Financial Stability Report 2006:1

1. Financial Stability Report2006:1 May 31, 2006

2. CHAPTER 1Financial markets

3. Stock markets in selected countriesIndex: september 2002 = 100 Figure 1:1 Source: Reuters EcoWin

4. P/E ratios for Sweden, Europe and the United States Figure 1:2 Source: Reuters EcoWin

5. Implied stock-market volatilityIndex Figure 1:3 Source: Bloomberg

6. Historical stock-market volatility inSweden and the United States Figure 1:4 Source: Reuters EcoWin

7. Ten-year government bond ratesPer cent Figure 1:5 Source: Reuters EcoWin

8. Credit spreads in the United StatesPercentage points Figure 1:6 Sources: Reuters EcoWin, Federal Reserve Board and Merrill Lynch

9. Corporate bond spreads in EuropePercentage points Figure 1:7 Source: Reuters EcoWin

10. Credit default swap spreadar Figure 1:8 Source: Bloomberg

11. Spreads for bonds issued by emerging market economiesPercentage points Figure 1:9 Source: Bloomberg

12. Oil price and commodity price indexUSD per barrel and index: February 2002=100 Figure 1:10 Sources: The Economist and Reuters EcoWin

13. Nominal house pricesTwelve-month change, per cent Figure B1 Sources: Reuters EcoWin and Australian Property Monitor

14. Nominal house pricesTwelve-month change, per cent Figure B2 Source: Reuters EcoWin

15. US households’ ability to service house purchasesIndex Figure B3 Source: Reuters EcoWin

16. CHAPTER 2The Swedish banks’ borrowers

17. Non-financial companies, borrowing and bank depositsPercentage twelve-month change, three-month moving average Figure 2:1 Source: The Riksbank

18. Non-financial companies, borrowing from securities markets and credit market institutionsMiljarder kronor Figure 2:2 Source: The Riksbank

19. Corporate sector gross fixed capital formation and borrowing by non-financial companies from credit market institutionsPercentage twelve-month change, four-month moving average Figure 2:3 Sources: Statistics Sweden and the Riksbank

20. Ratio of debt to total assets in listed companiesPer cent of all listed companies Figure 2:4 Sources: Bloomberg and the Riksbank

21. Returns on equity in listed companiesPer cent of all listed companies Figure 2:5 Sources: Bloomberg and the Riksbank

22. Number of corporate defaults by company size Figure 2:6 Source: Statistics Sweden

23. Expected default frequency (EDF) by industry for listed non-financial companiesPer cent (logarithmic scale) Figure 2:7 Source: Moody’s KMV

24. Expected default frequency (EDF) for listed non-financial companies in Nordic countries and GermanyPer cent (logarithmic scale) Figure 2:8 Source: Moody’s KMV

25. Company acquisitions Figure B4 Sources: Swedish Venture Capital Association (SVCA) and the company Förvärv och Fusioner

26. Leveraged buyout investmentsSEK billion and number Figure B5 Sources: Swedish Venture Capital Association (SVCA)

27. EBIT multiples for leveraged buyoutsAverage in SEK million Figure B6 Source: The Centre for Management Buy Out Research

28. EBIT multiples for Swedish equity companies’ acquisitions abroadAverage in SEK million Figure B7 Source: The Centre for Management Buy Out Research

29. Interest-expenditure and debt ratios for listed property companies Figure 2:9 Sources: Financial statements and the Riksbank

30. Expected default frequency (EDF) for listed property companies in Nordic countries and GermanyPer cent (logarithmic scale) Figure 2:10 Source: Moody´s KMV

31. Vacancy rates for office premises in central locationsPer cent Figure B8 Sources: NewSec AB and the Riksbank

32. Real rents for office premises in central locationsIndex 1981 = 100 Figure B9 Sources: NewSec AB and the Riksbank

33. Real prices for office premises in central locationsIndex 1981 = 100 Figure B10 Sources: Newsec AB, Jones Lang LaSalle and Reuters EcoWin

34. Average direct return required foroffice premises in central locationsPer cent Figure B11 Sources: Newsec AB and Reuters EcoWin

35. Household borrowing by type of institutionPercentage 12-month change Figure 2:11 Source: The Riksbank

36. Household debt and post-tax interest expenditure in relation to disposable incomePer cent Figure 2:12 Sources: Statistics Sweden and The Riksbank

37. Duration of fixed interest periods for house mortgage loansPer cent of total stock Figure 2:13 Source: The Riksbank

38. Household debt and house pricesIndex: 1986 = 100 Figure 2:14 Source: Statistics Sweden

39. House pricesIndex 1986 = 100 Figure 2:15 Source: Statistics Sweden

40. Completed new residential construction,by type of housingNumber of dwelling units Figure 2:16 Source: Statistics Sweden

41. National average price of tenant owned dwellingsSEK per square metre Figure 2:17 Source: maklarstatistik.se

42. Debt and interest expenditure ratios for indebted householdsPer cent Figure B12 Sources: Statistics Sweden and the Riksbank

43. Debt and interest expenditure ratios, by income decilesPer cent Figure B13 Sources: Statistics Sweden and the Riksbank

44. Share of household sector debt and proportionof households below the margin, by income decilesPer cent Figure B14 Sources: Statistics Sweden and the Riksbank

45. Shares of household sector debt and assets, by income decilesPer cent Figure B15 Sources: Statistics Sweden and the Riksbank

46. CHAPTER 3Developments in the banking

47. Geographical breakdown of operating profits for 2005Per cent Figure 3:1 Sources: Banks reports and the Riksbank

48. Implied volatility of bank equityPer cent, moving 10-day average Figure 3:2 Sources: Bloomberg and the Riksbank

49. Pre-tax return on equityPer cent Figure 3:3 Sources: Banks reports and the Riksbank

50. Profit before loan losses and net loan losses in the major banksFour-quarter figures, SEK billion, 2006 prices Figure 3:4 Sources: Banks reports and the Riksbank