3. Central Government Debt 1990-2013
Percent
90
80
70
60
50
40
30
20
10
0
Central Government Debt Debt incl. on-lending
3 2012-05-07 Investor presentation
4. Reforms to increase stability and growth
Reforms on monetary and fiscal policy frameworks together with deregulations
and pension reforms have created a stable economic and budgetary environment
• Medium-term budgetary framework
– Budgetary framework established in 1997 and strengthened in 2011…
– ...targeting an average surplus of 1 per cent of GDP for the general
Government over the business cycle with close monitoring of spending...
– …ceiling for government spending decided each year in advance by the
Parliament
• The Swedish central bank – The Riksbank – has an independent
standing with a price stability objective
4 2012-05-07 Investor presentation
5. Reforms to increase stability and growth cont’d
Reforms on monetary and fiscal policy frameworks together with deregulations
and pension reforms have created a stable economic and budgetary environment
• Pension reform established
– Pensions now linked to life-long income
– Defined contributions as a complement
– The new system is robust to changes in overall income growth and demographics
• Deregulation of product markets
– Telecom
– Transportation
– Electricity
– Labour market reform
5 2012-05-07 Investor presentation
6. Households’ debt, assets, housing expenditures
and savings
SEK bn % of disposable income
600 15
500 10
400 5
300 0
200 -5
100 -10
0 -15
1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014
Total wealth, excluding collective insurance
Financial wealth, excluding housing and collective insurance
Debt
Housing expenditure
Financial balance, excluding collective and real saving (right axis)
6 2012-05-07 Investor presentation
7. Gross borrowing in the capital market
SEK bn
120
100
80
60
40
20
0
2011 2012 2013
Bonds in foreign currencies Inflation-linked bonds Government bonds
7 2012-05-07 Investor presentation
