As a result, despite any verification of current facts,


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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The manner of Fitch’s factual investigation and the scope of the third party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold Canada Goose Coats On Sale and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third party verification can ensure that all of the information Fitch canada goose clearance sale relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents canada goose deals and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent 2018 canada goose outlet or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk canadian goose jacket of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. 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The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services Canada Goose Online and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the canada goose outlet store locations Corporations Act 2001.

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