Sweden’s central bank said efforts to contain record consumer debt in the largest Nordic economy have fallen short as financial system risk continues to swell, Bloomberg reports.

Governor Stefan Ingves said household debt levels must fall to restore balance to the country’s banking system.

“Debt is continuing to rise and that means that the risks in the Swedish financial system are increasing all the time and that’s not good,” he told Bloomberg. “We need to put in place policies in Sweden that gradually reduce the debt ratio.”

“I’m very worried about households’ rising indebtedness and that’s an issue that also needs to be dealt with outside of monetary policy,” Ingves said.

The Riksbank kept its benchmark repo rate at 0.25 percent and reiterated a plan to start tightening monetary policy at the end of 2015,