -4.7013
 3/31/1991       5.2342          1.0159       -4.3270
 6/30/1991       5.1979          0.4025       -5.1359
 9/30/1991       4.7607         -0.2510       -5.3242
12/31/1991       4.7823         -0.1480       -5.4714
 3/31/1992       5.7847         -0.1973       -6.1065
 6/30/1992       5.0091         -0.5656       -6.0590
 9/30/1992    4.7685   -0.7139   -6.3113
12/31/1992    3.3556   -0.9537   -5.6107
 3/31/1993    3.9070   -0.7253   -5.8391
 6/30/1993    3.3850   -1.0202   -5.1829
 9/30/1993    2.9810   -1.1660   -5.1040
12/31/1993    2.0705   -1.4613   -4.4338
 3/31/1994    2.3070   -1.1992   -4.2713
 6/30/1994    0.9108   -1.4482   -3.5178
 9/30/1994    1.3966   -1.7136   -3.8797
12/31/1994    1.2040   -1.7637   -3.5953
 3/31/1995    1.3991   -1.4731   -3.6067
 6/30/1995    1.4586   -1.5812   -3.3776
 9/30/1995    1.9885   -1.3010   -3.3312
12/31/1995    1.7532   -0.9510   -3.0282
 3/31/1996    1.4457   -1.1888   -3.0854
 6/30/1996    0.4253   -1.3710   -2.4349
 9/30/1996    0.2927   -1.7114   -2.3247
12/31/1996    0.3045   -1.3907   -1.9721
 3/31/1997   -0.2142   -1.4463   -1.7319
 6/30/1997   -0.5254   -1.2102   -1.5230
 9/30/1997   -0.7222   -1.4325   -1.0309
12/31/1997   -0.7749   -1.8211   -0.8339
 3/31/1998   -1.7001   -1.7522   -0.2432
 6/30/1998   -1.7485   -2.1704   -0.1823
 9/30/1998   -1.9787   -2.5450    0.1552
12/31/1998   -2.4836   -2.5772    0.2518
 3/31/1999   -2.4889   -2.7107    0.3669
 6/30/1999   -2.9310   -3.2258    0.5418
 9/30/1999   -3.6185   -3.6378    0.9389
12/31/1999   -4.1037   -3.8662    0.9467
 3/31/2000   -4.8858   -4.0061    1.6765
 6/30/2000   -5.2666   -4.1475    1.8480
 9/30/2000   -5.4794   -4.4833    2.0111
12/31/2000   -5.8540   -4.5331    2.1405
 3/31/2001   -5.2985   -3.8927    1.9278
Figure 5. Financial saving in different sectors in Sweden, Percentage of GDP
Per cent
Source: Statistics Sweden

           Public sector Current account Private sector
  1981         -5.3           -2.5            2.8
  1982          -7            -3.4            3.6
  1983          -5            -0.8            4.2
  1984         -2.9            0.7            3.6
  1985         -3.8           -1.1            2.7
  1986         -1.2             0             1.2
  1987          4.2             0             -4.2
  1988          3.5           -0.3            -3.8
  1989          5.4           -1.6             -7
  1990          4.2           -2.7            -6.9
  1991         -1.1            -2             -0.9
  1992         -7.8           -3.5            4.3
  1993        -12.3           -2.2            10.1
  1994        -10.3            0.4            10.7
  1995         -7.0            2.1            9.1
  1996         -3.5            2.3            5.8
  1997         -0.7            3.2            3.9
  1998          1.9            2.1            0.2
  1999          0.7            1.5            0.8
  2000           2             1.8            -0.2
Figure 6. Private debt stock in Sweden and USA
Percentage of GDP
Sources: Ecowin, Statistics Sweden and the Riksbank.

           USA       Sweden
 1986    135.3834   106.4638
 1987    135.5299    114.809
 1988    139.7708    127.592
 1989    143.2423   138.7672
 1990    144.9594   142.7448
 1991    144.5753   137.3856
 1992    143.4069   138.2451
 1993    144.6456   131.3254
 1994    143.9100   117.3147
 1995    147.6966    111.749
 1996    148.0818   110.3725
 1997    146.6932   110.3773
 1998    150.5309   115.2964
 1999    155.4417   119.6774
 2000    159.7259   128.7568
 2001    160.5700   134.4919
Figure 7. Revised GDP forecasts for 2001
Per cent
Source: Concensus Economics Inc.

                            The Riksbank -
             Sweden   USA    Sweden   USA
   Jan-00     3.1     3.0
   Feb-00     3.2     3.0
   Mar-00     3.4     3.1
   Apr-00     3.4     3.1
   May-00     3.5     3.2
   Jun-00     3.5     3.2
    Jul-00    3.6     3.1
   Aug-00     3.5     3.4
   Sep-00     3.6     3.7
   Oct-00     3.6     3.6
   Nov-00     3.6     3.4
   Dec-00     3.5     3.0
   Jan-01     3.4     2.6
   Feb-01     3.1     2.0
   Mar-01     2.9     1.9
   Apr-01     2.7     1.7
   May-01     2.6     1.9
   Jun-01     2.3     1.8
    Jul-01    2.2     1.6
   Aug-01     2.0     1.7
   Sep-01     1.7     1.6
   Oct-01     1.6     1.0      1.3     1.0
Figure 8. Credit spreads in the USA, corporate bonds with different credit risks compared with treasury bonds.
Percentage points
Source: Ecowin.

             Aaa spread      Baa spread
  1/2/1998     0.989           1.559
  1/5/1998     1.026           1.606
  1/6/1998     1.055           1.635
  1/7/1998     1.061           1.631
  1/8/1998     1.061           1.641
  1/9/1998     1.125           1.715
 1/12/1998     1.123           1.713
 1/13/1998     1.105           1.705
 1/14/1998     1.088           1.678
 1/15/1998      1.09            1.68
 1/16/1998     1.082           1.672
 1/19/1998     1.087           1.677
 1/20/1998     1.045           1.635
 1/21/1998     1.087           1.667
 1/22/1998     1.092           1.672
 1/23/1998     1.095           1.655
 1/26/1998     1.063           1.643
 1/27/1998     1.063           1.633
 1/28/1998     1.059           1.649
 1/29/1998     1.094           1.684
 1/30/1998     1.104           1.694
  2/2/1998      1.09            1.68
  2/3/1998     1.107           1.697
  2/4/1998     1.113           1.693
  2/5/1998     1.096           1.676
  2/6/1998     1.101           1.681
  2/9/1998     1.106           1.696
 2/10/1998     1.084           1.674
 2/11/1998     1.083           1.673
 2/12/1998     1.154           1.734
 2/13/1998     1.146           1.726
 2/16/1998     1.146           1.726
 2/17/1998     1.156           1.736
 2/18/1998     1.127           1.707
 2/19/1998     1.112           1.692
 2/20/1998     1.113           1.683
 2/23/1998     1.102           1.662
 2/24/1998      1.07            1.63
 2/25/1998     1.084           1.654
 2/26/1998     1.071           1.631
 2/27/1998     1.086           1.666
  3/2/1998     1.068           1.658
  3/3/1998     1.049           1.639
  3/4/1998     1.052           1.642
  3/5/1998     1.073           1.663
  3/6/1998     1.056           1.646
  3/9/1998     1.069           1.669
 3/10/1998     1.068           1.658
 3/11/1998     1.094           1.684
 3/12/1998     1.079           1.689
 3/13/1998     1.078           1.688
3/16/1998   1.085   1.695
3/17/1998   1.107   1.717
3/18/1998   1.096   1.696
3/19/1998   1.11    1.72
3/20/1998   1.084   1.704
3/23/1998   1.08     1.7
3/24/1998   1.076   1.696
3/25/1998   1.059   1.669
3/26/1998   1.04    1.65
3/27/1998   1.051   1.661
3/30/1998   1.025   1.635
3/31/1998   1.036   1.666
 4/1/1998   1.035   1.675
 4/2/1998   1.049   1.679
 4/3/1998   1.133   1.773
 4/6/1998   1.093   1.733
 4/7/1998   1.088   1.728
 4/8/1998   1.106   1.746
 4/9/1998   1.076   1.726
4/10/1998   1.076   1.726
4/13/1998   1.061   1.701
4/14/1998   1.064   1.714
4/15/1998   1.075   1.715
4/16/1998   1.068   1.708
4/17/1998   1.059   1.699
4/20/1998   1.045   1.685
4/21/1998   1.045   1.675
4/22/1998   1.061   1.691
4/23/1998   1.04    1.67
4/24/1998   1.058   1.688
4/27/1998   1.044   1.664
4/28/1998   1.013   1.633
4/29/1998   1.018   1.638
4/30/1998    0.9    1.52
 5/1/1998   1.047   1.667
 5/4/1998   1.047   1.667
 5/5/1998   1.031   1.651
 5/6/1998   1.06    1.68
 5/7/1998   1.036   1.656
 5/8/1998   1.03    1.63
5/11/1998   1.031   1.641
5/12/1998   1.012   1.622
5/13/1998   1.039   1.659
5/14/1998   1.053   1.663
5/15/1998   1.057   1.627
5/18/1998   1.04    1.62
5/19/1998   1.056   1.636
5/20/1998   1.058   1.638
5/21/1998   1.036   1.626
5/22/1998   1.039   1.619
5/25/1998   1.039   1.619
5/26/1998   1.055   1.645
5/27/1998   1.027   1.627
5/28/1998   1.049   1.639
5/29/1998   1.032   1.632
 6/1/1998   1.04    1.64
 6/2/1998   1.036   1.636
 6/3/1998   1.04    1.64
 6/4/1998   1.019   1.609
 6/5/1998   1.001   1.601
 6/8/1998   1.009   1.609
 6/9/1998   0.997   1.597
6/10/1998   0.985   1.595
6/11/1998   1.013   1.633
6/12/1998   1.039   1.649
6/15/1998   1.072   1.682
6/16/1998   1.013   1.633
6/17/1998   1.011   1.621
6/18/1998   1.006   1.616
6/19/1998   1.047   1.657
6/22/1998   1.057   1.637
6/23/1998   1.065   1.665
6/24/1998   1.081   1.681
6/25/1998   1.061   1.661
6/26/1998   1.061   1.671
6/29/1998   1.071   1.671
6/30/1998   1.063   1.663
 7/1/1998   1.08    1.68
 7/2/1998   1.073   1.673
 7/3/1998   1.073   1.673
 7/6/1998   1.067   1.677
 7/7/1998   1.073   1.673
 7/8/1998   1.066   1.676
 7/9/1998   1.085   1.685
7/10/1998   1.087   1.687
7/13/1998   1.09    1.68
7/14/1998   1.107   1.697
7/15/1998   1.091   1.691
7/16/1998   1.087   1.677
7/17/1998   1.099   1.679
7/20/1998   1.116   1.706
7/21/1998   1.113   1.703
7/22/1998   1.102   1.692
7/23/1998   1.103   1.703
7/24/1998   1.094   1.684
7/27/1998    1.1     1.7
7/28/1998   1.075   1.675
7/29/1998   1.106   1.706
7/30/1998   1.093   1.703
7/31/1998   1.106   1.716
 8/3/1998   1.101   1.711
 8/4/1998   1.108   1.718
 8/5/1998   1.095   1.705
 8/6/1998   1.105   1.715
 8/7/1998   1.117   1.727
8/10/1998   1.117   1.727
8/11/1998   1.107   1.727
8/12/1998   1.149   1.759
8/13/1998   1.122   1.742
8/14/1998   1.121   1.741
8/17/1998   1.14    1.75
8/18/1998   1.119   1.729
 8/19/1998   1.129   1.749
 8/20/1998   1.122   1.742
 8/21/1998   1.208   1.828
 8/24/1998   1.235   1.845
 8/25/1998   1.266   1.916
 8/26/1998   1.334   1.964
 8/27/1998   1.467   2.097
 8/28/1998   1.456   2.096
 8/31/1998   1.48    2.13
  9/1/1998   1.426   2.076
  9/2/1998   1.432   2.072
  9/3/1998   1.432   2.082
  9/4/1998   1.429   2.079
  9/7/1998   1.429   2.079
  9/8/1998   1.451   2.091
  9/9/1998   1.507   2.157
 9/10/1998   1.583   2.233
 9/11/1998   1.58    2.24
 9/14/1998   1.571   2.251
 9/15/1998   1.559   2.229
 9/16/1998   1.559   2.249
 9/17/1998   1.624   2.314
 9/18/1998   1.68    2.38
 9/21/1998    1.7     2.4
 9/22/1998   1.664   2.364
 9/23/1998   1.697   2.397
 9/24/1998   1.726   2.426
 9/25/1998   1.774   2.504
 9/28/1998   1.779   2.509
 9/29/1998   1.775   2.515
 9/30/1998   1.818   2.588
 10/1/1998   1.871   2.661
 10/2/1998   1.866   2.656
 10/5/1998   1.886   2.686
 10/6/1998   1.893   2.703
 10/7/1998   1.767   2.567
 10/8/1998   1.847   2.637
 10/9/1998   1.751   2.531
10/12/1998   1.751   2.531
10/13/1998    1.8    2.59
10/14/1998   1.71    2.51
10/15/1998   1.867   2.677
10/16/1998   1.952   2.762
10/19/1998   1.943   2.743
10/20/1998   1.94    2.73
10/21/1998   1.87    2.69
10/22/1998   1.873   2.693
10/23/1998   1.817   2.637
10/26/1998   1.795   2.625
10/27/1998   1.81    2.64
10/28/1998   1.879   2.699
10/29/1998   1.907   2.727
10/30/1998   1.867   2.687
 11/2/1998   1.756   2.616
 11/3/1998   1.784   2.644
 11/4/1998   1.677   2.547
 11/5/1998   1.726   2.576
 11/6/1998   1.676   2.536
 11/9/1998   1.604   2.474
11/10/1998   1.61    2.52
11/11/1998   1.594   2.504
11/12/1998   1.628   2.548
11/13/1998   1.606   2.526
11/16/1998   1.58     2.5
11/17/1998   1.548   2.478
11/18/1998   1.546   2.496
11/19/1998   1.51    2.46
11/20/1998   1.492   2.462
11/23/1998   1.458   2.438
11/24/1998   1.456   2.456
11/25/1998   1.426   2.436
11/26/1998   1.426   2.436
11/27/1998   1.44    2.44
11/30/1998   1.448   2.468
 12/1/1998   1.493   2.513
 12/2/1998   1.558   2.568
 12/3/1998   1.631   2.631
 12/4/1998   1.589   2.589
 12/7/1998   1.554   2.554
 12/8/1998   1.581   2.591
 12/9/1998   1.564   2.584
12/10/1998   1.625   2.635
12/11/1998   1.581   2.591
12/14/1998   1.612   2.622
12/15/1998   1.593   2.593
12/16/1998   1.579   2.589
12/17/1998   1.603   2.613
12/18/1998   1.605   2.655
12/21/1998   1.572   2.592
12/22/1998   1.542   2.552
12/23/1998   1.525   2.515
12/24/1998   1.52    2.51
12/25/1998   1.52    2.51
12/28/1998   1.553   2.553
12/29/1998   1.582   2.602
12/30/1998   1.58     2.6
12/31/1998   1.572   2.572
  1/1/1999   1.572   2.572
  1/4/1999   1.545   2.545
  1/5/1999   1.489   2.489
  1/6/1999   1.521   2.521
  1/7/1999   1.445   2.445
  1/8/1999   1.36    2.36
 1/11/1999   1.457   2.477
 1/12/1999    1.5    2.54
 1/13/1999   1.537   2.577
 1/14/1999   1.55    2.62
 1/15/1999   1.535   2.585
 1/18/1999   1.535   2.585
 1/19/1999   1.519   2.569
 1/20/1999   1.509   2.549
 1/21/1999   1.549   2.589
1/22/1999   1.533   2.593
1/25/1999   1.535   2.585
1/26/1999   1.511   2.571
1/27/1999   1.519   2.579
1/28/1999   1.515   2.565
1/29/1999   1.507   2.557
 2/1/1999   1.495   2.535
 2/2/1999   1.492   2.522
 2/3/1999   1.46    2.49
 2/4/1999   1.485   2.495
 2/5/1999   1.46    2.45
 2/8/1999   1.476   2.466
 2/9/1999   1.505   2.485
2/10/1999   1.438   2.428
2/11/1999   1.448   2.438
2/12/1999   1.319   2.309
2/15/1999   1.319   2.309
2/16/1999   1.341   2.351
2/17/1999   1.366   2.376
2/18/1999   1.333   2.333
2/19/1999   1.322   2.332
2/22/1999   1.35    2.35
2/23/1999   1.331   2.311
2/24/1999   1.35     2.3
2/25/1999   1.288   2.228
2/26/1999   1.305   2.245
 3/1/1999   1.283   2.213
 3/2/1999   1.322   2.252
 3/3/1999   1.327   2.237
 3/4/1999   1.316   2.226
 3/5/1999   1.348   2.268
 3/8/1999   1.367   2.287
 3/9/1999   1.403   2.333
3/10/1999   1.397   2.317
3/11/1999   1.394   2.314
3/12/1999   1.433   2.343
3/15/1999   1.407   2.327
3/16/1999   1.407   2.337
3/17/1999   1.424   2.354
3/18/1999   1.431   2.361
3/19/1999   1.416   2.336
3/22/1999   1.403   2.323
3/23/1999   1.441   2.361
3/24/1999   1.424   2.344
3/25/1999   1.428   2.318
3/26/1999   1.467   2.337
3/29/1999   1.432   2.302
3/30/1999   1.469   2.339
3/31/1999   1.462   2.322
 4/1/1999   1.474   2.314
 4/2/1999   1.404   2.254
 4/5/1999   1.478   2.328
 4/6/1999   1.476   2.346
 4/7/1999   1.476   2.346
 4/8/1999   1.48    2.36
 4/9/1999   1.492   2.402
4/12/1999   1.497   2.347
4/13/1999   1.482   2.322
4/14/1999   1.463   2.303
4/15/1999   1.447   2.287
4/16/1999   1.427   2.277
4/19/1999   1.484   2.324
4/20/1999   1.474   2.304
4/21/1999   1.452   2.292
4/22/1999   1.454   2.284
4/23/1999   1.445   2.275
4/26/1999   1.437   2.267
4/27/1999   1.439   2.269
4/28/1999   1.417   2.237
4/29/1999   1.423   2.253
4/30/1999   1.43    2.23
 5/3/1999   1.407   2.217
 5/4/1999   1.423   2.223
 5/5/1999   1.416   2.216
 5/6/1999   1.396   2.186
 5/7/1999   1.385   2.175
5/10/1999   1.33    2.13
5/11/1999   1.359   2.139
5/12/1999   1.344   2.124
5/13/1999   1.424   2.204
5/14/1999   1.36    2.12
5/17/1999   1.331   2.101
5/18/1999   1.367   2.137
5/19/1999   1.351   2.141
5/20/1999   1.425   2.215
5/21/1999   1.448   2.238
5/24/1999   1.497   2.287
5/25/1999   1.499   2.289
5/26/1999   1.437   2.237
5/27/1999   1.386   2.186
5/28/1999   1.396   2.196
5/31/1999   1.396   2.196
 6/1/1999   1.358   2.138
 6/2/1999   1.337   2.117
 6/3/1999   1.338   2.128
 6/4/1999   1.341   2.131
 6/7/1999   1.349   2.139
 6/8/1999   1.335   2.125
 6/9/1999   1.308   2.088
6/10/1999   1.301   2.081
6/11/1999   1.302   2.062
6/14/1999   1.328   2.088
6/15/1999   1.295   2.085
6/16/1999   1.345   2.125
6/17/1999   1.362   2.152
6/18/1999   1.349   2.139
6/21/1999   1.329   2.129
6/22/1999   1.34    2.13
6/23/1999   1.277   2.067
6/24/1999   1.342   2.112
6/25/1999   1.364   2.134
6/28/1999   1.373   2.143
6/29/1999   1.353   2.133
6/30/1999   1.421   2.201
 7/1/1999   1.36    2.14
 7/2/1999   1.344   2.124
 7/5/1999   1.344   2.124
 7/6/1999   1.36    2.13
 7/7/1999   1.377   2.117
 7/8/1999   1.382   2.132
 7/9/1999   1.374   2.114
7/12/1999   1.384   2.134
7/13/1999   1.38    2.15
7/14/1999   1.37    2.14
7/15/1999   1.374   2.144
7/16/1999   1.409   2.179
7/19/1999   1.418   2.188
7/20/1999   1.433   2.203
7/21/1999   1.482   2.242
7/22/1999   1.419   2.179
7/23/1999   1.438   2.178
7/26/1999   1.43    2.17
7/27/1999   1.438   2.178
7/28/1999   1.451   2.191
7/29/1999   1.454   2.204
7/30/1999   1.418   2.168
 8/2/1999   1.445   2.195
 8/3/1999   1.435   2.185
 8/4/1999   1.437   2.187
 8/5/1999   1.439   2.189
 8/6/1999   1.432   2.172
 8/9/1999   1.399   2.139
8/10/1999   1.378   2.128
8/11/1999   1.472   2.222
8/12/1999   1.488   2.228
8/13/1999   1.515   2.265
8/16/1999   1.465   2.215
8/17/1999   1.487   2.247
8/18/1999   1.476   2.246
8/19/1999   1.475   2.235
8/20/1999   1.462   2.232
8/23/1999   1.445   2.205
8/24/1999   1.52    2.28
8/25/1999   1.507   2.287
8/26/1999   1.474   2.254
8/27/1999   1.459   2.229
8/30/1999   1.463   2.223
8/31/1999   1.456   2.236
 9/1/1999   1.457   2.237
 9/2/1999   1.492   2.262
 9/3/1999   1.504   2.284
 9/6/1999   1.504   2.284
 9/7/1999   1.491   2.261
 9/8/1999   1.492   2.272
 9/9/1999   1.494   2.264
9/10/1999   1.488   2.258
9/13/1999   1.522   2.292
9/14/1999   1.469   2.249
 9/15/1999   1.487   2.267
 9/16/1999   1.482   2.262
 9/17/1999   1.481   2.281
 9/20/1999   1.464   2.284
 9/21/1999   1.473   2.283
 9/22/1999   1.475   2.285
 9/23/1999   1.542   2.402
 9/24/1999   1.487   2.387
 9/27/1999   1.499   2.379
 9/28/1999   1.45    2.33
 9/29/1999   1.479   2.319
 9/30/1999   1.509   2.319
 10/1/1999   1.477   2.287
 10/4/1999   1.479   2.299
 10/5/1999   1.443   2.253
 10/6/1999   1.443   2.243
 10/7/1999   1.449   2.249
 10/8/1999   1.433   2.263
10/11/1999   1.433   2.263
10/12/1999   1.472   2.292
10/13/1999   1.49     2.3
10/14/1999   1.46    2.28
10/15/1999   1.505   2.325
10/18/1999   1.461   2.281
10/19/1999   1.471   2.251
10/20/1999   1.465   2.255
10/21/1999   1.468   2.278
10/22/1999   1.434   2.264
10/25/1999   1.425   2.265
10/26/1999   1.405   2.245
10/27/1999   1.394   2.254
10/28/1999   1.391   2.261
10/29/1999   1.352   2.272
 11/1/1999   1.37    2.28
 11/2/1999   1.346   2.276
 11/3/1999   1.351   2.281
 11/4/1999   1.334   2.274
 11/5/1999   1.324   2.264
 11/8/1999   1.325   2.265
 11/9/1999   1.324   2.174
11/10/1999   1.329   2.149
11/11/1999   1.334   2.134
11/12/1999   1.35    2.13
11/15/1999   1.358   2.108
11/16/1999   1.34    2.05
11/17/1999   1.323   2.043
11/18/1999   1.331   2.041
11/19/1999   1.313   2.023
11/22/1999   1.311   2.031
11/23/1999   1.32    2.04
11/24/1999   1.325   2.025
11/25/1999   1.325   2.025
11/26/1999   1.321   2.011
11/29/1999   1.314   1.994
11/30/1999   1.307   1.977
 12/1/1999   1.293   1.973
 12/2/1999   1.297   1.957
 12/3/1999   1.293   1.963
 12/6/1999   1.309   1.979
 12/7/1999   1.318   1.978
 12/8/1999   1.303   1.963
 12/9/1999   1.302   1.962
12/10/1999   1.298   1.958
12/13/1999   1.298   1.958
12/14/1999   1.284   1.944
12/15/1999   1.292   1.942
12/16/1999   1.286   1.936
12/17/1999   1.299   1.939
12/20/1999   1.272   1.912
12/21/1999   1.284   1.924
12/22/1999   1.284   1.904
12/23/1999   1.249   1.869
12/24/1999   1.249   1.869
12/27/1999   1.251   1.861
12/28/1999   1.243   1.863
12/29/1999   1.24    1.85
12/30/1999   1.242   1.862
12/31/1999   1.205   1.745
  1/3/2000   1.156   1.676
  1/4/2000   1.191   1.711
  1/5/2000   1.181   1.691
  1/6/2000   1.18     1.7
  1/7/2000   1.177   1.707
 1/10/2000   1.166   1.716
 1/11/2000   1.151   1.701
 1/12/2000   1.149   1.699
 1/13/2000   1.168   1.748
 1/14/2000   1.152   1.732
 1/17/2000   1.152   1.732
 1/18/2000   1.147   1.717
 1/19/2000   1.14     1.7
 1/20/2000    1.1    1.66
 1/21/2000   1.088   1.648
 1/24/2000   1.111   1.671
 1/25/2000   1.076   1.636
 1/26/2000   1.064   1.614
 1/27/2000   0.971   1.531
 1/28/2000   1.032   1.602
 1/31/2000   1.118   1.698
  2/1/2000   1.064   1.644
  2/2/2000   1.075   1.645
  2/3/2000   1.112   1.682
  2/4/2000   1.002   1.572
  2/7/2000   1.055   1.655
  2/8/2000   0.972   1.562
  2/9/2000   0.981   1.591
 2/10/2000   1.097   1.717
 2/11/2000   1.145   1.765
 2/14/2000   1.11    1.74
 2/15/2000   1.138   1.778
 2/16/2000   1.177   1.807
 2/17/2000   1.15    1.77
2/18/2000   1.217    1.827
2/21/2000   1.217    1.827
2/22/2000   1.257    1.877
2/23/2000   1.248    1.858
2/24/2000   1.323    1.933
2/25/2000   1.383    2.013
2/28/2000   1.332    1.962
2/29/2000   1.281    1.921
 3/1/2000   1.336    1.966
 3/2/2000   1.322    1.962
 3/3/2000   1.301    1.941
 3/6/2000   1.277    1.917
 3/7/2000   1.329    1.969
 3/8/2000   1.318    1.968
 3/9/2000   1.391    2.051
3/10/2000   1.423    2.093
3/13/2000    1.48     2.16
3/14/2000   1.486    2.166
3/15/2000   1.465    2.175
3/16/2000   1.463    2.173
3/17/2000   1.436    2.156
3/20/2000   1.408    2.128
3/21/2000   1.449    2.169
3/22/2000     1.5     2.21
3/23/2000   1.513    2.193
3/24/2000   1.439    2.139
3/27/2000   1.433    2.133
3/28/2000   1.468    2.168
3/29/2000   1.513    2.223
3/30/2000   1.577    2.307
3/31/2000   1.585    2.315
 4/3/2000   1.605    2.335
 4/4/2000   1.663    2.393
 4/5/2000    1.76     2.48
 4/6/2000   1.677    2.397
 4/7/2000   1.6757   2.3957
4/10/2000   1.7478   2.4678
4/11/2000   1.7365   2.4565
4/12/2000   1.7227   2.4627
4/13/2000   1.7093   2.4593
4/14/2000   1.7698   2.5198
4/17/2000   1.7077   2.4677
4/18/2000   1.6715   2.4315
4/19/2000   1.6417   2.4117
4/20/2000    1.62      2.4
4/21/2000    1.62      2.4
4/24/2000   1.5972   2.3972
4/25/2000   1.5661   2.3661
4/26/2000   1.572    2.372
4/27/2000   1.5231   2.3431
4/28/2000   1.5118   2.3518
 5/1/2000   1.4525   2.3025
 5/2/2000   1.4864   2.3364
 5/3/2000   1.4787   2.3287
 5/4/2000   1.5214   2.4114
 5/5/2000   1.4787   2.3587
 5/8/2000   1.4817   2.3517
 5/9/2000   1.4856   2.3656
5/10/2000   1.5759   2.4559
5/11/2000   1.6002   2.5002
5/12/2000   1.5955   2.5055
5/15/2000   1.6077   2.5377
5/16/2000   1.5938   2.5138
5/17/2000   1.5806   2.5206
5/18/2000   1.578    2.538
5/19/2000   1.6018   2.5618
5/22/2000   1.5999   2.5599
5/23/2000   1.6317   2.5717
5/24/2000   1.5615   2.5115
5/25/2000   1.5522   2.4922
5/26/2000   1.5727   2.5127
5/29/2000   1.5727   2.5127
5/30/2000   1.5597   2.4897
5/31/2000   1.5948   2.5248
 6/1/2000   1.5825   2.5225
 6/2/2000   1.5508   2.4808
 6/5/2000   1.524    2.444
 6/6/2000   1.4835   2.4035
 6/7/2000   1.428    2.338
 6/8/2000   1.4351   2.3451
 6/9/2000   1.4538   2.3438
6/12/2000   1.4906   2.3606
6/13/2000   1.487    2.357
6/14/2000    1.54     2.36
6/15/2000    1.55     2.36
6/16/2000    1.62     2.38
6/19/2000   1.657    2.377
6/20/2000   1.647    2.367
6/21/2000   1.619    2.349
6/22/2000   1.653    2.383
6/23/2000   1.625    2.345
6/26/2000    1.68     2.42
6/27/2000   1.647    2.387
6/28/2000   1.654    2.404
6/29/2000   1.644    2.404
6/30/2000   1.663    2.403
 7/3/2000   1.679    2.419
 7/4/2000   1.679    2.419
 7/5/2000   1.676    2.406
 7/6/2000   1.666    2.386
 7/7/2000   1.645    2.365
7/10/2000   1.641    2.351
7/11/2000   1.634    2.334
7/12/2000   1.528    2.298
7/13/2000   1.616    2.306
7/14/2000   1.569    2.239
7/17/2000   1.558    2.238
7/18/2000   1.554    2.234
7/19/2000   1.555    2.235
7/20/2000   1.607    2.287
7/21/2000   1.602    2.282
7/24/2000   1.579    2.269
 7/25/2000   1.578    2.268
 7/26/2000   1.592    2.282
 7/27/2000   1.566    2.256
 7/28/2000   1.555    2.255
 7/31/2000    1.56     2.27
  8/1/2000   1.579    2.279
  8/2/2000   1.602    2.302
  8/3/2000   1.593    2.303
  8/4/2000   1.634    2.334
  8/7/2000   1.587    2.297
  8/8/2000   1.608    2.318
  8/9/2000   1.632    2.332
 8/10/2000   1.753    2.463
 8/11/2000   1.749    2.449
 8/14/2000   1.757    2.457
 8/15/2000   1.738    2.438
 8/16/2000   1.712    2.412
 8/17/2000   1.743    2.453
 8/18/2000   1.753    2.463
 8/21/2000   1.763    2.473
 8/22/2000   1.791    2.511
 8/23/2000   1.821    2.531
 8/24/2000   1.789    2.499
 8/25/2000   1.787    2.497
 8/28/2000   1.787    2.497
 8/29/2000   1.766    2.486
 8/30/2000   1.785    2.505
 8/31/2000   1.791    2.511
  9/1/2000   1.825    2.535
  9/4/2000   1.825    2.535
  9/5/2000   1.821    2.531
  9/6/2000    1.81     2.53
  9/7/2000   1.796    2.516
  9/8/2000   1.803    2.513
 9/11/2000   1.783    2.513
 9/12/2000   1.801    2.561
 9/13/2000   1.839    2.589
 9/14/2000   1.817    2.577
 9/15/2000   1.859    2.599
 9/18/2000   1.869    2.619
 9/19/2000   1.842    2.572
 9/20/2000   1.825    2.555
 9/21/2000    1.85     2.58
 9/22/2000   1.842    2.552
 9/25/2000   1.812    2.522
 9/26/2000   1.826    2.526
 9/27/2000   1.847    2.547
 9/28/2000   1.815    2.495
 9/29/2000   1.832    2.532
 10/2/2000   1.859    2.579
 10/3/2000   1.839    2.549
 10/4/2000   1.815    2.515
 10/5/2000   1.814    2.534
 10/6/2000   1.809    2.529
 10/9/2000   1.809    2.529
10/10/2000   1.7628   2.5428
10/11/2000   1.8038   2.6038
10/12/2000   1.8364   2.6464
10/13/2000   1.838    2.638
10/16/2000   1.8212   2.6212
10/17/2000   1.8504   2.6404
10/18/2000   1.8358   2.6458
10/19/2000   1.8634   2.6634
10/20/2000   1.8544   2.6544
10/23/2000   1.856    2.676
10/24/2000   1.8128   2.6628
10/25/2000   1.7801   2.6301
10/26/2000   1.7481   2.5981
10/27/2000   1.7324   2.5724
10/30/2000   1.724    2.564
10/31/2000   1.7287   2.5687
 11/1/2000   1.7456   2.5656
 11/2/2000   1.7177   2.5377
 11/3/2000   1.713    2.523
 11/6/2000   1.7159   2.5259
 11/7/2000   1.6925   2.5025
2000/11/08   1.671    2.491
2000/11/09   1.6921   2.5121
2000/11/10   1.7226   2.5226
2000/11/13   1.7202   2.5202
2000/11/14   1.7023   2.5123
2000/11/15   1.7094   2.5294
2000/11/16   1.7336   2.5536
2000/11/17   1.7636   2.5836
2000/11/20   1.7774   2.6174
2000/11/21   1.7758   2.6458
2000/11/22   1.7373   2.5973
2000/11/23   1.7373   2.5973
2000/11/24   1.7532   2.6232
2000/11/27   1.7837   2.6637
2000/11/28   1.7893   2.5993
2000/11/29   1.8398   2.6498
2000/11/30   1.8318   2.6418
2000/12/01   1.8425   2.6625
2000/12/04   1.8255   2.6455
2000/12/05   1.8817   2.6917
2000/12/06   1.9265   2.7265
2000/12/07   1.9209   2.7309
2000/12/08   1.9714   2.7914
2000/12/11   1.888    2.718
2000/12/12   1.8983   2.7283
2000/12/13   1.9504   2.7704
2000/12/14   1.9632   2.7832
2000/12/15   1.9899   2.7899
2000/12/18   1.9961   2.8061
2000/12/19   1.998    2.808
2000/12/20   2.1071   2.9071
2000/12/21   2.0992   2.8792
2000/12/22   2.1158   2.9058
2000/12/25   2.1158   2.9058
2000/12/26   2.082    2.872
2000/12/27   2.0437   2.8537
2000/12/28   2.0258   2.8358
2000/12/29   2.0484   2.8884
2001/01/01   2.0484   2.8884
2001/01/02   2.1585   2.9885
2001/01/03   1.9561   2.8161
2001/01/04   2.0472   2.8972
2001/01/05   2.1514   2.9914
2001/01/08   2.1137   2.9237
2001/01/09   2.0839   2.9039
2001/01/10   2.0096   2.8296
2001/01/11   2.0576   2.8776
2001/01/12   1.9754   2.7954
2001/01/15   1.9754   2.7954
2001/01/16   1.956    2.736
2001/01/17   1.9533   2.7333
2001/01/18   1.9743   2.7243
2001/01/19   1.9798   2.7198
2001/01/22   1.9727   2.7327
2001/01/23   1.9491   2.6791
2001/01/24   1.9127   2.6327
2001/01/25   1.9404   2.6704
2001/01/26   1.9442   2.6742
2001/01/29   1.9348   2.6548
2001/01/30   1.9393   2.6593
2001/01/31   1.9979   2.6979
2001/02/01   1.9483   2.6383
2001/02/02   1.9415   2.6415
2001/02/05   1.9093   2.5993
2001/02/06   1.9251   2.6151
2001/02/07   1.9365   2.6565
2001/02/08   2.0714   2.7914
2001/02/09   2.0879   2.7879
2001/02/12   2.0957   2.8157
2001/02/13   2.0236   2.8236
2001/02/14   1.9425   2.7425
2001/02/15   1.9782   2.7882
2001/02/16   2.0092   2.8092
2001/02/19   2.0092   2.8092
2001/02/20   1.9932   2.8132
2001/02/21   1.9846   2.8146
2001/02/22   2.0023   2.8323
2001/02/23   2.0193   2.8593
2001/02/26    2.05      2.9
2001/02/27   2.0244   2.8644
2001/02/28   2.0663   2.8963
2001/03/01   2.0463   2.8663
2001/03/02   2.0545   2.8745
2001/03/05   2.0225   2.8325
2001/03/06   2.0465   2.8665
2001/03/07   2.0586   2.8686
2001/03/08   2.0347   2.8547
2001/03/09   2.0208   2.8308
2001/03/12   2.0528   2.8828
2001/03/13   2.0248   2.8648
2001/03/14   2.1305   2.9905
2001/03/15   2.1743   3.0443
2001/03/16   2.1521   3.0421
2001/03/19   2.1367   3.0267
2001/03/20   2.1762   3.0762
2001/03/21   2.1564   3.0564
2001/03/22   2.1421   3.0521
2001/03/23   2.127    3.027
2001/03/26   2.1213   3.0313
2001/03/27   2.0606   2.9706
2001/03/28   2.1129   3.0229
2001/03/29   2.0948   3.0048
2001/03/30   2.1494   3.0594
2001/04/02   2.1071   3.0071
2001/04/03   2.1554   3.0454
2001/04/04   2.1614   3.0514
2001/04/05   2.1331   3.0331
2001/04/06   2.1597   3.0597
2001/04/09   2.1616   3.0416
2001/04/10   2.1274   2.9974
2001/04/11   2.0743   2.9543
2001/04/12   2.0228   2.9128
2001/04/13   2.0228   2.9128
2001/04/16   2.0382   2.9282
2001/04/17   2.0314   2.9214
2001/04/18   2.0657   2.9457
2001/04/19   2.0001   2.8801
2001/04/20   2.0062   2.8662
2001/04/23   2.0705   2.9205
2001/04/24   2.0252   2.8552
2001/04/25   2.0311   2.8611
2001/04/26   2.0242   2.8442
2001/04/27   1.9664   2.7764
2001/04/30   1.9438   2.7438
2001/05/01   1.9719   2.7619
2001/05/02   1.9298   2.7198
2001/05/03   1.9248   2.7048
2001/05/04   1.9509   2.7309
2001/05/07   1.9954   2.7654
2001/05/08   1.9812   2.7512
2001/05/09   2.0203   2.7903
2001/05/10   1.9672   2.7572
2001/05/11   1.9469   2.7369
2001/05/14   1.909    2.699
2001/05/15   1.9055   2.6955
2001/05/16   1.9139   2.6839
2001/05/17   1.9069   2.6669
2001/05/18   1.8688   2.6288
2001/05/21   1.8736   2.6336
2001/05/22   1.8744   2.6444
2001/05/23   1.917    2.707
2001/05/24   1.8745   2.6745
2001/05/25   1.8177   2.5977
2001/05/28   1.8177   2.5977
2001/05/29   1.8482   2.6582
2001/05/30   1.8488   2.6588
2001/05/31   1.9048   2.6948
2001/06/01   1.8452   2.6452
2001/06/04   1.8569   2.6569
2001/06/05   1.8844   2.6744
2001/06/06   1.907    2.697
2001/06/07   1.8957   2.6857
2001/06/08   1.873    2.663
2001/06/11   1.9114   2.6914
2001/06/12   1.9092   2.6992
2001/06/13   1.8902   2.6802
2001/06/14   1.908    2.698
2001/06/15   1.9573   2.7373
2001/06/18   1.9504   2.7404
2001/06/19   1.9593   2.7493
2001/06/20   1.9666   2.7666
2001/06/21   1.9722   2.7822
2001/06/22   1.9664   2.7664
2001/06/25   1.9722   2.7822
2001/06/26   1.9336   2.7336
2001/06/27   1.8867   2.6967
2001/06/28   1.8491   2.6691
2001/06/29   1.834    2.654
2001/07/02   1.8754   2.7154
2001/07/03   1.8598   2.6998
2001/07/04   1.8598   2.6998
2001/07/05   1.8565   2.7065
2001/07/06   1.8882   2.7382
2001/07/09   1.8873   2.7273
2001/07/10   1.9177   2.7577
2001/07/11   1.9191   2.7591
2001/07/12   1.9173   2.7673
2001/07/13   1.9221   2.7521
2001/07/16   1.9367   2.7767
2001/07/17   1.9008   2.7408
2001/07/18   1.9743   2.8043
2001/07/19   1.9601   2.8001
2001/07/20   1.9527   2.7927
2001/07/23   1.9562   2.7962
2001/07/24   1.9357   2.7557
2001/07/25   1.922    2.752
2001/07/26   1.9861   2.8161
2001/07/27   1.9839   2.8039
2001/07/30   1.9763   2.7963
2001/07/31   1.9746   2.7946
2001/08/01   1.9878   2.7978
2001/08/02   1.9311   2.7511
2001/08/03   1.9457   2.7557
2001/08/06   1.9529   2.7829
2001/08/07   1.948    2.768
2001/08/08   2.0058   2.8258
2001/08/09   2.0254   2.8454
2001/08/10   2.0555   2.8755
2001/08/13   2.068    2.888
2001/08/14   2.068    2.888
2001/08/15   2.046    2.856
2001/08/16   2.0795   2.8995
2001/08/17   2.1333   2.9633
2001/08/20   2.1015   2.9315
2001/08/21   2.1298   2.9798
2001/08/22   2.0976   2.9476
2001/08/23   2.076    2.926
2001/08/24   2.0722   2.9122
2001/08/27   2.0819   2.9219
2001/08/28   2.1159   2.9559
2001/08/29   2.1544   2.9844
2001/08/30   2.1077   2.9477
2001/08/31    2.08     2.91
2001/09/03    2.08     2.91
2001/09/04   2.0721   2.9121
2001/09/05   2.0571   2.9071
2001/09/06   2.079    2.929
2001/09/07   2.152    3.002
2001/09/10   2.152    3.002
2001/09/11   2.152    3.002
2001/09/12   2.152    3.002
2001/09/13   2.152    3.002
2001/09/14   2.152    3.002
2001/09/17   2.598    3.458
2001/09/18   2.6157   3.4757
2001/09/19   2.6533   3.5133
2001/09/20   2.6541   3.5241
2001/09/21   2.6541   3.5241
2001/09/24    2.63     3.49
2001/09/25    2.65     3.49
2001/09/26   2.6246   3.4746
2001/09/27   2.6406   3.4906
2001/09/28   2.5798   3.4298
2001/10/01   2.5985   3.4485
2001/10/02   2.5616   3.4416
2001/10/03   2.5703   3.4603
2001/10/04   2.5257   3.4057
2001/10/05   2.5322   3.4122
2001/10/08   2.5322   3.4122
2001/10/09   2.5148   3.3848
2001/10/10   2.4671   3.3471
2001/10/11   2.4325   3.3225
2001/10/12   2.4448   3.3348
2001/10/15   2.4656   3.3556
2001/10/16   2.4748   3.3548
2001/10/17   2.441    3.331
2001/10/18   2.4333   3.3133
2001/10/19   2.4305   3.3005
2001/10/22   2.3989   3.2689
2001/10/23   2.3989   3.2689
2001/10/24   2.3989   3.2689
sks compared with treasury bonds.
Figure 9. Rate of change in the credit institutions' lending to households, price on single-family dwellings and hous
Per cent and net
Sources: Statistics Sweden and the Riksbank
                Prices of single-family dwellings   Annual percentage change in lending
   Dec-87                     12.69                               17.39
   Jan-88                     14.63                               17.82
   Feb-88                     15.91                               17.91
   Mar-88                     15.03                               18.62
   Apr-88                     14.53                               18.31
   May-88                     16.71                               18.50
   Jun-88                     17.47                               18.63
    Jul-88                    18.11                               19.08
   Aug-88                     17.83                               20.00
   Sep-88                     21.78                               21.02
   Oct-88                     19.38                               20.59
   Nov-88                     19.48                               17.93
   Dec-88                     19.07                               20.31
   Jan-89                     20.48                               15.42
   Feb-89                     21.10                               14.41
   Mar-89                     20.17                               14.75
   Apr-89                     21.51                               14.27
   May-89                     19.70                               14.37
   Jun-89                     20.32                               14.62
    Jul-89                    19.03                               14.21
   Aug-89                     19.09                               13.75
   Sep-89                     16.92                               11.92
   Oct-89                     17.44                               11.68
   Nov-89                     14.09                               11.79
   Dec-89                     14.59                               10.76
   Jan-90                     16.73                               15.41
   Feb-90                     18.39                               14.66
   Mar-90                     17.88                               12.96
   Apr-90                     16.61                               11.91
   May-90                     16.28                               11.05
   Jun-90                     15.21                                9.75
    Jul-90                    16.31                               10.13
   Aug-90                     15.72                                9.20
   Sep-90                     13.93                                9.06
   Oct-90                     14.97                                9.07
   Nov-90                     16.00                                8.40
   Dec-90                     13.58                                6.86
   Jan-91                     12.84                                6.78
   Feb-91                      9.80                                6.74
   Mar-91                      6.45                                6.88
   Apr-91                      7.52                                7.38
   May-91                      7.54                                7.26
   Jun-91                      5.20                                6.77
    Jul-91                     6.25                                5.69
   Aug-91                      4.73                                5.38
   Sep-91                      4.12                                5.08
   Oct-91                      3.53                                3.43
   Nov-91                      2.64                                3.16
Dec-91      1.76    2.16
Jan-92     -5.44    1.87
Feb-92     -6.98    2.11
Mar-92     -5.66    1.71
Apr-92     -5.51    1.18
May-92     -8.26    0.64
Jun-92     -7.12    0.32
 Jul-92   -10.30    0.32
Aug-92    -11.45   -0.13
Sep-92    -10.93   -1.59
Oct-92    -14.47   -1.80
Nov-92    -16.13   -2.82
Dec-92    -14.80   -3.82
Jan-93    -16.48   -2.48
Feb-93    -15.48   -2.36
Mar-93    -13.49   -2.49
Apr-93    -16.21   -2.80
May-93    -13.04   -3.55
Jun-93    -15.07   -3.99
 Jul-93   -13.41   -4.29
Aug-93    -11.50   -4.31
Sep-93     -9.83   -4.12
Oct-93     -6.98   -3.97
Nov-93     -4.60   -3.85
Dec-93     -2.80   -3.72
Jan-94     -1.52   -3.38
Feb-94      1.87   -3.39
Mar-94      2.36   -3.41
Apr-94      4.93   -3.23
May-94      4.07   -2.74
Jun-94      6.76   -2.56
 Jul-94     8.74   -2.11
Aug-94      7.17   -2.01
Sep-94      4.93   -1.53
Oct-94      4.38   -1.57
Nov-94      5.59   -1.56
Dec-94      3.21   -1.58
Jan-95      5.79   -1.22
Feb-95      3.75   -1.19
Mar-95      1.99   -1.03
Apr-95      2.88   -1.04
May-95      3.12   -1.14
Jun-95      1.09   -1.03
 Jul-95    -0.44    0.91
Aug-95     -1.17    0.68
Sep-95     -0.57    0.68
Oct-95     -0.19    0.64
Nov-95     -1.03    0.85
Dec-95      0.16    1.13
Jan-96     -1.56    0.15
Feb-96     -1.25    0.45
Mar-96      0.50    0.41
Apr-96    -2.05    0.64
May-96    -2.44    0.98
Jun-96    -1.07    1.24
 Jul-96   -0.67   -0.43
Aug-96     1.18    0.00
Sep-96     0.25    0.86
Oct-96     0.41    1.34
Nov-96     2.12    1.77
Dec-96     2.60    2.21
Jan-97     4.31    3.36
Feb-97     4.02    3.40
Mar-97     4.13    3.90
Apr-97     6.38    4.27
May-97     6.34    4.48
Jun-97     6.99    4.71
 Jul-97    6.94    4.71
Aug-97     6.90    4.91
Sep-97     7.64    4.45
Oct-97     7.69    4.76
Nov-97     6.90    5.31
Dec-97     5.56    5.47
Jan-98     6.80    5.43
Feb-98     8.22    5.78
Mar-98     8.11    5.35
Apr-98     6.00    5.22
May-98     7.95    5.38
Jun-98     7.19    5.77
 Jul-98    8.44    6.02
Aug-98     7.74    6.38
Sep-98     7.10    6.76
Oct-98     8.44    6.63
Nov-98     8.39    6.39
Dec-98    11.84    6.42
Jan-99     9.55    6.77
Feb-99     7.59    6.83
Mar-99     6.87    7.60
Apr-99     9.43    8.06
May-99     7.36    8.23
Jun-99     9.15    8.58
 Jul-99    7.78    8.62
Aug-99     8.38    8.45
Sep-99     7.83    8.37
Oct-99     9.58    8.77
Nov-99     7.74    8.56
Dec-99     2.35    9.00
Jan-00     8.72    8.92
Feb-00     7.65    9.07
Mar-00     8.77    9.02
Apr-00     8.05    8.83
May-00     9.14    8.91
Jun-00     9.50    8.05
 Jul-00    8.89    8.06
Aug-00     9.39   7.89
Sep-00    10.06   8.32
Oct-00     5.46   8.15
Nov-00     8.84   7.41
Dec-00    15.52   7.45
Jan-01     6.95   7.24
Feb-01    12.02   7.57
Mar-01    11.29   7.76
Apr-01    9.57    8.04
May-01    6.81    8.08
Jun-01    7.65    8.96
 Jul-01   7.65    8.83
Aug-01    6.57    9.16
Sep-01    3.00
ds, price on single-family dwellings and households' expectations regarding their own private finances.


                 Households expectations for their own private finances (net, 12-month sliding average)
                                                          7.82
                                                          7.61
                                                          7.39
                                                          7.18
                                                          7.30
                                                          7.43
                                                          7.55
                                                          7.48
                                                          7.42
                                                          7.35
                                                          7.48
                                                          7.62
                                                          7.75
                                                          8.23
                                                          8.70
                                                          9.18
                                                          9.03
                                                          8.87
                                                          8.72
                                                          8.59
                                                          8.46
                                                          8.33
                                                          7.44
                                                          6.56
                                                          5.68
                                                          3.82
                                                          1.96
                                                          0.10
                                                         -1.32
                                                         -2.73
                                                         -4.15
                                                         -4.60
                                                         -5.05
                                                         -5.50
                                                         -7.08
                                                         -8.65
                                                        -10.23
                                                         -9.86
                                                         -9.49
                                                         -9.12
                                                         -8.33
                                                         -7.54
                                                         -6.75
                                                         -6.47
                                                         -6.18
                                                         -5.90
                                                         -4.19
                                                         -2.48
 -0.77
 -0.92
 -1.08
 -1.23
 -1.90
 -2.58
 -3.25
 -3.75
 -4.25
 -4.75
 -7.24
 -9.73
-12.23
-13.59
-14.08
-14.55
-15.01
-14.98
-15.05
-15.02
-14.69
-14.55
-12.26
 -9.76
 -7.19
 -4.96
 -3.03
 -0.88
  1.19
  2.65
  4.15
  4.88
  5.20
  5.74
  6.12
  6.10
  5.19
  4.51
  4.15
  3.04
  1.36
  0.45
 -0.53
 -1.23
 -1.17
 -1.18
 -2.20
 -3.43
 -3.47
 -4.03
 -4.93
 -5.33
-5.25
-5.44
-5.46
-5.92
-6.27
-6.66
-6.51
-5.94
-5.82
-5.31
-5.02
-4.56
-3.81
-3.37
-2.74
-1.69
-1.52
-0.93
 0.27
 1.29
 2.36
 3.55
 4.19
 4.48
 5.00
 5.52
 6.03
 6.68
 7.21
 7.44
 7.92
 8.74
 9.13
 9.99
10.56
11.30
11.89
12.29
12.73
12.69
13.04
13.48
13.64
13.46
13.77
13.95
14.53
15.22
15.52
15.78
15.96
16.46
17.00
16.93
17.14
17.68
17.69
16.93
16.33
15.50
14.75
14.25
13.75
13.25
12.67
12.17
Figure 10. Households' debts in relation to disposable income and households' interest ratio.
Per cent
Sources: Statistics Sweden and the Riksbank
                        Debt/disposable income (left scale)   Interest ratio after tax relief (right scale)
           Dec-80                      98.127                                    4.702
           Mar-81                      97.681                                    5.509
            Jun-81                     97.600                                    5.793
           Sep-81                      98.598                                    5.854
           Dec-81                      98.803                                    5.630
           Mar-82                      99.195                                    5.741
            Jun-82                    100.924                                    5.734
           Sep-82                     101.868                                    5.801
           Dec-82                     103.600                                    5.966
           Mar-83                     102.337                                    5.835
            Jun-83                    102.419                                    5.662
           Sep-83                     101.560                                    5.595
           Dec-83                     103.398                                    5.744
           Mar-84                     102.895                                    5.628
            Jun-84                    104.003                                    5.794
           Sep-84                     103.776                                    6.021
           Dec-84                     105.353                                    6.177
           Mar-85                     104.723                                    6.444
            Jun-85                    103.131                                    6.839
           Sep-85                     101.981                                    6.701
           Dec-85                     103.072                                    6.878
           Mar-86                     102.655                                    6.504
            Jun-86                    105.759                                    6.477
           Sep-86                     107.207                                    6.510
           Dec-86                     112.824                                    6.781
           Mar-87                     111.698                                    6.510
            Jun-87                    113.129                                    6.670
           Sep-87                     115.475                                    6.892
           Dec-87                     120.728                                    7.299
           Mar-88                     121.229                                    7.174
            Jun-88                    124.463                                    7.538
           Sep-88                     128.790                                    7.909
           Dec-88                     135.359                                    8.383
           Mar-89                     129.324                                    8.468
            Jun-89                    130.716                                    8.742
           Sep-89                     130.804                                    8.891
           Dec-89                     135.869                                    9.364
           Mar-90                     132.390                                    9.335
            Jun-90                    128.091                                    9.308
           Sep-90                     129.173                                    9.318
           Dec-90                     124.757                                    9.340
           Mar-91                     117.087                                   10.972
            Jun-91                    115.068                                   10.789
           Sep-91                     110.825                                   10.403
           Dec-91                     107.953                                   10.397
           Mar-92                     107.156                                    9.677
            Jun-92                    105.086                                    9.564
           Sep-92                     102.111                                    9.706
Dec-92    99.477   9.728
Mar-93    96.331   8.361
Jun-93    95.429   8.260
Sep-93    94.315   8.087
Dec-93    95.213   8.091
Mar-94    93.168   7.320
Jun-94    90.337   7.099
Sep-94    88.917   7.030
Dec-94    91.241   7.206
Mar-95    90.916   7.008
Jun-95    89.312   6.951
Sep-95    90.806   7.034
Dec-95    90.297   6.910
Mar-96    90.455   6.569
Jun-96    90.656   6.396
Sep-96    91.273   6.146
Dec-96    92.440   5.826
Mar-97    93.209   5.569
Jun-97    93.869   5.438
Sep-97    95.056   5.402
Dec-97    94.685   5.256
Mar-98    95.475   5.223
Jun-98    96.549   5.181
Sep-98    98.325   5.072
Dec-98    98.837   4.872
Mar-99   100.379   4.673
Jun-99   101.478   4.572
Sep-99   102.529   4.551
Dec-99   104.708   4.726
Mar-00   105.302   4.873
Jun-00   106.229   4.873
Sep-00   108.157   4.892
Dec-00   109.364   4.942
Mar-01   110.493   4.948
Jun-01   111.653   4.986
Figure 11. Households' holdings of financial assets, tenant-owner apartments and singel-family dwellings.
SEK billion
Sources: The Ministry of Finance and Statistics Sweden.

                 Finacial assets         The value of tenant-owner apartments and single-family dwellings
   Dec-88            839.346                                         927.000
   Dec-89            930.610                                        1113.000
   Dec-90            849.572                                        1308.000
   Dec-91            862.960                                        1435.000
   Dec-92            857.513                                        1317.000
   Dec-93            979.998                                        1174.000
   Dec-94           1030.590                                        1241.660
   Dec-95           1080.133                                        1261.100
   Dec-96           1215.290                                        1263.380
   Dec-97           1387.019                                        1361.710
   Dec-98           1515.945                                        1485.420
   Dec-99           2033.454                                        1613.470
   Dec-00           1755.473                                        1911.527
   Mar-01           1602.114                                        1958.842
   Jun-01           1663.122                                        1996.694
el-family dwellings.
Figure 12. Households' debts in relation to their assets.
Per cent
Sources: The Ministry of Finance and Statistics Sweden.

              Financial liabilities/financial assets
   Dec-88                    89.922
   Dec-89                    88.039
   Dec-90                   101.199
   Dec-91                    99.345
   Dec-92                    98.844
   Dec-93                    85.595
   Dec-94                    80.743
   Dec-95                    76.788
   Dec-96                    70.203
   Dec-97                    65.045
   Dec-98                    63.007
   Dec-99                    50.988
   Dec-00                    64.605
   Mar-01                    71.875
   Jun-01                    71.045
ation to their assets.

atistics Sweden.
             Financial liabilities/(financial assets, value of tenant owner apartments and singel-
                                                 family dwellings)
                                                       42.730
                                                       40.091
                                                       39.848
                                                       37.307
                                                       38.979
                                                       38.943
                                                       36.621
                                                       35.426
                                                       34.421
                                                       32.822
                                                       31.824
                                                       28.430
                                                       30.928
                                                       32.337
                                                       32.285
Figure 13. Interest cover ratio and debt/equity ratio in large companies.
Per cent
Source: UC AB.
             Interest cover ratio    Debt/equity ratio
     1989            2.7                   2.9
     1990            2.2                   2.7
     1991            1.9                   2.6
     1992            1.6                   2.4
     1993            2.7                   2.2
     1994            4.7                   2.0
     1995            4.8                   1.8
     1996            4.9                   1.6
     1997            6.0                   1.5
     1998            6.3                   1.4
     1999            5.1                   1.6
     2000            7.1                   1.2
Figure 14. Interest cover ratio and debt/equity ratio in small companies.
Per cent
Source: UC AB.
             Interest cover ratio     Debt/equity ratio
     1989            1.5                    3.7
     1990            1.4                    3.6
     1991            1.1                    3.4
     1992            1.1                    3.0
     1993            1.3                    2.9
     1994            1.7                    2.9
     1995            1.8                    2.5
     1996            2.0                    2.3
     1997            2.4                    2.1
     1998            2.5                    2.0
     1999            2.3                    2.0
     2000            2.5                    1.9
Figure 14. Interest cover ratio and debt/equity ratio among newly started companies.
Per cent
Source: UC AB.
           Interest cover ratio   Debt/equity ratio
     1989          1.6                  4.5
     1990          1.4                  4.2
     1991          1.0                  3.9
     1992          1.1                  3.4
     1993          1.5                  3.2
     1994          1.8                  4.2
     1995          2.0                  3.4
     1996          2.1                  3.0
     1997          2.3                  3.1
     1998          2.9                  3.2
     1999          1.9                  2.6
     2000          1.8                  2.4
Figure 16. Credit spreads in the Sweden, corporate bonds with different credit risks compared with treasury bonds
Percentage units
Source: Handelsbanken Markets.

              Högt graderade företagsobligationer   Lågt graderade företagsobligationer
   4/9/1999               0.223805                              0.862937
  4/12/1999               0.221425                              0.868948
  4/13/1999               0.226295                              0.866974
  4/14/1999               0.224452                              0.858999
  4/15/1999               0.233204                              0.853001
  4/16/1999               0.244833                              0.857009
  4/19/1999               0.236782                              0.855465
  4/20/1999               0.231434                              0.849944
  4/21/1999               0.233008                              0.854891
  4/22/1999               0.227214                              0.849358
  4/23/1999               0.227272                              0.862351
  4/26/1999               0.230353                              0.861814
  4/27/1999               0.227269                              0.864338
  4/28/1999               0.232778                              0.864804
  4/29/1999               0.240909                              0.863761
  4/30/1999               0.231594                              0.851691
   5/3/1999               0.222134                              0.864647
   5/4/1999               0.230218                              0.869113
   5/5/1999               0.219955                              0.868051
   5/6/1999               0.222639                              0.876064
   5/7/1999               0.180483                               0.82144
  5/10/1999                0.17248                              0.824527
  5/11/1999                0.16511                              0.827574
  5/12/1999               0.153929                              0.823746
  5/14/1999                0.16128                              0.824916
  5/17/1999               0.156551                              0.811833
  5/18/1999               0.162285                               0.82373
  5/19/1999                0.17319                              0.828723
  5/20/1999               0.183729                              0.822558
  5/21/1999               0.193186                               0.83064
  5/25/1999                0.23637                              0.904482
  5/26/1999               0.276285                              1.014453
  5/27/1999               0.302879                              1.104453
  5/28/1999               0.312034                              1.113302
  5/31/1999               0.316676                              1.115224
   6/1/1999               0.376757                               1.14833
   6/2/1999               0.421899                              1.216416
   6/3/1999               0.424984                              1.218311
   6/4/1999               0.426441                              1.198332
   6/7/1999               0.426321                              1.192777
   6/8/1999               0.445373                              1.224761
   6/9/1999               0.384598                              1.109757
  6/10/1999               0.354872                              1.092774
  6/11/1999               0.357066                              1.076781
  6/14/1999               0.383557                              1.096773
  6/15/1999               0.366629                              1.106763
  6/16/1999               0.343067                              1.071742
6/17/1999   0.372537   1.091739
6/18/1999    0.38192   1.073726
6/21/1999   0.375893   1.081729
6/22/1999    0.36292   1.070723
6/23/1999   0.341632   1.058741
6/24/1999   0.349367   1.151752
6/28/1999    0.35951   1.148757
6/29/1999   0.391215   1.179753
6/30/1999   0.371182   1.154738
 7/1/1999   0.383884    1.18774
 7/2/1999   0.421754   1.214755
 7/5/1999   0.411778   1.237755
 7/6/1999   0.433337    1.25879
 7/7/1999   0.472487   1.295786
 7/8/1999   0.553691   1.365842
 7/9/1999    0.56825   1.334809
7/12/1999    0.52806   1.300785
7/13/1999   0.535975   1.304727
7/14/1999   0.508318   1.273715
7/15/1999   0.489179   1.251717
7/16/1999    0.51228   1.215728
7/19/1999   0.534777   1.302721
7/20/1999   0.560577   1.309695
7/21/1999   0.552141   1.267661
7/22/1999   0.565831   1.285644
7/23/1999   0.580211   1.262666
7/26/1999   0.584405   1.270663
7/27/1999   0.601689   1.297664
7/28/1999   0.586691   1.282656
7/29/1999   0.605044   1.290663
7/30/1999   0.630927   1.270671
 8/2/1999   0.667045   1.360694
 8/3/1999   0.714236   1.407694
 8/4/1999   0.666537   1.415687
 8/5/1999   0.815682   1.523701
 8/6/1999    0.86488   1.595584
 8/9/1999    0.87949   1.607685
8/10/1999     0.8406   1.559734
8/11/1999   0.764173   1.491768
8/12/1999   0.720264   1.450495
8/13/1999   0.735972   1.445482
8/16/1999    0.73411   1.430493
8/17/1999   0.753165    1.43463
8/18/1999   0.733574   1.396691
8/19/1999   0.729444   1.413758
8/20/1999   0.713143    1.38166
8/23/1999   0.683261   1.383715
8/24/1999    0.69853   1.393722
8/25/1999   0.704317   1.388693
8/26/1999   0.718363   1.391625
8/27/1999   0.721521   1.383712
8/30/1999   0.781146   1.533723
 8/31/1999   0.805769   1.541651
  9/1/1999   0.807654   1.561661
  9/2/1999   0.832456    1.55835
  9/3/1999   0.811876   1.573312
  9/6/1999    0.77496   1.523298
  9/7/1999   0.761172   1.543299
  9/8/1999   0.728581   1.523318
  9/9/1999   0.689509   1.480402
 9/10/1999   0.669152   1.465392
 9/13/1999   0.679198   1.435399
 9/14/1999   0.646066   1.430391
 9/15/1999   0.631899   1.403291
 9/16/1999   0.622923   1.420353
 9/17/1999   0.609249    1.40157
 9/20/1999   0.614259   1.391569
 9/21/1999   0.628775   1.389913
 9/22/1999   0.625931   1.406975
 9/23/1999   0.625868   1.411968
 9/24/1999   0.614623   1.404031
 9/27/1999   0.621419   1.406944
 9/28/1999   0.596441   1.387775
 9/29/1999   0.602367   1.385687
 9/30/1999   0.602371   1.396515
 10/1/1999   0.576902   1.346538
 10/4/1999   0.569172   1.345706
 10/5/1999   0.559123   1.328608
 10/6/1999   0.538482   1.319415
 10/7/1999   0.518523   1.290157
 10/8/1999   0.490917   1.277309
10/11/1999   0.460931   1.244464
10/12/1999   0.448565   1.258792
10/13/1999   0.426779   1.233772
10/14/1999   0.417158   1.238112
10/15/1999   0.458658   1.255933
10/18/1999   0.462606   1.273769
10/19/1999   0.494615   1.318773
10/20/1999   0.515287   1.334455
10/21/1999   0.503844   1.317272
10/22/1999   0.494286   1.317259
10/25/1999    0.49037   1.307951
10/26/1999   0.468176   1.277958
10/27/1999   0.467148   1.287228
10/28/1999   0.457521   1.280837
10/29/1999   0.478762   1.297303
 11/1/1999    0.49973   1.294464
 11/2/1999   0.505965   1.326629
 11/3/1999   0.497732    1.30877
 11/4/1999   0.499661   1.325248
 11/5/1999   0.528916   1.292406
 11/8/1999   0.549174   1.309568
 11/9/1999   0.538082   1.298716
11/10/1999   0.487898   1.274372
11/11/1999    0.465871    1.254347
11/12/1999    0.468243    1.251494
11/15/1999      0.4379    1.247141
11/16/1999   0.4415817   1.2528045
11/17/1999   0.4461031   1.1678262
11/18/1999   0.4582458   1.2699974
11/19/1999   0.4572908   1.2621707
11/22/1999   0.4613569    1.254344
11/23/1999   0.4549161   1.2265072
11/24/1999   0.4499435   1.2171596
11/25/1999   0.4567221   1.2043254
11/26/1999   0.4392556   1.2021523
11/29/1999   0.4392588   1.2021491
11/30/1999   0.4555246   1.2221366
 12/1/1999   0.4412288     1.18929
 12/2/1999   0.4558665   1.2442878
 12/3/1999   0.4581838   1.2442848
 12/6/1999   0.4617339   1.2157888
 12/7/1999   0.4964161   1.1895457
 12/8/1999   0.4809603   1.1945322
 12/9/1999   0.4603602   1.1890146
12/10/1999   0.5103011   1.2040047
12/13/1999    0.494483   1.2140022
12/14/1999   0.4878654   1.1972679
12/15/1999   0.4937667   1.1945023
12/16/1999   0.5257443   1.2127758
12/17/1999   0.5215724     1.21054
12/20/1999   0.5088647   1.1855357
12/21/1999     0.54829   1.2050014
12/22/1999   0.4841767   1.1627566
12/27/1999   0.4434198   1.1294798
12/28/1999   0.4284127   1.0872208
12/29/1999   0.4284048   1.0972162
12/30/1999   0.4236846   1.0872197
  1/3/2000   0.4263019   1.1049851
  1/4/2000   0.4166624    1.115484
  1/5/2000   0.4280954   1.0904817
  1/6/2000   0.4280954   1.0904817
  1/7/2000   0.4424745   1.1682234
 1/10/2000   0.4392798   1.1004499
 1/11/2000   0.4253255   1.1132127
 1/12/2000   0.4201931   1.1136996
 1/13/2000   0.4290655   1.1036857
 1/14/2000   0.4364376   1.1059154
 1/17/2000   0.4445124   1.0664268
 1/18/2000   0.3837699   1.0841881
 1/19/2000    0.418125   1.0941567
 1/20/2000   0.4254993   1.1219035
 1/21/2000   0.4205211   1.1119022
 1/24/2000   0.4208897   1.1113906
 1/25/2000   0.4050324   1.0908738
 1/26/2000   0.4040277   1.0831098
1/27/2000   0.4120686   1.0853674
1/28/2000   0.4031392   1.0808608
1/31/2000   0.4397336   1.0780956
 2/1/2000   0.4850814   1.1003331
 2/2/2000   0.5175244   1.0953062
 2/3/2000   0.4886548   1.1180484
 2/4/2000    0.509757    1.148051
 2/7/2000   0.5124659   1.0998089
 2/8/2000   0.4997528   1.0470932
 2/9/2000   0.4756291   1.0397809
2/10/2000   0.5101683   1.0520849
2/11/2000   0.4951672   1.0497821
2/14/2000   0.4914548   1.0497663
2/15/2000   0.4864663   1.0297649
2/16/2000   0.4795817   1.0243408
2/17/2000   0.4767328   1.0362358
2/18/2000   0.4921884   1.0454376
2/21/2000   0.5155862   1.0677271
2/22/2000   0.5167297   1.0977119
2/23/2000   0.5244517   1.0603952
2/24/2000   0.5263061   1.0788658
2/25/2000   0.5329007   1.0788478
2/28/2000   0.5597776   1.1038456
2/29/2000   0.5546414   1.0988416
 3/1/2000   0.5463243   1.1011268
 3/2/2000   0.5622727   1.1011238
 3/3/2000   0.5692927   1.1057265
 3/6/2000   0.5858579   1.1076451
 3/7/2000   0.6278808   1.0907365
 3/8/2000   0.6365591   1.0896048
 3/9/2000   0.6385485   1.1586167
3/10/2000   0.6164248   1.1217828
3/13/2000   0.6043262   1.1617624
3/14/2000   0.5914218   1.1317632
3/15/2000   0.5844227   1.1351507
3/16/2000   0.5773229   1.1260425
3/17/2000   0.5681025   1.1200842
3/20/2000   0.5801738   1.1225847
3/21/2000    0.625658   1.1025623
3/22/2000   0.5556636   1.0952651
3/23/2000   0.5650715   1.1068436
3/24/2000   0.5950836    1.104374
3/27/2000   0.5961754   1.1010001
3/28/2000   0.5979123   1.0966375
3/29/2000   0.6203517   1.1165891
3/30/2000   0.6697571   1.1465713
3/31/2000   0.6665753   1.1270029
 4/3/2000   0.6596583   1.1288257
 4/4/2000   0.6527629   1.1108758
 4/5/2000   0.6515947   1.1282932
 4/6/2000   0.6540138   1.1289753
 4/7/2000   0.6534229   1.1289719
4/10/2000   0.6478694   1.1264727
4/11/2000   0.6483464   1.1423908
4/12/2000   0.6373292   1.1316909
4/13/2000   0.6373318   1.1039014
4/14/2000   0.6303413   1.1041073
4/17/2000   0.6185885   1.1036203
4/18/2000   0.6085897    1.079944
4/19/2000   0.6023336   1.0592512
4/20/2000   0.5979963   1.0647176
4/25/2000   0.6090157   1.0597062
4/26/2000   0.6115938   1.0667006
4/27/2000   0.7135798   1.0721514
4/28/2000   0.7294897   1.0766579
 5/2/2000   0.6989009   1.0750925
 5/3/2000   0.7327408   1.0766437
 5/4/2000   0.7427491   1.0798065
 5/5/2000    0.773242   1.1097908
 5/8/2000   0.7970515   1.0739665
 5/9/2000   0.7983027   1.0919625
5/10/2000   0.8243954     1.08895
5/11/2000    0.820594   1.0879439
5/12/2000   0.8131548   1.0779457
5/15/2000   0.8979697    1.165942
5/16/2000   0.9762105   1.2140317
5/17/2000   0.9640529      1.175
5/18/2000   0.8616372   1.0419919
5/19/2000   0.8806934    1.081994
5/22/2000   0.8890559   1.1019007
5/23/2000   0.8870596   1.0729046
5/24/2000   0.8734401   1.0430045
5/25/2000   0.8818679   1.0415238
5/26/2000   0.8483474   1.0098904
5/29/2000   0.8714353   1.0149961
5/30/2000   0.8780351   1.0261897
5/31/2000   0.9138352    1.052781
 6/2/2000   0.9501552   1.0918474
 6/5/2000   0.9412613   1.1208842
 6/6/2000   0.9637451   1.1391149
 6/7/2000   0.9154356   1.0968605
 6/8/2000     0.93308   1.1057253
 6/9/2000    0.919507   1.0947826
6/13/2000   0.8948582   1.1025912
6/14/2000   0.8980391   1.1101238
6/15/2000   0.8715583   1.0824899
6/16/2000   0.8478915   1.0918888
6/19/2000   0.8403388   1.0727225
6/20/2000   0.8465211   1.0804186
6/21/2000   0.8324822   1.0622858
6/22/2000   0.8394768   1.0663521
6/26/2000   0.8423698   1.0698244
6/27/2000   0.8365162   1.0569195
6/28/2000   0.8397738   1.0401554
6/29/2000   0.8353258   1.0431311
6/30/2000   0.8296301   1.0405306
 7/3/2000   0.8401101    1.032808
 7/4/2000   0.8493728   1.0461868
 7/5/2000   0.8434823   1.0300133
 7/6/2000   0.8293785   1.0217312
 7/7/2000   0.8292334    1.022599
7/10/2000   0.8148503   1.0321398
7/11/2000   0.8321635   1.0123705
7/12/2000   0.8128917   1.0188258
7/13/2000    0.825892   1.0146858
7/14/2000   0.8208825   1.0136716
7/17/2000   0.8231928   1.0030647
7/18/2000   0.8169017   1.0014794
7/19/2000   0.8071945   1.0102469
7/20/2000   0.8244154   0.9985189
7/21/2000   0.8187651   1.0111266
7/24/2000   0.8177652   1.0027672
7/25/2000    0.823156   1.0026716
7/26/2000   0.8126225   1.0069348
7/27/2000   0.8159275   1.0144131
7/28/2000    0.837584   1.0386338
7/31/2000    0.805585   1.0326802
 8/1/2000   0.8135872   1.0253001
 8/2/2000   0.8148958   1.0247604
 8/3/2000   0.8478951   1.0306937
 8/4/2000   0.8428967   1.0318629
 8/7/2000   0.8282162   1.0397183
 8/8/2000   0.8195296   1.0392374
 8/9/2000   0.7785639   1.0207159
8/10/2000   0.7476071   1.0163426
8/11/2000   0.7436289   1.0205637
8/14/2000   0.7406288    1.007986
8/15/2000   0.7386072   1.0212321
8/16/2000   0.7346076   0.9936668
8/17/2000   0.7336071   0.9934367
8/18/2000   0.7396067   0.9918711
8/21/2000   0.7309608   0.9901942
8/22/2000   0.7426286   0.9885483
8/23/2000   0.7527796   0.9973291
8/24/2000   0.7598782   1.0044519
8/25/2000   0.7589866    1.004969
8/28/2000   0.7540903   0.9917474
8/29/2000   0.7219743     0.94454
8/30/2000   0.6936146   0.9422143
8/31/2000   0.6885177   0.9448611
 9/1/2000   0.6844868   0.9383022
 9/4/2000   0.6701256   0.9408548
 9/5/2000   0.6649801   0.9421793
 9/6/2000   0.6792956   0.9639938
 9/7/2000   0.6815266   0.9483837
 9/8/2000   0.6450247   0.9240241
 9/11/2000   0.6372124   0.9243182
 9/12/2000   0.6338074   0.9195946
 9/13/2000   0.6376949   0.9156517
 9/14/2000   0.6485284   0.9399741
 9/15/2000   0.6662242   0.9545814
 9/18/2000    0.619995    0.953935
 9/19/2000   0.6530894   0.9627276
 9/20/2000   0.6538433   0.9614956
 9/21/2000   0.6742503   0.9606653
 9/22/2000   0.6889133   0.9822149
 9/25/2000   0.6878337    0.949499
 9/26/2000   0.6727431   0.9399095
 9/27/2000   0.6770387   0.9530138
 9/28/2000   0.6689753   0.9374649
 9/29/2000   0.6788834   0.9517814
 10/2/2000   0.6750811   0.9421318
 10/3/2000   0.6288239    0.948819
 10/4/2000   0.6079315   0.9127623
 10/5/2000   0.6154617    0.903903
 10/6/2000   0.6163344   0.9096451
 10/9/2000   0.5801586   0.8989254
10/10/2000    0.594878    0.878928
10/11/2000   0.6399102   0.9018562
10/12/2000   0.6211287    0.886483
10/13/2000   0.6732502   0.9354311
10/16/2000    0.673254   0.9319675
10/17/2000   0.6499873   0.9337998
10/18/2000   0.6447198   0.9243148
10/19/2000   0.6260292   0.9139975
10/20/2000   0.6274169   0.9143208
10/23/2000   0.6296693   0.9221678
10/24/2000   0.6315568    0.907487
10/25/2000   0.6412505   0.9144425
10/26/2000   0.6097336   0.9062752
10/27/2000   0.6095675   0.8968395
10/30/2000   0.6075044   0.8881076
10/31/2000   0.6011549   0.8804718
 11/1/2000   0.5936229   0.8707868
 11/2/2000   0.5787639   0.8733973
 11/3/2000   0.5952231   0.8719336
 11/6/2000   0.5575408   0.8626565
 11/7/2000   0.5604566   0.8568511
 11/8/2000   0.5558961   0.8427629
 11/9/2000   0.5423985   0.8394046
11/10/2000   0.5349309   0.8484749
11/13/2000   0.5289136   0.8555627
11/14/2000    0.528274   0.8530424
11/15/2000    0.518615   0.8307173
11/16/2000   0.5275971   0.8214293
11/17/2000   0.5146183   0.8207994
11/20/2000   0.5166632   0.8157744
11/21/2000   0.5236017   0.8217915
11/22/2000   0.5285369   0.8392005
11/23/2000   0.5515652   0.8520055
11/24/2000   0.5525607   0.8569194
11/27/2000   0.5479021   0.8465455
11/28/2000   0.5567622   0.8583539
11/29/2000   0.5947839   0.8859882
11/30/2000   0.6586988   0.8952021
 12/1/2000   0.6811983   0.9283955
 12/4/2000   0.7511099   0.9589323
 12/5/2000   0.6741828   0.9389863
 12/6/2000   0.6442611   0.9129189
 12/7/2000   0.6242672   0.9090913
 12/8/2000   0.6204908   0.8949963
12/11/2000   0.6034322   0.8891975
12/12/2000   0.5846816   0.8356111
12/13/2000   0.5886314   0.8800612
12/14/2000    0.603511   0.8917524
12/15/2000   0.6122238   0.9145314
12/18/2000    0.608548   0.8904977
12/19/2000   0.6004839   0.8929996
12/20/2000   0.5976875   0.9277346
12/21/2000   0.6026896    0.918363
12/22/2000   0.6095784     0.91248
12/27/2000   0.6055629   0.9109339
12/28/2000   0.5718047   0.9042019
12/29/2000   0.6149204   0.9320379
  1/2/2001   0.6102223   0.9143144
  1/3/2001   0.6830063   0.9141335
  1/4/2001   0.5478966   0.8570756
  1/5/2001   0.5740164   0.8337637
  1/8/2001   0.5249106   0.9057931
  1/9/2001   0.5564876     0.99863
 1/10/2001   0.5477061    0.996216
 1/11/2001   0.5678992   1.0056519
 1/12/2001   0.5535017   0.9927506
 1/15/2001   0.5370722   1.0044307
 1/16/2001    0.496478   0.9989576
 1/17/2001   0.5088676   1.0034538
 1/18/2001   0.4936527   1.0164696
 1/19/2001   0.4728131   0.9962117
 1/22/2001   0.5025968    0.897907
 1/23/2001    0.497397   0.9011003
 1/24/2001   0.4859981   1.0147241
 1/25/2001   0.5050696   0.9947545
 1/26/2001   0.4668355   0.9926417
 1/29/2001   0.4672899   0.9926883
 1/30/2001   0.4195619   0.9873098
 1/31/2001   0.4573154   1.0044213
  2/1/2001   0.4741726   1.0204593
  2/2/2001   0.4591651   0.9826315
  2/5/2001   0.5043607   0.9808662
  2/6/2001   0.3935996   0.9863579
 2/7/2001   0.5244181    0.949921
 2/8/2001   0.4438292    0.919974
 2/9/2001   0.4541931   0.9228067
2/12/2001   0.4987728   0.9429718
2/13/2001    0.485166   0.9416671
2/14/2001   0.3123961   0.8771705
2/15/2001   0.5104205   0.9331815
2/16/2001   0.4695087   0.9298066
2/19/2001   0.4976321    0.923818
2/20/2001   0.5086806   0.9213948
2/21/2001   0.4954027   0.9246981
2/22/2001    0.462709   0.9280817
2/23/2001   0.4618746   0.9303233
2/26/2001   0.4945991   0.9284229
2/27/2001   0.4864489   0.9343207
2/28/2001   0.4834818   0.9215697
 3/1/2001   0.4900456   0.9227922
 3/2/2001   0.4948349   0.9325468
 3/5/2001   0.4768457   0.9318226
 3/7/2001   0.4916689   1.0867726
 3/8/2001   0.5378078   1.1367903
 3/9/2001   0.4997381   1.0743604
3/12/2001   0.4981814   1.0950637
3/13/2001   0.4866492    1.080152
3/14/2001   0.5318272   1.1067253
3/15/2001   0.4954769   1.0776943
3/16/2001   0.5461907    1.092279
3/19/2001    0.476198   1.0817556
3/20/2001   0.4871099    1.072516
3/21/2001   0.4691865   1.0694219
3/22/2001   0.4766932   1.1019108
3/23/2001    0.494265   1.1284757
3/26/2001   0.4829204   1.1211724
3/27/2001   0.4574608   1.1251902
3/28/2001   0.4510078   1.1028918
3/29/2001   0.4500211   1.1006699
3/30/2001   0.4489918   1.1019069
 4/2/2001   0.4488068   1.1013223
 4/3/2001   0.4270696    1.085492
 4/5/2001   0.4543539   1.0816072
 4/6/2001   0.3867224   1.0933169
 4/9/2001   0.3858711   1.0901162
4/10/2001   0.4031118   1.0675677
4/11/2001   0.4130516   1.0864981
4/12/2001   0.3883816   1.0847344
4/17/2001   0.3889399   1.0845168
4/18/2001   0.4215301   1.0724924
4/19/2001   0.4022825   1.0886633
4/20/2001   0.3857465   1.0926696
4/23/2001   0.3717661   1.0761345
4/24/2001   0.3979958   1.1186583
4/25/2001   0.3869346   1.1462428
4/26/2001   0.3848491   1.1171042
4/27/2001   0.3876006   1.0883932
4/30/2001    0.387373   1.0805039
 5/2/2001   0.3931104   1.0846379
 5/3/2001   0.3871205   1.0691593
 5/4/2001   0.3751616   1.0695189
 5/7/2001   0.3687684   1.0785203
 5/8/2001   0.3064427   0.8443159
 5/9/2001   0.2718781   0.8602793
5/10/2001   0.2445197   0.8350951
5/11/2001   0.2326855   0.8579628
5/14/2001   0.2492559   0.8664222
5/15/2001    0.311459   0.9296173
5/16/2001   0.3031316   0.9167476
5/17/2001   0.2350971   0.9843493
5/18/2001   0.3646419   0.9768926
5/21/2001   0.3777989   0.9914585
5/22/2001    0.324938   0.9558888
5/23/2001   0.3197163   0.9643079
5/25/2001   0.3149909    0.941729
5/28/2001   0.2971971   0.9397074
5/29/2001   0.3066734     0.96469
5/30/2001   0.3063287   0.9802222
5/31/2001   0.3131142   0.9756578
 6/1/2001   0.3170297   0.9806206
 6/5/2001    0.326938    1.030164
 6/6/2001   0.2813208   1.0321627
 6/7/2001   0.2659094   1.0281647
 6/8/2001   0.3703291   1.1046904
6/11/2001   0.3648143   1.0871307
6/12/2001   0.3865097   1.1145711
6/13/2001   0.3887969   1.1082906
6/14/2001   0.4654919   1.1658692
6/15/2001   0.4903157   1.1795855
6/18/2001   0.4654487   1.1588422
6/19/2001   0.4554507   1.1329838
6/20/2001   0.4655544   1.1646248
6/21/2001   0.4701799   1.1610375
6/22/2001   0.4701799   1.1610375
6/25/2001    0.460332   1.1658025
6/26/2001   0.4466901   1.1536026
6/27/2001   0.4560422   1.1555248
6/28/2001   0.4501859   1.1424975
6/29/2001   0.3372209   1.1373701
 7/2/2001   0.4579228   1.1256304
 7/3/2001   0.4465898   1.1296769
 7/4/2001   0.4677319   1.1258374
 7/5/2001   0.4482555   1.1098889
 7/6/2001   0.4717817   1.1105091
 7/9/2001   0.4866672   1.1376502
7/10/2001   0.4676526   1.1369085
7/11/2001   0.4814274   1.1322187
7/12/2001     0.46293   1.1388991
7/13/2001   0.4414648   1.1347505
7/16/2001   0.4443081   1.1330262
7/17/2001   0.4642878   1.1356206
7/18/2001   0.4493991   1.1280076
7/19/2001   0.4357864   1.1404531
7/20/2001   0.4262528   1.1237233
7/23/2001   0.4318018   1.1370007
7/24/2001   0.4521837   1.1188404
7/25/2001   0.3974616    1.106239
7/26/2001   0.3647518   1.0899411
7/27/2001   0.3574864    1.089199
7/30/2001   0.3852792   1.0852131
7/31/2001    0.403118   1.0976552
 8/1/2001   0.4135476   1.1016484
 8/2/2001   0.4005454   1.1086126
 8/3/2001   0.3762158   1.1038607
 8/6/2001   0.3751873   1.1070147
 8/7/2001   0.3704894   1.2372395
 8/8/2001   0.3648885   1.2222013
 8/9/2001    0.358374   1.2238401
8/10/2001   0.4002004   1.2410589
8/13/2001   0.3531723   1.2295929
8/14/2001   0.3746985   1.2337263
8/15/2001   0.3918735   1.2245239
8/16/2001    0.403969   1.2227859
8/17/2001   0.3857334   1.2153079
8/20/2001   0.3607506   1.2297926
8/21/2001   0.3639023   1.2579574
8/22/2001    0.372318   1.2220213
8/23/2001     0.37302   1.2164685
8/24/2001   0.3659573     1.19551
8/27/2001   0.3669561   1.1972583
8/28/2001   0.3283693   1.1726466
8/29/2001   0.3283693   1.1726466
8/30/2001   0.3072137   1.1444657
8/31/2001   0.2581037   1.1233961
 9/3/2001   0.2680971   1.1221582
 9/4/2001   0.3009979   1.1561435
 9/5/2001   0.3114623   1.1601525
 9/6/2001    0.289306   1.1659729
 9/7/2001   0.2845949   1.1509592
9/10/2001   0.2644963   1.1438026
9/11/2001   0.2665256    1.144249
9/12/2001   0.3122015   1.2122445
9/13/2001   0.3208751   1.2101714
9/14/2001   0.3058747   1.2295654
9/17/2001   0.3310793   1.2412592
9/18/2001   0.2883193   1.2211323
9/19/2001   0.2916479   1.2270588
9/20/2001   0.2911629   1.2349696
9/21/2001   0.2694248   1.3184299
 9/24/2001   0.2767285   1.3100962
 9/25/2001   0.2689687    1.304588
 9/26/2001   0.2486546   1.2982119
 9/27/2001   0.2425483   1.2896537
 9/28/2001   0.2284153   1.2892331
 10/1/2001   0.2013249   1.2582653
 10/2/2001   0.2143776   1.2660505
 10/3/2001   0.1882157   1.2459175
 10/4/2001   0.1809537   1.2336814
 10/5/2001   0.2086628   1.3430524
 10/8/2001   0.2018603   1.3569192
 10/9/2001   0.2106557   1.3565404
10/10/2001   0.2043026   1.3489207
10/11/2001   0.2372804   1.3694205
10/12/2001   0.2350185   1.3538202
10/15/2001   0.2257913   1.3533334
10/16/2001   0.2155717   1.3575534
10/17/2001   0.2295813   1.3525574
10/18/2001   0.2185527   1.3349485
10/19/2001   0.2126208   1.3276637
10/22/2001   0.2218063   1.3344581
ed with treasury bonds.
Figure 17. Number of bankruptcies in the corporate sector and number of employees in companies going bankrup
12-month sliding average
Source: Statistics Sweden.

                   Number of        Number of
                  bankruptcies      employees
 12/1/1982          391.083          1848.083
  1/1/1983          393.083          1759.833
  2/1/1983          393.417          1797.083
  3/1/1983          397.000          1725.833
  4/1/1983          394.000          1656.500
  5/1/1983          397.500          1641.500
  6/1/1983          400.417          1583.917
  7/1/1983          399.833          1574.250
  8/1/1983          401.000          1518.500
  9/1/1983          409.500          1523.583
 10/1/1983          413.417          1527.000
 11/1/1983          414.083          1510.500
 12/1/1983          411.250          1472.500
  1/1/1984          416.833          1372.833
  2/1/1984          420.417          1313.083
  3/1/1984          419.417          1329.333
  4/1/1984          425.000          1369.667
  5/1/1984          430.167          1367.000
  6/1/1984          431.250          1355.917
  7/1/1984          436.083          1286.417
  8/1/1984          444.250          1337.083
  9/1/1984          443.833          1327.667
 10/1/1984          450.500          1288.083
 11/1/1984          454.500          1289.833
 12/1/1984          455.583          1453.667
  1/1/1985          462.083          1483.750
  2/1/1985          470.250          1512.083
  3/1/1985          473.417          1527.917
  4/1/1985          475.250          1493.417
  5/1/1985          474.083          1546.250
  6/1/1985          478.417          1556.750
  7/1/1985          480.750          1582.333
  8/1/1985          477.833          1550.417
  9/1/1985          479.583          1563.583
 10/1/1985          486.333          1638.250
 11/1/1985          489.667          1694.833
 12/1/1985          491.000          1600.167
  1/1/1986          497.583          1604.750
  2/1/1986          498.917          1650.250
  3/1/1986          501.167          1660.833
  4/1/1986          514.167          1681.667
  5/1/1986          517.500          1647.417
  6/1/1986          523.250          1648.917
  7/1/1986          525.167          1656.833
  8/1/1986          527.333          1630.500
  9/1/1986          535.583          1626.167
10/1/1986   527.000   1535.667
11/1/1986   529.083   1478.667
12/1/1986   516.667   1384.000
 1/1/1987   512.750   1340.333
 2/1/1987   510.167   1275.167
 3/1/1987   514.833   1273.500
 4/1/1987   506.917   1265.417
 5/1/1987   505.000   1229.167
 6/1/1987   501.833   1213.750
 7/1/1987   495.583   1177.083
 8/1/1987   487.833   1198.333
 9/1/1987   480.250   1187.667
10/1/1987   474.833   1222.750
11/1/1987   466.500   1235.250
12/1/1987   480.667   1246.333
 1/1/1988   467.000   1220.583
 2/1/1988   466.167   1201.583
 3/1/1988   465.667   1148.917
 4/1/1988   463.500   1091.250
 5/1/1988   464.167   1103.167
 6/1/1988   463.667   1077.750
 7/1/1988   463.750   1070.917
 8/1/1988   472.000   1047.167
 9/1/1988   471.583   1001.167
10/1/1988   471.333    930.667
11/1/1988   469.833    899.167
12/1/1988   463.917    882.667
 1/1/1989   469.667    905.750
 2/1/1989   470.583    912.333
 3/1/1989   463.250    905.000
 4/1/1989   468.917    938.667
 5/1/1989   469.417    930.667
 6/1/1989   480.583    990.833
 7/1/1989   484.917   1017.750
 8/1/1989   488.500   1052.417
 9/1/1989   510.083   1110.500
10/1/1989   529.750   1161.000
11/1/1989   550.250   1198.833
12/1/1989   573.250   1244.750
 1/1/1990   590.250   1282.250
 2/1/1990   598.667   1287.833
 3/1/1990   622.500   1341.083
 4/1/1990   632.167   1385.500
 5/1/1990   653.000   1450.417
 6/1/1990   665.917   1552.750
 7/1/1990   683.750   1621.583
 8/1/1990   709.000   1667.917
 9/1/1990   725.500   1728.000
10/1/1990   760.167   1912.250
11/1/1990   795.000   2093.667
12/1/1990   823.917   2230.000
 1/1/1991   872.083   2447.250
 2/1/1991    941.083   2710.167
 3/1/1991   1000.083   2957.833
 4/1/1991   1059.583   3327.833
 5/1/1991   1115.083   3584.917
 6/1/1991   1169.250   3917.083
 7/1/1991   1208.167   4044.833
 8/1/1991   1249.167   4320.250
 9/1/1991   1300.250   4562.250
10/1/1991   1363.917   4740.667
11/1/1991   1415.417   5054.250
12/1/1991   1448.167   5344.000
 1/1/1992   1483.917   5513.250
 2/1/1992   1513.167   6051.250
 3/1/1992   1562.250   6216.417
 4/1/1992   1597.083   6243.417
 5/1/1992   1603.583   6446.333
 6/1/1992   1632.000   6497.750
 7/1/1992   1644.000   6454.083
 8/1/1992   1669.583   6517.417
 9/1/1992   1686.583   6545.167
10/1/1992   1707.250   6690.917
11/1/1992   1728.000   6721.167
12/1/1992   1768.250   6700.417
 1/1/1993   1765.083   6705.750
 2/1/1993   1780.333   6669.500
 3/1/1993   1769.750   6745.833
 4/1/1993   1763.083   6642.500
 5/1/1993   1761.083   6511.917
 6/1/1993   1753.250   6320.000
 7/1/1993   1735.917   6392.250
 8/1/1993   1716.583   6256.500
 9/1/1993   1685.417   6072.667
10/1/1993   1640.833   5754.750
11/1/1993   1596.833   5363.750
12/1/1993   1561.167   5100.667
 1/1/1994   1532.667   4848.000
 2/1/1994   1488.917   4245.833
 3/1/1994   1454.500   3875.917
 4/1/1994   1412.083   3626.583
 5/1/1994   1401.750   3360.167
 6/1/1994   1372.417   3145.750
 7/1/1994   1345.083   2968.917
 8/1/1994   1319.000   2766.750
 9/1/1994   1300.333   2645.250
10/1/1994   1269.167   2484.917
11/1/1994   1252.583   2389.250
12/1/1994   1217.583   2274.500
 1/1/1995   1196.917   2171.250
 2/1/1995   1160.000   2062.000
 3/1/1995   1118.917   2016.167
 4/1/1995   1093.250   1970.417
 5/1/1995   1071.167   1906.833
 6/1/1995   1047.500   1836.333
 7/1/1995   1050.583   1827.750
 8/1/1995   1033.083   1798.500
 9/1/1995   1016.250   1850.500
10/1/1995   1003.333   1857.000
11/1/1995    979.417   1823.667
12/1/1995    968.833   1827.667
 1/1/1996    965.583   1862.750
 2/1/1996    976.417   1891.000
 3/1/1996    979.833   1819.583
 4/1/1996    983.167   1810.500
 5/1/1996    976.250   1861.833
 6/1/1996    972.167   1886.250
 7/1/1996    980.667   1911.167
 8/1/1996    973.750   1914.667
 9/1/1996    965.583   1866.417
10/1/1996    962.500   1888.333
11/1/1996    954.333   1913.333
12/1/1996    942.917   1889.917
 1/1/1997    936.833   1852.083
 2/1/1997    916.833   1810.000
 3/1/1997    901.333   1815.500
 4/1/1997    907.500   1950.250
 5/1/1997    890.667   1875.167
 6/1/1997    884.083   1840.667
 7/1/1997    876.750   1833.833
 8/1/1997    866.083   1789.333
 9/1/1997    861.500   1770.000
10/1/1997    857.500   1796.500
11/1/1997    863.833   1770.583
12/1/1997    869.583   1763.667
 1/1/1998    849.750   1710.750
 2/1/1998    832.333   1839.250
 3/1/1998    827.917   1848.417
 4/1/1998    806.250   1681.333
 5/1/1998    803.417   1676.000
 6/1/1998    793.250   1662.250
 7/1/1998    780.750   1630.667
 8/1/1998    774.667   1638.750
 9/1/1998    763.583   1611.083
10/1/1998    744.833   1516.167
11/1/1998    725.083   1552.167
12/1/1998    733.250   1582.000
 1/1/1999    727.333   1582.833
 2/1/1999    716.583   1439.417
 3/1/1999    702.000   1418.583
 4/1/1999    685.917   1414.083
 5/1/1999    671.667   1384.917
 6/1/1999    656.667   1401.917
 7/1/1999    642.667   1394.417
 8/1/1999    631.500   1385.250
 9/1/1999    619.583   1352.667
10/1/1999   600.417   1352.500
11/1/1999   587.167   1290.417
12/1/1999   552.833   1263.917
 1/1/2000   544.833   1246.833
 2/1/2000   550.417   1240.167
 3/1/2000   549.667   1262.167
 4/1/2000   548.250   1299.333
 5/1/2000   554.333   1320.250
 6/1/2000   545.667   1294.083
 7/1/2000   546.917   1311.917
 8/1/2000   552.333   1373.167
 9/1/2000   554.333   1411.000
10/1/2000   562.750   1412.583
11/1/2000   562.250   1430.083
12/1/2000   561.083   1417.667
 1/1/2001   571.667   1488.500
 2/1/2001   571.333   1492.083
 3/1/2001   572.000   1486.083
 4/1/2001   577.750   1505.333
 5/1/2001   580.417   1535.917
 6/1/2001   593.083   1576.833
 7/1/2001   600.333   1645.583
 8/1/2001   600.583   1646.417
 9/1/2001   601.583   1783.750
s in companies going bankrupt.
Figure 18. Corporate borrowing and borrowing ratio.
SEK billion and per cent
Source: The Riksbank.

             Banks Mortgage institutions Other credit market companies Swedish bonds and notes
12/31/1986   226.587             188.387                         90.637                  60.922
12/31/1987   248.887             236.835                        106.463                  74.042
12/31/1988   323.010             293.718                        116.292                  80.055
12/31/1989   423.727             355.926                        136.643                  93.824
12/31/1990   496.200             426.884                        140.235                  90.650
12/31/1991   486.405             491.229                        115.501                  89.357
12/31/1992   510.350             502.055                        120.131                  79.617
12/31/1993   388.805             538.453                        114.593                  85.867
12/31/1994   374.732             498.383                         95.563                  61.384
12/31/1995   355.139             506.170                         92.902                  66.611
12/31/1996   380.576             503.289                         98.731                  80.474
12/31/1997   405.974             476.935                        103.690                  98.164
12/31/1998   459.893             456.925                        124.785                 128.553
12/31/1999   492.257             442.346                        130.840                 151.546
12/31/2000   551.188             438.127                        133.666                 178.412
12/31/2001   617.930             431.222                        144.142                 219.357

Note. The data for 2001 refers to last of September.
Foreign bonds and notes Foreign loans Insurance companies and National Pensions Fund
                    0.000      53.400                                            21.882
                    0.000      58.300                                            22.878
                    0.000      74.500                                            23.216
                    0.000     109.400                                            35.195
                    0.000     149.000                                            43.402
                    0.000     151.200                                            41.139
                   -6.000     151.400                                            39.962
                    5.000     164.200                                            38.636
                    3.000     142.900                                            39.550
                    2.000     153.550                                            41.954
                   -2.000     129.275                                            36.514
                  35.000      147.000                                            37.688
                  51.000      168.000                                            52.840
                  99.000      198.000                                            54.723
                 173.000      228.000                                            44.172
                 230.000      237.000                                            40.087
Borrowing ratio (right scale)
                         0.656
                         0.706
                         0.788
                         0.901
                         0.954
                         0.918
                         0.941
                         0.892
                         0.761
                         0.711
                         0.699
                         0.715
                         0.757
                         0.786
                         0.839
                         0.907
Figure 19. Change in corporate sector borrowing divided by investment.
Per cent
Source: Statistics Sweden.
       1987      1.16447646
       1988      1.21857146
       1989      1.26778813
       1990      1.16595538
       1991      1.02111998
       1992      1.01648132
       1993      0.95564503
       1994      0.91009955
       1995      1.00229478
       1996      1.00698302
       1997      1.02899011
       1998      1.10734631
       1999      1.08490154
       2000      1.15153085
       2001      1.06745815
Figure 20. The banks' lending against collateral in property.
SEK billion
Source: Finansinspektionen.

         Commercial property Residential property Other property
Mar-95        56.7                 121.1              46.9
Jun-95        56.5                 125.8              48.6
Sep-95        53.9                 122.7              48.1
Dec-95        52.3                 121.8              47.6
Mar-96        50.6                 115.8              48.5
Jun-96        49.4                 114.0              47.4
Sep-96        50.4                 114.0              46.4
Dec-96        49.5                 111.9              47.3
Mar-97        50.7                 112.1              48.5
Jun-97        49.9                 115.6              49.6
Sep-97        49.6                 119.5              50.6
Dec-97        48.0                 133.3              51.7
Mar-98        50.6                 134.7              52.8
Jun-98        47.8                 132.4              51.0
Sep-98        50.2                 136.6              51.8
Dec-98        40.4                 131.0              49.7
Mar-99        42.2                 135.5              48.9
Jun-99        46.4                 136.6              49.4
Sep-99        47.2                 138.2              49.6
Dec-99        48.1                 137.6              51.5
Mar-00        49.1                 148.4              53.7
Jun-00        56.2                 156.3              55.0
Sep-00        59.4                 164.7              55.2
Dec-00        61.9                 168.0              56.6
Mar-01        64.3                 175.9              57.4
Jun-01        72.6                 181.5              59.8
Figure 21. Ratio between prices and rents in city locations.
Per cent
Sources: NewSec and the Riksbank.
           Stockholm Göteborg Malmö
     1981    10.00      9.07       7.37
     1982    10.77      9.60       7.60
     1983    12.00      9.64       7.27
     1984    12.63      9.86       7.69
     1985    13.64      9.47       7.50
     1986    14.80      9.23       8.42
     1987    17.24     10.71      10.48
     1988    19.35     16.67      10.83
     1989    21.25     21.33      12.14
     1990    22.58     21.43      11.61
     1991    17.04     20.00      10.54
     1992    12.50     16.67      10.38
     1993    14.74     12.73       9.52
     1994    14.76     13.33      10.00
     1995    15.20     12.17      10.00
     1996    14.55     11.11      10.43
     1997    15.36     11.43      12.50
     1998    16.00     12.00      12.31
     1999    15.28     12.90      12.14
     2000    15.53     13.89      11.76
     2001    16.30     15.28      13.75
Figure 22. Gross investments in other properties in relation to GDP.
Per cent
Source: Statistics Sweden.

     1980       6.9075
     1981       6.5289
     1982       6.2471
     1983       5.9726
     1984       5.6933
     1985       5.5184
     1986       5.4436
     1987       5.3951
     1988       5.3595
     1989       5.8595
     1990       5.6560
     1991       4.9860
     1992       4.4977
     1993       4.3006
     1994       4.5461
     1995       4.7259
     1996       4.5728
     1997       4.1926
     1998       4.2443
     1999       4.0321
     2000       4.1216
2001kv1+2       4.0036
Figure 23. Estimated supply of commercial space
Thousand square metres
Source: Jones Lang LaSalle

            Non-speculative Speculative      Ort
     2001          257.276      31.304    Stockholm
     2002          221.871     135.022    Stockholm
     2003           29.100      81.500    Stockholm
     2001           39.462       4.906    Göteborg
     2002           81.600      11.700    Göteborg
     2003           24.040      30.960    Göteborg
     2001           75.625       6.775      Malmö
     2002           58.200      16.700      Malmö
     2003                 0           0     Malmö
Figure 24. Number of office employees in local labour markets in Stockholm, Göteborg and Malmö.
Thousands
Source: AKU; SCB

            Stockholm Göteborg Malmö
 87/03/31      205.316  58.775 41.540
 87/06/30      205.108  61.594 43.020
 87/09/30      204.584  59.442 43.199
 87/12/31      203.064  57.201 40.719
 88/03/31      207.693  57.786 42.114
 88/06/30      223.957  56.392 44.741
 88/09/30      227.233  59.801 43.793
 88/12/31      222.452  60.289 41.857
 89/03/31      213.307  59.737 43.162
 89/06/30      225.659  63.518 47.496
 89/09/30      224.147  64.516 44.411
 89/12/31      217.293  64.139 42.635
 90/03/31      218.715  64.847 45.323
 90/06/30      225.053  70.384 45.208
 90/09/30      225.651  69.622 49.441
 90/12/31      221.853  67.577 48.682
 91/03/31      226.967  69.647 48.903
 91/06/30      238.100  71.096 51.153
 91/09/30      235.981  69.218 50.630
 91/12/31      231.878  71.450 49.135
 92/03/31      231.143  65.860 45.997
 92/06/30      240.211  65.494 51.990
 92/09/30      232.382  66.724 46.602
 92/12/31      224.256  66.170 45.251
 93/03/31      207.790  63.607 43.294
 93/06/30      207.483  60.198 43.272
 93/09/30      205.039  60.925 41.278
 93/12/31      204.765  59.450 42.614
 94/03/31      208.139  60.628 43.927
 94/06/30      208.198  64.171 44.710
 94/09/30      210.522  64.710 45.245
 94/12/31      211.929  61.881 47.343
 95/03/31      209.507  65.597 48.180
 95/06/30      214.749  67.724 48.480
 95/09/30      221.297  67.758 49.578
 95/12/31      224.443  67.756 46.526
 96/03/31      224.374  70.206 45.972
 96/06/30      228.386  68.039 47.106
 96/09/30      230.436  72.796 46.177
 96/12/31      229.560  72.503 47.708
 97/03/31      243.482  71.580 51.762
 97/06/30      253.566  70.844 51.846
 97/09/30      250.427  73.299 50.876
 97/12/31      245.530  75.163 49.940
 98/03/31      247.939  75.201 48.025
 98/06/30      252.087  73.065 49.601
 98/09/30      256.598  75.917 48.729
98/12/31   262.818    74.336   47.945
99/03/31   267.232    73.271   48.424
99/06/30   274.636    73.058   48.357
99/09/30   280.413    76.649   50.612
99/12/31   285.352    78.724   48.856
00/03/31   292.858    82.056   48.295
00/06/30   296.814    86.846   52.644
00/09/30   311.020    92.196   58.880
00/12/31   313.435    93.065   55.730
01/03/31   316.200   100.300   56.500
01/06/30   330.100    97.100   61.600
01/09/30   328.400   101.900   65.200
Figure 27. Completed accommodation in apartment blocks in three metropolitan areas

Source: Statistics Sweden
            Stockholm Göteborg Malmö
     1975       8095      2635 1838
     1976       4094      1146  900
     1977       2575      1527  747
     1978       2049      1131  634
     1979       2958      913   904
     1980       2788      1567  653
     1981       3794      1130  785
     1982       3999      1565  930
     1983       5882      1166 1402
     1984       4862      1765  648
     1985       6442      1580  889
     1986       5131      843   745
     1987       4303      853   813
     1988       4423      1893  814
     1989       5749      2183 1628
     1990       5370      1779 1116
     1991       6071      2050 1615
     1992       5937      2810 2458
     1993       5805      1865 1611
     1994       3829      1404  899
     1995       1874      555   529
     1996       2107      869   813
     1997       2362      572   901
     1998       1982      672   709
     1999       2355      488   711
     2000       2386      666   524
     2001       1726      586   270
Figure 28. Interest cover ratio and debt/equity ratio in property companies, weigthed average.
Per cent
Source: UC AB.
           Interest cover ratio   Debt/equity ratio
     1992         0.75                 6.01
     1993         0.98                 5.66
     1994         1.18                 3.99
     1995         1.32                 3.34
     1996         1.28                 2.32
     1997         1.51                 2.76
     1998         1.82                 2.42
     1999         2.04                 2.09
     2000         2.08                 2.50
  2001q2          2.84                 2.28
Figure 29. The major banks' foreign claims, excluding interbank.
Geographical distribuition in per cent
Source: The Riksbank.

Denmark             23.918
Others              18.009
Germany             15.383
Finland             15.194
Norway              11.670
UK                   8.853
USA                  4.816
Baltic States        2.071
Figure 30. Profit before loan losses and loan losses, net in the major banks, aggregate over four quarters.
SEK billion, 1991 prices
Sources: The banks' reports and the Riksbank.
               Profit before loan losses Loan losses, net
12/31/1990               26.151               12.552
 4/30/1991               27.000               15.000
 8/31/1991               30.515               32.484
12/31/1991               26.288               35.051
 3/31/1992               25.292               51.558
 6/30/1992               24.236               56.227
 9/30/1992               23.133               61.688
12/31/1992               23.828               70.530
 3/31/1993               25.036               63.982
 6/30/1993               29.609               61.069
 9/30/1993               31.367               52.587
12/31/1993               32.097               45.852
 3/31/1994               31.906               40.110
 6/30/1994               29.854               29.854
 9/30/1994               29.161               24.292
12/31/1994               30.265               18.807
 3/31/1995               26.964               16.875
 6/30/1995               26.978               16.387
 9/30/1995               28.488               14.917
12/31/1995               28.170               9.873
 3/31/1996               28.770               8.973
 6/30/1996               28.917               6.789
 9/30/1996               28.510               6.336
12/31/1996               29.595               5.675
 3/31/1997               31.022               5.247
 6/30/1997               31.623               4.601
 9/30/1997               31.383               3.638
12/31/1997               30.383               4.896
 3/31/1998               29.098               4.189
 6/30/1998               28.909               4.283
 9/30/1998               27.219               5.702
12/31/1998               25.979               4.206
 3/31/1999               25.936               3.880
 6/30/1999               23.768               2.645
 9/30/1999               23.907               0.853
12/31/1999               25.779               0.343
 3/31/2000               31.745               0.525
 6/30/2000               34.477               1.491
 9/30/2000               39.947               1.877
12/31/2000               40.697               1.862
 3/31/2001               38.286               1.872
 6/30/2001               39.544               2.042
 9/30/2001               38.504               3.458
aggregate over four quarters.
Figure 31. Return on equity after tax in the major banks.
Per cent
Sources: The banks' reports and the Riksbank.

     1990       0.551
     1991      -2.778
     1992     -15.313
     1993      -0.902
     1994      11.332
     1995      17.100
     1996      22.612
     1997      18.920
     1998      14.190
     1999      16.040
     2000      15.740
     2001      13.030

Note. The data for 2001 refers to the latest reporting period ( the four most recent quarters).
Figure 32. Distribution of income in the major banks.
Per cent
Sources: The banks' reports and the Riksbank.
Figure 33. Net commission income in the major banks and development of the stock exchange.
SEK million and OMX index
Sources: The banks' reports and the Riksbank.
             Securities-related (left scale) Other (left scale) OMX (right scale)
Kv1-1997                 2455                     2019                546
Kv2-1997                 2822                     2189                602
Kv3-1997                 2920                     1828                653
Kv4-1997                 3279                     2111                600
Kv1-1998                 2935                     1917                725
Kv2-1998                 3349                     1968                777
Kv3-1998                 3243                     1888                587
Kv4-1998                 3230                     2147                701
Kv1-1999                 3391                     2003                743
Kv2-1999                 3845                     2085                829
Kv3-1999                 3653                     2081                832
Kv4-1999                 5200                     2183               1199
Kv1-2000                 6338                     2217               1384
Kv2-2000                 5508                     2440               1315
Kv3-2000                 5461                     2335               1218
Kv4-2000                 5413                     2802               1056
Kv1-2001                 4417                     2586                832
Kv2-2001                 4661                     2777                880
Kv3-2001                 3738                     2804                723

Note. Exkluding BfG, Unidanmark and Christiania Bank og Kreditkasse.
he stock exchange.
Figure 34. Costs before loan losses as percentage of income (C/I ratio)
Per cent
Sources: The banks' reports and the Riksbank.
              S E B Handelsbanken Nordea FöreningsSparbanken (Swedbank)
 12/31/1990 60.14         48.61        64.54          59.73
 12/31/1991 56.92         50.21        59.66          62.81
 12/31/1992 68.68         43.12        73.69          58.16
 12/31/1993 42.18         42.54        52.56          53.06
 12/31/1994 49.08         45.85        50.41          51.75
 12/31/1995 56.02         48.03        48.59          56.18
 12/31/1996 56.80         40.64        45.51          55.02
 12/31/1997 66.34         48.64        52.16          58.39
 12/31/1998 72.24         50.86        56.21          61.44
 12/31/1999 75.62         46.42        56.66          69.15
 12/31/2000 75.32         44.57        55.49          60.07
   9/30/2001 80.00        46.00        64.00          56.00

Note. The data for 2001 refers to the latest reporting period ( the four most recent quarters).
Figure 35 Lending to the Swedish general public by the major banks.
Annual percentage change
Source: The Riksbank

             S E B Handelsbanken Nordea FöreningsSparbanken (Swedbank)
12/31/1994   -7.62     -1.56      -4.66              -1.85
 1/31/1995   -2.99      1.07      -4.77               0.54
 2/28/1995   -5.02      4.72     -12.41               0.57
 3/31/1995   -3.36      4.76     -11.50               0.97
 4/30/1995   -1.52      4.99     -11.37               0.43
 5/31/1995   -2.97      2.51     -11.02               0.98
 6/30/1995    0.40      3.77      -9.01               0.26
 7/31/1995   -0.47      4.10      -9.92              -0.70
 8/31/1995   -1.88      1.76     -10.89              -0.95
 9/30/1995   -1.33      1.29      -9.10              -0.49
10/31/1995    0.22      0.93      -9.01              -0.45
11/30/1995   -2.65      0.32      -7.07              -1.20
12/31/1995    1.37      0.35      -6.50               1.04
 1/31/1996   -3.75     -1.02      -4.20              -1.18
 2/29/1996    2.11     -2.53       2.54              -1.68
 3/31/1996   -2.70     -2.51       4.78              -1.41
 4/30/1996   -1.45     -2.49       4.77              -1.09
 5/31/1996   -0.56     -1.08       5.54              -0.88
 6/30/1996   -1.91     -0.95       2.60              -0.04
 7/31/1996    2.00     -2.52       3.07               0.83
 8/31/1996    0.39     -0.08       4.80               1.56
 9/30/1996    1.05      0.75       7.71               1.40
10/31/1996   -0.60      0.75       7.92               1.71
11/30/1996    2.32      1.26       7.44               2.24
12/31/1996    5.25      1.11      10.15               1.84
 1/31/1997    4.32     -2.93       8.97               4.12
 2/28/1997    1.26     -3.59       8.19               4.08
 3/31/1997    6.77     -2.57       5.90               3.90
 4/30/1997    6.73     -2.33       5.11               3.65
 5/31/1997    6.32     -2.64       3.68               4.07
 6/30/1997    6.57     -1.86       6.05               4.74
 7/31/1997    3.44     -2.19       6.86               4.96
 8/31/1997    8.03     -2.82       7.30               4.48
 9/30/1997    7.53     -3.40       6.24               4.25
10/31/1997    6.21     -3.58       4.82               5.30
11/30/1997    6.23     -3.05       5.34               5.11
12/31/1997    2.24     -4.21       5.06               4.03
 1/31/1998    5.08     -3.11       4.50               3.22
 2/28/1998    5.22     -1.34       5.32               1.24
 3/31/1998    4.37     -2.63       9.25               0.63
 4/30/1998    2.91     -2.21      10.98              -0.52
 5/31/1998    3.82     -1.13      12.33              -0.88
 6/30/1998    2.91     -2.84      14.36              -0.81
 7/31/1998    3.06     -1.90      12.09              -0.86
 8/31/1998    4.22     -1.94      11.21              -0.32
 9/30/1998    7.16     -1.67      11.15               0.90
10/31/1998    6.54     -0.38      12.65              -0.78
11/30/1998   5.35   -0.27   12.09    0.83
12/31/1998   3.76    0.20   10.15    0.17
 1/31/1999   4.33    1.56   13.23    1.10
 2/28/1999   4.41    0.80   14.87    4.44
 3/31/1999   3.46   -0.95   10.81    4.55
 4/30/1999   5.07   -0.28   11.43    6.55
 5/31/1999   6.35   -0.39   12.75    5.94
 6/30/1999   5.34   -0.08   10.46    4.80
 7/31/1999   4.58    1.07   11.01    4.66
 8/31/1999   2.91    0.41   10.94    4.22
 9/30/1999   1.05    0.66   11.88    2.87
10/31/1999   2.02    0.98   11.43    3.48
11/30/1999   2.70    0.88   14.09    1.68
12/31/1999   3.86    3.13   13.92    1.94
 1/31/2000   4.67    2.44   16.68    0.54
 2/29/2000   3.62    1.82   13.74   -0.24
 3/31/2000   5.95    4.11   15.53    0.22
 4/30/2000   6.02    4.31   14.29   -0.23
 5/31/2000   3.10    5.24   12.37    0.19
 6/30/2000   5.07    6.39   11.83    0.50
 7/31/2000   8.79    6.39   12.45    0.63
 8/31/2000   7.18    8.38   12.93    0.64
 9/30/2000   4.95    7.34   11.10    1.84
10/31/2000   6.04    8.23   10.43    1.31
11/30/2000   6.00    8.58    8.34    2.16
12/31/2000   4.11    7.78    7.31    2.95
 1/31/2001   2.94    7.40    4.55    2.82
 2/28/2001   2.74    8.39    6.03    3.40
 3/31/2001   1.78   10.53    5.63    3.53
 4/30/2001   2.86   10.41    5.76    3.67
 5/31/2001   3.40   10.53    5.30    3.92
 6/30/2001   1.63   11.88    6.37    4.20
 7/31/2001   1.74   11.89    5.61    4.05
 8/31/2001   0.77   12.29    4.51    3.12
 9/30/2001   1.38   13.10    5.82    4.78
Figure 36. Problem loans.
Percentage of lending to the general public
Sources: The banks' reports and the Riksbank.
                                            Förenings-
                                            Sparbanken
           S E B Handelsbanken Nordea (Swedbank)
   Dec-96 1.93           0.92         1.19      1.78
   Mar-97 2.69           0.87         0.89      1.95
   Jun-97 1.88           0.94         0.80      1.40
   Sep-97 1.58           1.02         0.66      1.31
   Dec-97 1.83           0.70         0.58      1.37
   Mar-98 1.70           0.63         2.23      1.22
   Jun-98 1.69           0.54         2.05      1.08
   Sep-98 1.66           0.56         1.99      1.07
   Dec-98 1.47           0.51         1.71      0.88
   Mar-99 1.15           0.45         1.49      0.75
   Jun-99 1.16           0.36         1.32      0.57
   Sep-99 1.26           0.34         1.30      0.46
   Dec-99 0.93           0.30         1.08      0.16
   Mar-00 1.33           0.32         1.07      0.10
   Jun-00 1.22           0.26         0.66      0.03
   Sep-00 1.21           0.26         0.64      0.01
   Dec-00 1.43           0.34         0.64      0.00
   Mar-01 1.47           0.34         0.67     -0.04
   Jun-01 1.43           0.32         0.71     -0.01
   Sep-01 1.25           0.29         0.66      0.00
Figure 37. Loan losses, gross.
Percentage of lending to the general public
Sources: The banks' reports and the Riksbank.
             SEB     Handelsbanken Nordea FöreningsSparbanken (Swedbank)
kv2-1997     0.35        0.30       0.26               0.75
kv3-1997     0.22        0.21       0.26               0.62
kv4-1997     0.71        0.34       0.56               2.19
kv1-1998     0.36        0.11       0.50               0.71
kv2-1998     0.56        0.16       0.50               0.61
kv3-1998     1.83        0.14       0.50               0.43
kv4-1998     0.41        0.25       0.50               0.63
kv1-1999     0.27        0.19       0.41               0.81
kv2-1999     0.26        0.15       0.41               0.50
kv3-1999     0.23        0.09       0.41               0.29
kv4-1999     0.52        0.11       0.41               0.23
kv1-2000     0.72        0.07       0.79               0.42
kv2-2000     0.37        0.06       0.54               0.38
kv3-2000     0.38        0.07       0.51               0.28
kv4-2000     0.59        0.27       0.79               0.32
kv1-2001     0.28        0.08       0.56               0.38
kv2-2001     0.29        0.09       0.60               0.32
kv3-2001     0.30        0.14       1.05               0.30
Figure 38. Stable financing as percentage of illiquid assets
Per cent
Sources: The banks' reports and the Riksbank.


             SEB       Handelsbanken      Nordea     FöreningsSparbanken (Swedbank)
 97/03/01   162.310       78.773          104.936                99.706
 97/06/01   151.511       81.025           99.456                97.789
 97/09/01   143.271       80.591           99.779                96.827
 97/12/01   132.037       80.147          118.614                94.262
 98/03/01   123.384       82.426          116.731                92.946
 98/06/01   128.707       84.244          114.739                92.274
 98/09/01   129.868       86.759          112.677                95.337
 98/12/01   129.298       89.307          109.874                89.325
 99/03/01   136.918       93.369          108.845                90.744
 99/06/01   134.839       90.020          103.779                90.683
 99/09/01   132.191       89.694          100.236                91.234
 99/12/01   141.222       86.576          105.338                89.282
 00/03/01   129.637       84.903          114.069                88.928
 00/06/01   132.261       84.880          112.923                85.431
 00/09/01   131.572       83.532          115.637                87.928
 00/12/01   124.948       81.819          113.367                87.967
 01/03/01   129.925       82.842          117.323                89.022
 01/06/01   131.235       79.757          109.379                89.519
 01/09/01   123.253       81.426          126.030                88.415

Note. Stable financing is defined as deposits/borrowing from the general public,
securities issued with a maturity of more than one year and equity.
Illiquid assets defined as lending to general public and other assets.
Figure 39. Corporate lending in foreign currency and net lending to foreign banks
SEK billion
Source: The Riksbank
            Corporate lending      Net lending
12/31/1986       82.712              -64.876
 1/31/1987       88.348              -54.236
 2/28/1987       94.058              -55.653
 3/31/1987       93.938              -69.667
 4/30/1987       99.733              -72.795
 5/31/1987       99.898              -68.860
 6/30/1987       103.129             -77.042
 7/31/1987       101.286             -75.702
 8/31/1987       99.537              -74.056
 9/30/1987       104.999             -83.231
10/31/1987       109.325             -73.737
11/30/1987       106.628             -84.087
12/31/1987       98.376              -83.534
 1/31/1988       109.773             -82.114
 2/29/1988       116.543             -88.286
 3/31/1988       119.766             -88.303
 4/30/1988       123.261             -96.166
 5/31/1988       134.238            -106.382
 6/30/1988       140.218            -112.228
 7/31/1988       142.127            -104.036
 8/31/1988       148.025             -92.366
 9/30/1988       151.665            -108.139
10/31/1988       152.483            -116.985
11/30/1988       156.946            -114.780
12/31/1988       140.066            -133.568
 1/31/1989       166.602            -124.745
 2/28/1989       168.769            -118.262
 3/31/1989       164.807            -131.706
 4/30/1989       168.759            -135.287
 5/31/1989       182.009            -161.203
 6/30/1989       181.821            -167.462
 7/31/1989       179.631            -160.655
 8/31/1989       192.973            -152.131
 9/30/1989       195.585            -139.492
10/31/1989       205.617            -182.505
11/30/1989       215.771            -178.404
12/31/1989       207.272            -190.542
 1/31/1990       222.457            -216.527
 2/28/1990       237.928            -216.598
 3/31/1990       251.731            -233.777
 4/30/1990       265.713            -256.829
 5/31/1990       283.566            -253.744
 6/30/1990       288.879            -291.179
 7/31/1990       288.051            -309.292
 8/31/1990       286.095            -302.690
 9/30/1990       289.821            -290.992
10/31/1990       292.592            -317.050
11/30/1990       285.422            -320.561
12/31/1990       256.137            -318.869
 1/31/1991       272.440            -324.277
 2/28/1991       280.596            -333.301
 3/31/1991       279.814            -346.478
 4/30/1991   274.409   -327.259
 5/31/1991   284.718   -338.418
 6/30/1991   292.379   -327.538
 7/31/1991   281.658   -320.793
 8/31/1991   269.208   -312.122
 9/30/1991   255.722   -301.997
10/31/1991   245.428   -292.157
11/30/1991   241.742   -272.446
12/31/1991   230.111   -272.202
 1/31/1992   235.211   -276.705
 2/29/1992   231.840   -268.281
 3/31/1992   228.678   -295.711
 4/30/1992   225.754   -280.686
 5/31/1992   227.165   -288.181
 6/30/1992   222.482   -296.271
 7/31/1992   218.148   -266.924
 8/31/1992   219.307   -252.663
 9/30/1992   221.250   -233.770
10/31/1992   213.107   -230.344
11/30/1992   215.342   -198.180
12/31/1992   191.015   -212.363
 1/31/1993   191.743   -216.561
 2/28/1993   194.626   -199.456
 3/31/1993   185.168   -207.104
 4/30/1993   169.358   -198.286
 5/31/1993   159.576   -175.996
 6/30/1993   157.837   -217.814
 7/31/1993   162.885   -200.554
 8/31/1993   159.728   -198.190
 9/30/1993   152.916   -199.233
10/31/1993   142.737   -184.860
11/30/1993   143.756   -162.158
12/31/1993   133.548   -178.514
 1/31/1994   123.998   -174.520
 2/28/1994   124.248   -173.622
 3/31/1994   117.533   -171.760
 4/30/1994   112.776   -150.197
 5/31/1994   111.105   -161.847
 6/30/1994   106.947   -178.391
 7/31/1994   106.136   -163.201
 8/31/1994   103.774   -172.941
 9/30/1994   98.143    -171.690
10/31/1994   95.871    -164.891
11/30/1994   93.530    -182.225
12/31/1994   86.738    -179.583
 1/31/1995   91.009    -208.718
 2/28/1995   90.040    -206.859
 3/31/1995   92.409    -223.789
 4/30/1995   92.074    -200.129
 5/31/1995   90.601    -227.188
 6/30/1995   87.503    -243.237
 7/31/1995   85.702    -221.980
 8/31/1995   82.352    -192.879
 9/30/1995   75.989    -191.959
10/31/1995   72.547    -148.811
11/30/1995   68.260    -142.528
12/31/1995   66.954   -151.535
 1/31/1996   71.759   -138.506
 2/29/1996   70.403   -135.904
 3/31/1996   73.978   -131.055
 4/30/1996   73.706   -131.620
 5/31/1996   71.558   -133.816
 6/30/1996   68.741   -122.940
 7/31/1996   68.471    -77.071
 8/31/1996   66.591    -86.760
 9/30/1996   65.073    -61.942
10/31/1996   64.690    -72.616
11/30/1996   66.292    -31.617
12/31/1996   69.259    -81.939
 1/31/1997   67.206    -74.757
 2/28/1997   69.438    -92.644
 3/31/1997   73.523   -123.442
 4/30/1997   73.316    -83.702
 5/31/1997   74.862    -67.733
 6/30/1997   75.615    -79.440
 7/31/1997   72.838    -78.322
 8/31/1997   75.676    -78.680
 9/30/1997   70.951    -53.862
10/31/1997   69.055    -63.529
11/30/1997   67.719    -62.938
12/31/1997   69.413    -85.739
 1/31/1998   69.854    -95.674
 2/28/1998   68.319   -119.775
 3/31/1998   70.414   -130.228
 4/30/1998   69.095   -102.014
 5/31/1998   71.265   -117.157
 6/30/1998   73.338   -144.686
 7/31/1998   70.066   -119.609
 8/31/1998   67.428   -133.692
 9/30/1998   66.819   -186.542
10/31/1998   69.920   -219.419
11/30/1998   70.279   -230.046
12/31/1998   62.755   -244.766
 1/31/1999   69.195   -204.841
 2/28/1999   74.125   -189.547
 3/31/1999   71.573   -171.421
 4/30/1999   74.990   -145.891
 5/31/1999   79.009   -197.075
 6/30/1999   73.920   -202.831
 7/31/1999   70.558   -168.931
 8/31/1999   71.103   -172.928
 9/30/1999   64.330   -137.562
10/31/1999   63.574   -105.480
11/30/1999   61.925   -107.035
12/31/1999   66.599   -159.814
 1/31/2000   71.398   -153.438
 2/29/2000   72.911   -148.293
 3/31/2000   71.449   -139.819
 4/30/2000   72.626   -121.619
 5/31/2000   72.932   -149.797
 6/30/2000   75.204   -159.566
 7/31/2000   80.144   -129.914
 8/31/2000   84.568    -145.995
 9/30/2000   85.408    -182.835
10/31/2000   90.766    -160.748
11/30/2000   90.729    -164.001
12/31/2000   87.087    -203.185
 1/31/2001   87.064    -244.129
 2/28/2001   89.633    -266.564
 3/31/2001   96.472    -295.990
 4/30/2001   97.459    -334.389
 5/31/2001   108.616   -305.116
 6/30/2001   109.023   -323.405
 7/31/2001   105.093   -368.287
 8/31/2001   106.508   -319.974
 9/30/2001   102.740   -336.314
Figure 40. Tier 1 capital ratio
Per cent
Sources: The banks' reports and the Riksbank.
               S E B Handelsbanken Nordea         FöreningsSparbanken (Swedbank)
       Mar-97 6.44           5.30          7.30                6.80
       Jun-97 6.95           5.50          7.89                7.13
       Sep-97 6.87           5.90          7.70                7.24
       Dec-97 8.22           6.25          7.40                6.12
       Mar-98 7.58           5.84          7.20                6.20
       Jun-98 7.90           6.13          7.90                6.51
       Sep-98 6.97           6.16          7.70                6.27
       Dec-98 8.11           6.26          7.30                6.11
       Mar-99 7.99           6.41          7.30                6.23
       Jun-99 8.84           6.47          7.90                6.60
       Sep-99 9.00           6.62          7.80                6.61
       Dec-99 10.80          6.46          8.30                5.99
       Mar-00 6.73           6.37          8.50                6.43
       Jun-00 7.60           6.60          9.02                6.84
       Sep-00 7.35           6.37          9.01                6.64
       Dec-00 7.36           6.39          6.79                6.89
       Mar-01 7.08           5.80          6.56                6.61
       Jun-01 7.24           5.89          7.00                6.83
       Sep-01 7.27           5.72          6.90                6.76
Figure 41. Counterparty and settlement exposures.
SEK billion
Source: The Riksbank
            Foreign exchange settlement Deposit   Securities   Derivatives
sep-99                  492              319        229            69
dec-99                  133              183        275            60
mar-00                  534              273        252            62
jun-00                  568              392        244            61
sep-00                  671              311        283            91
dec-00                  464              378        303            74
mar-01                  934              343        362           108
jun-01                  723              376        377           111
Figure 42. Foreign exchange settlement exposure, breakdown by currency pairs.
SEK billion
Source: The Riksbank

                          SEK/EUR SEK/USD EUR/USD EUR/other         SEK/other   Other/other
dec-99                     15.32   51.90   25.61    6.63              6.58        26.95
mar-00                     55.11   205.84  110.94   25.15             20.16       116.56
jun-00                     45.15   212.84  97.02    27.44             14.92       137.61
sep-00                     44.98   234.94  131.33   66.43             27.23       165.69
dec-00                     30.58   152.82  88.24    16.74             8.64        168.84
mar-01                     50.67   304.88  76.53    35.57             20.54       220.01
jun-01                     67.42   222.06  154.50   28.16             22.78       206.99
Figure 43. The major Swedish banks' counterparties.
Number and credit rating
Source: The Riksbank
                   Not rated        Baa       A       Aa   Aaa
   sep-99              5             1        12      21    1
   dec-99              5             2        11      18    2
   mar-00              6             2        11      19    1
    jun-00             2             0        10      26    1
   sep-00              4             0        14      19    4
   dec-00              6             2        14      16    3
   mar-01              5             0        12      19    2
    jun-01             3             0        12      23    1
Figure 44. The number of major Swedish banks exposed to the same counterparty at the same time.

Source: The Riksbank

                             Four       Three      Two
sep-99                        0           6         7
dec-99                        2           4         6
mar-00                        1           5         6
jun-00                        0           5         9
sep-00                        0           6         5
dec-00                        0           6         4
mar-01                        0           6         10
jun-01                        0           8         5
arty at the same time.
Figure 45. Yields on loans to corporates with different ratings
Per cent
Sources: www.riskmetrics.com and the Riksbank
           Risk-free     Aa         A         Baa        Ba         B
    1 year   4.29       4.94       5.13       5.47      6.45       8.20
   3 years   4.72       5.55       5.82       6.20      7.48       9.30
 10 years    5.05       6.45       6.97       7.48      9.63      12.71
          112%
          110%
          108%
          106%
          104%
          102%
          100%
           98%
           96%
           94%
           92%
           90%
           88%
           86%
           84%
           82%
           80%
           78%
           76%
           74%
           72%
           70%
           68%




Procent
           66%
           64%
           62%
           60%
           58%
           56%
           54%
           52%
           50%
           48%
           46%
           44%
           42%
           40%
           38%
           36%
           34%
           32%
           30%
           28%
           26%
           24%
           22%
           20%
           18%
           16%
           14%
           12%
           10%
            8%
            6%
            4%
            2%
            0%
       Avkastningskurvor för lån med olika rating
112%
110%
108%
106%
104%
102%
100%
 98%
 96%
 94%
 92%
 90%
 88%
 86%
 84%
 82%
 80%
 78%
 76%
 74%
 72%
 70%
 68%
 66%
 64%
 62%
 60%
 58%
 56%
 54%
 52%
 50%
 48%
 46%
 44%
 42%
 40%
 38%
 36%
 34%
 32%
 30%
 28%
 26%
 24%
 22%
 20%
 18%
 16%
 14%
 12%
 10%
  8%
  6%
  4%
  2%
  0%
                             Löptid
                                      #Referens!    #Referens!
Figure 46. Corporate bonds and syndicated loans in the European telecom sector
USD billion
                     Corporate bonds Syndicated bonds
              1993         3.7              0.8
              1994         3.7              2.6
              1995         2.6              6.4
              1996         4.3              7.9
              1997         6.9             29.9
              1998         17              13.1
              1999        54.7             21.0
              2000        97.9            134.9

Sources: Capital DATA and Loanware
Figure 47. Bond issues by Nordic companies since 1999
USD billion

Volvo                  3428
Vattenfall             3218
Telenor A/S            2607
Ericsson               1958
Sonera                 1750
Tele Danmark           1726
Statoil                1645
Norsk Hydro A/S        1363
Stora Enso Oyj         1360
Birka Energi AB        1317
Telia AB               1181

Source: Capital DATA

				
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