Swedish central bank creates loan facility to ease credit squeeze
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Thu, 02 Oct 2008 12:00:28 GMT |
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Stockholm - The Swedish central bank Thursday said it has created a 60-billion-kronor (8.7 billion dollars) loan facility in Swedish currency to make it easier to access credits. While "Swedish banks have plenty of capital and limited loan losses, but the markets for long-term credit are functioning less efficiently. If this continues, there is a risk it will have negative effects on the credit supply for banks, companies and households in Sweden," Riksbanken Governor Stefan Ingves said in a statement explaining the decision. An initial auction for the three-month loan was due for Monday (October 6), the central bank said. A second auction was slated for October 27. Sweden has not introduced the common European Union currency, the euro.
Copyright DPA
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