Minutes of the meeting of the Council for Cooperation on Macroprudential Policy
Date
02/03/2012
On 24 February, the Riksbank and Finansinspektionen held their first meeting in the Council for Cooperation on Macroprudential Policy in which, among other things, these authorities will discuss how to prevent risks to the financial system.
At the meeting, the authorities noted that the unease on the international financial markets has abated recently. However, the crisis in Europe has not yet been resolved and the authorities therefore continued to view the situation in Europe as posing the greatest risk of a disruption to the Swedish financial system. Their assessment was, however, that the resilience of the Swedish banks continues to be strong.
As previously, the Riksbank and Finansinspektionen believe that Sweden should introduce the Basel Committee's Liquidity Coverage Ratio (LCR) on 1 January 2013, which is earlier than planned in the EU. In Sweden's case, the LCR should also be introduced separately for the euro and the US dollar.
The authorities also believe that the Member States of the EU must be able to subject their banks to stricter requirements regarding, for example, capital adequacy, than the minimum requirements that will apply in the EU in general, as systemic risks vary between the Member States. The authorities therefore view the EU's maximum harmonisation as an obstacle to their ability to effectively conduct macroprudential supervision of the financial system.
Read more about this and the other issues discussed in the minutes of the Council meeting.
