Swedish banks stand the test
Swedish banks will lose 170 billion kronor this year and next because of the credit crisis - but are well-placed to weather the losses, the country's central bank said.
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The losses, worth 170 billion kronor (16 billion euros, 22.5 billion dollars), will arise mainly from activities in the Baltic countries and eastern Europe, the Riksbank said.
But it added that big Swedish banks such as Nordea, Handelsbanken, SEB and Swedbank were well-placed to weather the losses.
"The credit losses will increase in the years to come," the bank's governor Stefan Ingves said in a statement.
"Nevertheless, the banks have sufficient capital to deal with losses of this size and are well capitalised compared to their international competitors."
SEB suffered losses of 2.4 billion kronor in the first quarter and Swedbank lost 6.8 billion kronor, of which 4.2 billion in Baltic countries and 1.4 billion in Ukraine.
Last Updated (Tuesday, 02 June 2009 10:27)
