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Financial Stability Report 2007:2

Financial Stability Report 2007:2

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Financial Stability Report 2007:2

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  1. FinancialStabilityReport2007:2 4 December 2007

  2. CHAPTER 1Financial markets

  3. Three month treasury bills interestProcent Chart 1:1 Source: Reuters EcoWin

  4. Difference between interbank rates and treasury bills in 2007Basis points Note. The differential is calculated as the difference between the three-month interbank rate and threemonth treasury bill interest rate in respective countries. Chart 1:2 Source: Reuters EcoWin

  5. 10-year government bond yieldPer cent Chart 1:3 Source: Reuters EcoWin

  6. Corporate bond spreads in the United StatesPercentage points Chart 1:4 Source: Reuters EcoWin

  7. Corporate bond spreads in EuropePercentage points Chart 1:5 Source: Reuters EcoWin

  8. Global level of bankruptciesPercentage of all companies Chart 1:6 Source: Reuters EcoWin

  9. Credit spreads for bonds issued byemerging market economiesPercentage points Chart 1:7 Source: Bloomberg

  10. T/N rate and repo ratePer cent Chart 1:8 Source: Bloomberg

  11. Swedish government bond yieldsPer cent Chart 1:9 Source: Reuters EcoWin

  12. Stock market developmentsIndex, January 2006 = 100 Chart 1:10 Source: Reuters EcoWin

  13. Developments in the bank sector in different stock marketsIndex, January 2006=100 Chart 1:11 Source: Reuters EcoWin

  14. Implied stock market volatilityPer cent Chart 1:12 Source: Bloomberg

  15. Interest on US commercial papers and treasury billsPer cent, duration 3 months Chart B1 Source: Federal Reserve Bank

  16. Outstanding stock of UScommercial papersBillion dollars, seasonally-adjusted Chart B2 Source: Federal Reserve Bank

  17. Chapter 2The Swedish banks’ borrowers

  18. The banks’ lending broken down into Swedish and foreign households and companies for the second quarter of 2007Per cent Chart 2:1 Source: the Riksbank

  19. 7 14 6 12 5 10 4 8 Annual percentage change 3 6 Per cent of disposable income 2 4 1 2 0 0 -1 -2 94 96 98 00 02 04 06 08 10 Disposable income (left scale) Saving ratio (right scale) Households’ real disposable income and saving ratioAnnual percentage change and per cent of disposable income Chart 2:2 Sources: Statistics Sweden and the Riksbank

  20. Households’ new saving in deposit accountsSEK billion Chart 2:3 Source: Statistics Sweden

  21. Household borrowingAnnual percentage change Chart 2:4 Source: the Riksbank

  22. Households’ loan-to-value ratioPer cent Chart 2:5 Sources: Statistics Sweden and the Riksbank

  23. SBAB 3-month variable rate, 3-monthinterbank rate and the repo ratePer cent Chart 2:6 Source: Reuters Ecowin

  24. Duration of fixed interest periods for new house mortgage loansPer cent of new loan stock Chart 2:7 Source: The Riksbank

  25. Household debt and post-tax interestexpenditure in relation to disposable incomePer cent Sources: Statistics Sweden and the Riksbank Chart 2:8

  26. House prices and household debtIndex 1986=100 Sources: Statistics Sweden and the Riksbank Chart 2:9

  27. House mortgage debt and house pricesAnnual percentage change Sources: Statistics Sweden and the Riksbank Chart 2:10

  28. Tenant-owned apartment pricesSEK per square metre Sources: Statistics Sweden and the Riksbank Chart 2:11

  29. House pricesAnnual percentage change Chart B3 Source: Reuters Ecowin

  30. House pricesAnnual percentage change Chart B4 Source: Reuters Ecowin

  31. House pricesAnnual percentage change Chart R5 Source: Reuters Ecowin

  32. House pricesAnnual percentage change Chart R6 Source: Reuters Ecowin

  33. US house pricesAnnual percentage change Chart R7 Source: Reuters Ecowin

  34. Companies’ borrowing from credit institutionsAnnual percentage change Chart 2:12 Source: The Riksbank

  35. Profitability in Swedish listed companiesPer cent Chart 2:13 Sources: Bloomberg and the Riksbank

  36. Debt/equity ratio in Swedish listed companiesRatio Chart 2:14 Sources: Bloomberg and the Riksbank

  37. Number of company defaults broken down by company sizeTwelve-month moving average Chart 2:15 Source: Statistics Sweden

  38. The average cost of capital for the public listed companiesPer cent Chart 2:16 Sources: Bloomberg and the Riksbank

  39. Expected default frequency, historical outcome and forecasts according to the Riksbank’s main scenarioPer cent Chart 2:17 Sources: Moody´s KMV and the Riksbank

  40. Real prices for office premises in city centresIndex 1981 = 100 Chart 2:18 Sources: Newsec AB and the Riksbank

  41. Vacancy rate for office premises in city centresPer cent Chart 2:19 Sources: NewSec AB and the Riksbank

  42. Average direct earnings requirements on office properties in city centresPer cent Chart 2:20 Sources: Newsec AB and EcoWin

  43. Geographical breakdown of the major banks’ lending 2006 Chart 2:21 Sources: The banks’ reports and the Riksbank

  44. House prices in the Nordic countriesAnnual percentage change Chart 2:22 Sources: Statistics Sweden, the BIS and Reuters EcoWin

  45. Expected default frequency for listed non-financial companies in the Nordic countries and GermanyPer cent Chart 2:23 Source: Moody’s KMV

  46. Proportions of lending to the private sector in foreign currency and domestic currency respectivelyPer cent, September 2007 Chart 2:24 Sources: National central banks

  47. Current accountPer cent of GDP, totalled over four quarters Chart 2:25 Source: Reuters Ecowin

  48. Harmonised index for consumer pricesAnnual percentage change Chart 2:26 Source: Reuters Ecowin

  49. PopulationAnnual percentage change Chart 2:27 Source: Reuters Ecowin

  50. Household borrowing in the Baltic countriesAnnual percentage change Chart 2:28 Sources: National central banks