Swedish Banks Continue to Withstand Negative Rates
(The following statement was released by the rating agency) LONDON, February 16 (Fitch) Fitch Ratings expects the four canada goose outlet toronto factory major Swedish banks to remain strong in 2017, following good 2016 results. Nordea Bank AB, Svenska Handelsbanken, Swedbank, Skandinaviska Enskilda Banken all achieved an underlying return on equity of between 11.3% and 15.8%, driven by good cost control and very low loan impairment charges. The banks’ performance will be supported by Sweden’s strong economic growth projections as well as low branch density and high e banking penetration in an international context. The banks are also coping well with Sweden’s negative interest rate environment, largely due to strong loan and deposit pricing discipline and cheap wholesale funding. The banks’ net interest margins remained resilient in 2016, despite the central bank cutting the policy rate by an additional 15bp to.50% in February 2016, and its decision yesterday to leave the policy rate unchanged is unlikely to hurt margins in 2017. If anything we expect to see some gradual improvement in lending margins, in both mortgage lending and corporate portfolios as the additional cost from stricter rules around risk weight canada goose store calculations introduced last year is gradually passed onto borrowers. We expect Swedish banks to continue to maintain solid internal capital generation while maintaining high dividend payouts (around 60 75% in 2016). There are two main factors canada goose outlet toronto factory that could change this: a significant house price correction and tighter capital requirements. House prices inflation averaged 9.4% in 2016, and high household indebtedness is a macroeconomic risk. There are several mitigating factors, including high savings rates and net households’ wealth levels (including substantial holdings of financial assets), a shortage of housing and a comprehensive benefit system. canada goose However, debt serviceability could becoming more challenging for households when interest rates rise or if unemployment increases. Mortgage underwriting standards have canada goose clearance been tightened recently, including the introduction of an amortisation requirement, but a significant house price correction is the key risk for the banks. On a risk weighted basis, capital ratios for the four banks compare well with most peers, with common equity Tier 1 ratios ranging from 18.4% to 25.1% at end 2016. Leverage ratios are less impressive but are in line with other highly rated international peers. Fully loaded Basel 3 buy canada goose jacket cheap leverage ratios range from 4.8% to 5.4%. The banks’ high dividend payout ratios could be curbed if the Basel Committee on Banking Supervision’s efforts to harmonise risk weights come into force as this could result in canada goose coats lower risk weighted capital ratios and buffers at the Swedish banks. However, in such a scenario the banks’ starting position would be strong. Canada Goose Outlet In addition, we think the Swedish regulator Canada Goose online would consider lowering some of its very high (by international comparison) risk weighted requirements. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS buy canada goose jacket BY FOLLOWING THIS LINK: here. PUBLISHED canada goose black friday sale RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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