Financial Stability 2022:2

Chart Appendix
9 November 2022
 Chart Appendix

Table of contents
Vulnerabilities and risks linked to international developments 3

Chart A.1. Government bond yields 3

Chart A.2. Interest rate spreads for 5-year corporate bonds 3
Chart A.3. Market value of crypto-assets 4

Vulnerabilities and risks in the household sector 5

Chart A.4. Lending to households in Sweden 5

Chart A.5. Interest rates on loans to households in Sweden 5
Chart A.6. Interest rates on loans to households based on fixation period 6
Chart A.7. Households' assets and debts in Sweden 6
Chart A.8. The Riksbank’s indicator for risks and vulnerabilities in the
financial system 7

Vulnerabilities and risks in the banking system 8

Chart A.9. 5-year covered bond yield, SEK 8

Vulnerabilities and risks among other financial agents 9

Chart A.10. US dollar hedging by insurance companies and National

Pension Funds 9
Chart A.11. Capitalisation of defined benefit occupational pension
companies in Sweden, the UK and the EEA 10

Vulnerabilities and risks in the financial infrastructure 11

Chart A.12. Interruptions to the Swedish infrastructure systems 11

Chart A.13. Prices of electricity derivative contracts 11

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 Chart Appendix

Vulnerabilities and risks linked to international

developments
Chart A.1. Government bond yields
Per cent

2-year benchmark rates 10-year benchmark rates

5 5

4 4

3 3

2 2

1 1

0 0

-1 -1

-2 -2

Sweden United States

Germany United Kingdom

Sources: Macrobond and US Treasury.

Chart A.2. Interest rate spreads for 5-year corporate bonds

Percentage points
10 10

8 8

6 6

4 4

2 2

0 0
2007 2009 2011 2013 2015 2017 2019 2021

EUR, AA EUR, BBB USD, AA USD, BBB

Note. Interest rate spreads towards corresponding swap rates.

Source: Macrobond.

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Chart A.3. Market value of crypto-assets

SEK billion
30,000

25,000

20,000

15,000

10,000

5,000

All crypto-assets Ethereum

Bitcoin

Source: Macrobond.

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 Chart Appendix

Vulnerabilities and risks in the household

sector
Chart A.4. Lending to households in Sweden
Annual percentage change
30

25

20

15

10

0
2006 2008 2010 2012 2014 2016 2018 2020 2022
Total lending to households Tenant-owned apartment as collateral
Single-family house as collateral Unsecured loans

Note. Refers to loans from monetary financial institutions (MFIs). The final observation refers
to September 2022.
Sources: Statistics Sweden and the Riksbank.

Chart A.5. Interest rates on loans to households in Sweden

Per cent
10

0
2006 2008 2010 2012 2014 2016 2018 2020 2022

All loans Unsecured loans

Mortgages Other loans

Note. Refers to average interest rates for new and renegotiated agreements for loans from
monetary financial institutions (MFIs), housing credit institutions and alternative investment
funds. Other loans refers to loans with collateral other than housing. The final observation
refers to September 2022.
Source: Statistics Sweden.

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Chart A.6. Interest rates on loans to households based on fixation period

Per cent
7

0
2006 2008 2010 2012 2014 2016 2018 2020 2022

Average, all fixation periods > 1 year - 3 years

Variable, ≤ 3 months > 3 years - 5 years
> 3 months - 1 year > 5 years

Note. Refers to new and renegotiated loan agreements from monetary financial institutions
(MFIs), housing credit institutions and alternative investment funds. The final observation
refers to September 2022.
Source: Statistics Sweden.

Chart A.7. Households' assets and debts in Sweden

Percentage of disposable income
1,000

800

600

400

200

0
1980 1985 1990 1995 2000 2005 2010 2015 2020

Total assets Debt

Real assets Cash and deposits
Financial assets

Note. Collective insurance savings are not included. The final observation refers to second
quarter of 2022.
Sources: Statistics Sweden and the Riksbank.

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Chart A.8. The Riksbank’s indicator for risks and vulnerabilities in the financial
system
Deviation from mean value
3

-1

-2
80 85 90 95 00 05 10 15 20

Systemic risk indicator Non-financial corporate sector

Banking sector Property market
Household sector External environment

Note. A higher value means greater risks and vulnerabilities. For all series included, see D.
Krygier and P. van Santen (2020), “A new indicator of risks and vulnerabilities in the Swedish
financial system”, Staff memo, Sveriges Riksbank. The final observation refers to second
quarter of 2022.
Source: The Riksbank.

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Vulnerabilities and risks in the banking system

Chart A.9. 5-year covered bond yield, SEK
Per cent
5

-1
2018 2019 2020 2021 2022

Source: The Riksbank.

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 Chart Appendix

Vulnerabilities and risks among other financial

agents
Chart A.10. US dollar hedging by insurance companies and National Pension Funds
SEK billion
1,400

1,200

1,000

800

600

400

200

<= 7 days 2-3 months >12 months

8-30 days 3-6 months
1-2 months 6-12 months

Note. Net positions per remaining time to maturity. Based on nominal amounts for outstanding
contracts on the last trading day of each month. Refers only to contracts where US dollars are
exchanged for Swedish kronor or vice versa.
Source: The Riksbank (EMIR).

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 Chart Appendix

Chart A.11. Capitalisation of defined benefit occupational pension companies in

Sweden, the UK and the EEA
Per cent
200 200

150 150

100 100

50 50

0 0
Sweden United Kingdom EEA weighted EEA unweighted

Note. Capitalisation is assets divided by guaranteed commitments. A capitalisation rate of

100% means that the defined benefit occupational pension company has just enough assets to
meet its commitments. Due to different calculation methods and legislations, reported
capitalisation rates are not fully comparable between jurisdictions. Sweden and the EEA (cover
ratio) are from EIOPA. The UK (funding ratio) is from the Pension Protection Fund (PPF).
Sources: EIOPA and PPF.

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 Chart Appendix

Vulnerabilities and risks in the financial

infrastructure
Chart A.12. Interruptions to the Swedish infrastructure systems
Per cent
0.40

0.30

0.20

0.10

0.00
2018 2019 2020 2021 2022 Q1-Q3

Nasdaq Clearing Euroclear Sweden

Bankgirot Swish
RIX

Note. 0 per cent means that the system has been available the entire time without
interruption. 0.2 per cent corresponds to an interruption of five hours over a period of one
year. 0.2 per cent over a period of three quarters corresponds to about 3 hours and 45
minutes. Corresponding interruption times for Swish are about 17.5 hours and 13 hours
respectively, as the service is available around the clock, every day of the year. Interruptions in
Swish are calculated as the total interruption time for the Bankgirot platform Betalningar i
Realtid, BankID and Getswish. Note that the chart shows availability figures for Swish with
effect only from 2020.
Sources: Bankgirot, BankID, Euroclear Sweden, Getswish, Nasdaq Clearing and the Riksbank.

Chart A.13. Prices of electricity derivative contracts

Euro per MWh
300

250

200

150

100

50

0
Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22

2023 2024 2025

Note. The chart shows the prices for futures contracts.

Source: Macrobond.

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