FINANCIAL MARKET STATISTICS

FINANCIAL MARKET STATISTICS Balance of Payments and Financial Market Statistics Unit, Statistics Sweden September July 2010 Produced by Statistics Sweden on behalf of Sveriges Riksbank -10-25 FM5001 M09

Changes in Financial Market Statistics April 2012 In the publication Financial Market Statistics April 2012 a couple of changes has been made: Table 2.4 The tables with the growth rate of money supply is increased with series adjusted for reclassifications. Further information can be found under part 4. Method. Table 4.3.3 In the table 4.3.3 new series have been attached for growth rate adjusted for reclassifications and purchased / sold loans. Further information can be found under part 4. Method. For housholds loans new series have been attached that shows growth rate for consumption, housing and other purposes.

Table of contents (to get to a specific table, click on the name of that table) Part 4 Specification of certain balance sheet items Specification of certain asset and liability items 4.1 Diagram certain balance sheet items 4.36 Specification of MFIs' overnight loans, repurchase agreements and other credits 4.2 Method certain balance sheet items 4.37 Specification of banks' overnight loans, repurchase agreements and other credits Method 4.38 Specification of securities MFI Lending to Swedish households and public sector 4.39 Specification of securities banks Quick facts 4.3 Lending to Swedish households and public sector 4.40 Specification of securities housing credit institutions 4.41 MFIs' derivatives, specification of counterpart Part 1 Overview Specification of lending items broken down by maturity, purpose and collateral 4.42 Banks' derivatives, specification of counterpart 1.1 MFIs' assets 4.4 MFIs' lending broken down by maturity 4.43 Appendix for part 4 Specification of certain balance sheet items 1.2 MFIs' liabilities 4.5 Banks' lending broken down by maturity 1.3 Lending to and deposits from Swedish non-mfi 4.6 Housing credit institutions lending broken down by maturity Part 5 Interest rate statistics 1.4 Lending and deposit rates towards Swedish households and non-financial corporations 4.7 Lending to households incl. NPISH broken down by the sector of the lender and purpose 5.1 Diagram interest rate statistics 1.5 Money supply 4.8 MFIs' lending for housing loans to Swedish households broken down by maturity 5.2 Method interest rate statistics 1.6 Securities issued on the Swedish market in SEK 4.9 Banks' lending for housing loans to Swedish households broken down by maturity 5.3 MFIs' lending rates 1.7 Appendix for part 1 Overview 4.10 Housing credit institutions' lending for housing loans to Swedish households broken down by maturity 5.4 Banks' lending rates 4.11 MFIs' lending broken down by collateral 5.5 Housing credit institutions' lending rates Part 2 Money supply 4.12 Banks' lending broken down by collateral 5.6 Lending rates to households broken down by sector of the lender and purpose 2.1 Diagram money supply 4.13 Housing credit institutions' lending broken down by collateral 5.7 Finance companies and other MFIs' lending rates 2.2 Method money supply 4.14 Finance companies' lending broken down by collateral 5.8 Banks' deposit rates 2.3 Money supply, Notes and coins held by Swedish non-bank public, M1, M2 and M3 4.15 MFIs' lending broken down by collateral 5.9 Banks' deposit and lending rates in comparison with a 6-month treasury bill 2.4 Money supply, Notes and coins held by Swedish non-bank public, M1, M2 and M3 12-month growth rate % 4.16 MFIs' purchased and sold loans each period, net 5.10 Housing credit institutions' deposit and lending rates in comparison with a 6-month treasury bill 2.5 Former definition of Money supply, Notes and coins held by Swedish non-bank public and M3 5.11 MFIs' lending rates, period ending stock, broken down by remaining interest rate period 2.6 Monetary base Specification of lending items broken down by type of credit plus card statistics 5.12 Banks' lending rates, period ending stock, broken down by remaining interest rate period 2.7 Appendix for part 2 Money supply 4.17 MFIs' lending to Swedish and foreign non-mfi broken down by type of credit 5.13 Housing credit institutions' lending rates, period ending stock, broken down by remaining interest rate period 4.18 Banks' lending to Swedish and foreign non-mfi broken down by type of credit 5.14 Appendix for part 5 Interest rate statistics Part 3 Balance sheets 4.19 Housing credit institutions' lending to Swedish and foreign non-mfi broken down by type of credit 3.1 Diagram balance sheets 4.20 Finance companies' lending to Swedish and foreign non-mfi broken down by type of credit Part 6 The securities market 3.2 Method balance sheets 4.21 MFIs' lending to Swedish and foreign non-mfi broken down by type of credit 6.1 Diagram concerning the securities market 4.22 MFIs' lending in the form of convenience credit card and extended credit card credit 6.2 Method securities market Balance sheet by reference sector, current period 4.23 Banks' lending in the form of convenience credit card and extended credit card credit 6.3 Money market 3.3 MFIs' balance sheet 4.24 Finance companies' lending in the form of convenience credit card and extended credit card credit 6.4 Bond market 3.4 Banks' balance sheet 4.25 Number of convenience credit cards and extended credit cards issued 6.5 Appendix for part 6 The securities market 3.5 Housing credit institutions' balance sheet Part 7 MFIs' claims and liabilities outside Sweden 3.6 Finance companies' balance sheet Specification of housing credit institutions' lending items 3.7 MFIs' balance sheet 4.26 Housing credit institutions' lending to Swedish and foreign non-mfi 7.1 Diagram MFIs' claims and liabilities outside Sweden 3.8 Banking companies, bank branches outside Sweden, foreign bank branches in Sweden and savings banks balance sheet 7.2 Method MFIs' claims and liabilities outside Sweden Leasing 7.3 External positions of MFIs located in Sweden outstanding amounts Balance sheet by reference sector, time series 4.27 Leasing from MFIs, broken down by type of leasing object 7.4 Swedish owned MFIs' consolidated foreign claims 3.9 MFIs' balance sheet time series 4.28 Leasing from banks, broken down by type of leasing object 7.5 External positions of MFIs located in Sweden time series 3.10 Banks' balance sheet time series 4.29 Leasing from finance companies, broken down by type of leasing object 7.6 Swedish owned MFIs' consolidated foreign claims ultimate risk basis, time series 3.11 Housing credit institutions' balance sheet time series 4.30 Leasing from MFIs, broken down by counterpart 7.7 Appendix for part 7 MFIs claims and liabilities outside Sweden 3.12 Finance companies' balance sheet time series 4.31 Leasing from banks, broken down by counterpart 3.13 MFIs' balance sheet time series 4.32 Leasing from finance companies, broken down by counterpart Glossary 3.14 Banking companies' balance sheet time series 3.15 Bank branches outside Sweden balance sheet time series Deposits from households and the households individual pension savings 3.16 Foreign bank branches in Sweden balance sheet time series 4.33 MFIs' deposits from Swedish households 3.17 Savings banks' balance sheet time series 4.34 Banks' deposits from Swedish households 3.18 Appendix for part 3 Balance sheets 4.35 Individual pension savings

Method This Section describes how the publication is built-up and provides a comprehensive review of the methods generally used. For a more detailed description of either the money supply, interest rate statistics or the international receivables and liabilities of MFIs, refer to the respective Sections on Methods. Introduction The Riksbank has long compiled statistics with respect to Swedish Monetary Financial Institutions (MFI) and the financial markets - the Financial Market Statistics. The required information has mainly been collected on a monthly basis. Certain information has, nevertheless, been reported quarterly. The statistics are published in a short time after the reference month, which means that figures can be revised in later periods. Since 2003-04-01 Statistics Sweden has, on behalf of the Riksbank, assembled the Financial Market Statistics. This means that statistics regarding the circumstances as of 2003-03-31 and later are produced by Statistics Sweden. This applies generally with the exception that some parts of the interest statistics (part five) have been produced by the Riksbank up to and including Quarter 1, 2004. The information is assembled by Statistics Sweden and released monthly in this publication. Each new release of Financial Market Statistics is accompanied by a Press Release. The publication were published for the first time in this form in February 2006, referring to circumstances in 2006-01-31. From September 2010 and onwards there's a new version of this publication. The background is that all the reporting forms have been changed and at the same time this publication have been improved. A couple of new tables have been added and a few has been removed. Some tables have a different number than before, see the Table and graph index. Some tables have been revised due to a change in definitions. Further descriptions can be found in the method section for each part. Together with the new publication all tables have been updated to catch old revisions of the time series. The former publication with figures up to and including August 2010 can be found on the website www.scb.se for comparison. In connection to the publication for July 2011 there has been a number of updates. The time series for MFIs' balance sheet has been extended to 1975, using prior published material from Statistics Sweden and the Riksbank. Amounts and growth rates up until 1995 should be considered with precaution. The Statistics portray: - the comprehensive structure of the assets and liabilities of MFI, - the development of money supply and the extension of credit (deposits and lending), - the balance sheets of MFI, - the setting of interest rates by MFI, - the securities market. Contacts Contacts at Balance of Payments and Financial Markets Statistics Unit, Economic Statistics Department, Statistics Sweden: Anders Nyberg +46 8 5069 4443 firstname.lastname@scb.se John Svanäng +46 8 5069 4098 firstname.lastname@scb.se Jens Viklund +46 8 5069 4882 firstname.lastname@scb.se Tina Hansson +46 8 5069 4255 firstname.lastname@scb.se www.scb.se/fm5001-en Telephone: +46 8 5069 4240 e-mail: fmr@scb.se Outline Composition of the publication A menu consisting of a set of tabs with headings appears on each page. A list of contents and this Method Section are included in the menu. In quick facts certain demanded tables are presented. The diagrams which appear in the publication can be found in the overview part as well as at the beginning of each respective part. The publication can be divided into the following parts: Part 1: Overview. This briefly describes the main series. These series are further broken down later in the relevant part of the publication. Part 2: Money supply and its development. The monetary base and the former money supply measurements can be found here as well. Part 3: The balance sheets of MFI. Current positions as well as changes in current positions are shown here (under the first tab). Time series follow (under the next tab). Part 4: Specifications for selected balance sheet items. This applies foremost to specifications of deposits and lending but also to leasing, securities and to individual pension savings that are reported. Part 5: MFI' deposit and lending rates. Part 6: The securities market: Both the bond and the money markets are accounted for. Part 7: Swedish MFIs' international receivables and liabilities. A distinction is made between the consolidated receivables and the receivables and liabilities calculated for the solely Swedish share of the institute.

Time series Time series are found in the tables included within the different parts of the publication. Complete time series are not included as a standard. In order to access complete time series, one must open the first row in a Table. In order to view any one single time series, click on the button displaying a + - sign. This little button is located at the furthest left-hand side of the time series. In order to hide the time series from view again, click on the button displaying the - sign and located furthest to the left of the time series. In order to view all time series within a tab, click on the little button with number 2 in the upper lefthand edge. In order to hide them from view again, click on the little button with number 1 in the upper left edge.

General Method All series in the publication, except for the money supply which is reported in Part 2 and the series for Swedish based MFIs in part 7, are calculated including foreign branches and excluding transactions with own foreign branches. This is in contrast to the data published by the European Central Bank, ECB, which is calculated excluding foreign branches but including transactions with own foreign branches. The money supply are counted with foreign branches excluded. The Reference Sector The reference sector refers here to that sector whose positions, particularly as lenders, receivers of deposits and issuers of securities, the statistics aim to describe. The publication generally presents the reference sector's Monetary Financial Institutions (MFI) which are then further divided into banks, housing credit institutions, finance companies and other MFI. In terms of the banks' balance sheets, a more refined breakdown, also to be found in the sector's structure, is available. General structure of the reference sector in the publication: Monetary Financial Institutions, MFI (21) Banks (excluding central banks) (212+213) Banking companies Banking companies branches outside Sweden Foreign bank branches in Sweden (213) Savings banks Housing credit institutions (214) Finance companies (subset of sector 215) MFI Local government- and company-financing institutions (subset sector 215) Monetary investment funds (216) Monetary securities companies (217) Monetary Financial Institutions (219) As of and from April 2009 onward monetary investment funds (216), (sometimes called money market funds), are included in the MFI reference sector. Figures from March 2005 and onwards are included in the tables. The Riksbank (211) which is also classified as a MFI yet is not included in the MFI reference sector. The Association banks (Swedish "föreningsbankerna") are included in the group Banking companies. The local association banks were economic associations which in 1991merged into one bank and in 1992 became a limited banking company. The sector's code according to the Standard Classification by Institutional Sector 2000, INSEKT 2000, is given in brackets. This classification standard defines Swedish sectors, sub sectors and sub-sub sectors.1) Counterpart sector The counterpart sector refers here primarily to borrowers and deposit granters. The breakdown of counterparts depends to some extent on the different characteristics of items posted in the balance sheet. Those counterparts that are marked in bold are the usual counterparts. The sub-levels of the counterparts are shown here primarily for the purpose of describing them in the sector's details. The sub-levels of the sectors marked in bold are solely reported on in exceptional cases and in specific tables (applies in reality only to households and the public sector). For certain Tables and instruments, there exist only less detailed breakdowns or no breakdown of counterparts at all. The notion of 'the general public' as a counterpart sector occurs other than in the sectors presented here. See the next Section. The two sectors - Non-MFI and MFI - add up to the total of all sectors, that is, the total economy. Non-MFI (Swedish and foreign) Swedish Non-MFI Financial corporate sector, not MFI (22+23+24+25) Non-monetary investment funds (222) Non-monetary securities' companies (223) Insurance corporations and pension institutes (23) s Financial service corporations (24) Non-Profit Institutions serving Financial corporations (25) Investment corporations (224) Credit market companies (221) financial institutions (229) Non-financial corporate sector (1) Public sector Swedish National Debt Office (312) Municipalities and county councils (4) Municipalities (41) County councils (42) Social insurance funds (50) Central government administrations excluding the Swedish National Debt Office (311 and 32) Households Entrepreneurial households (61) households (62) Non-profit institutions serving households (7)

Foreign Non-MFI Foreign Non-MFI (EMU countries) Public sector excluding central banks Central governments Regional governments Municipalities Social insurance funds counterparts Insurance corporations financial institutions Non-financial corporate sector Households Non-profit institutions serving households Foreign Non-MFI (Rest of the EU and rest of the world, excluding Sweden) Public sector Non-financial corporate sector Households counterparts MFI (Swedish and foreign) Swedish MFI (21) The Riksbank (211) Banks (excluding central banks) (212) Foreign bank branches in Sweden (213) Housing credit institutions (214) monetary credit market companies (215) MFI Monetary investment funds (216) Monetary securities companies (217) Monetary Financial Institutions (219) Foreign MFI 1) Foreign MFI (EU countries) Foreign MFI ( rest of the world excluding Sweden and the EU) 1) Foreign MFI also includes branches to Swedish MFI. Foreign MFI in EU countries follows the ECB definition for MFIs in the EU. MFI in the rest of the world includes banks and other financial institutions for which lending to the public and deposits or close substitutes to deposits from the public stands for a large part of the institutions activity. The general public Non-MFI The notion of the general public has been changed to non- MFI as much as possible in the new publication. The definition of non-mfi lies under the tree structure. The difference between the two concepts is that non-mfi contains the National Debt Office, social insurance funds, non-monetary securities companies, insurance companies and pension institutes which are not included in the general public. The notion of the general public appears today only in Part 2 Money supply. In this part the definition of the general public has a slight difference compared to the description above (see 2.2 Method). The tables 4.17-4.21 and 4.26 are from September 2010 and onwards showing Swedish and foreign non-mfi. Before that the tables shows Swedish and foreign general public. At the extension of the time series to 1975, the above mentioned sectors have been included in non-mfi from the time when the statistic was available. The MFI population and the basis for this publication All Monetary Financial Institutions are bound to report financial market statistics according to The Riksbank's regulations and general guidelines (RBFS 2010:1) on the reporting by institutions of Financial Market statistics. At the end of August 2010, there were 173 institutions which were classified as MFI. Today, Banks, Housing credit institutions, Finance companies, Local government- and company-financed institutions as well as Monetary securities companies are classified as Monetary Financial Institutions. Monetary investment funds, sometimes called money market funds, are also classified as Monetary Financial Institutions although they are not currently subject to the same reporting requirements. Figures from these institutions are collected via their reporting to the Financial Supervisory Authority at a quarterly basis. The figures are updated one month after the reference month. For example the values for September are updated in the publication as of ober. For months where no reporting occur the values of the most recent reporting period are used. This effect the balance sheet tables in section 3, and also the money supply measure M3 in section 2.3. Most of the information for the publication is obtained from an accounting-based form called the MFI form. The reporting parties are divided into three groups depending on the size of their balance sheet totals. Those included in the group which accounts for 95% of the MFI balance sheet total report monthly while the other parties report quarterly, or annually if they belong to the group which accounts for 0.5% of the balance sheet total. Over the years, the content of the MFI form has changed. The newer forms contain, above all, a greater number of breakdowns than the older forms. Today's MFI form came into use in September 2010. The greatest of content changes nevertheless occurred at the turn of the year 2001/2002 when a common form for all MFIs was introduced. Prior to this, different types of institutions used different forms for reporting purposes. The changeover to a common form may have led to cases in which certain time series in the publication include definitions which differ over time. Differences in the definition of the MFI population over time have also occurred. Finance companies have been reporting the MFI form since ember 2001 and Monetary securities companies since March 2003. Finance companies are included though in the MFI population even before that. Before 1980 the population differs somewhat compared to the present definition. Monetary securities companies are included in the group other MFI from 1996 and onwards. Explanation of Symbols - Nothing to present.. Data not available or too uncertain to be stated. Category not applicable

Quick facts -09-30 Money supply - annual growth rate M1 5,0 % M2 3,4 % M3 1,3 % Table 2.4 MFIs' a) lending to Swedish households incl. NPISH b) - annual growth rate 4,8 % MFIs' lending to Swedish households incl. NPISH 2 864 160 SEK millions Table 4.3.1 MFIs' lending to Swedish households for housing loans 2 306 967 SEK millions Table 4.7 MFIs' lending rates to Swedish households for housing loans Rates - new agreements during the month 2,87 % Table 5.6.2 Rates - period ending stock 3,11 % Table 5.6.1 MFIs' lending to non-financial corporations 1 883 687 SEK millions Table 3.9.1 Housing credit institutions' volumes of lending to households - new loans each month Flexible rate Fixed rate MFIs' lending to Swedish households broken down by collateral Loans with collateral in single-family dwellings, condominiums and tenant-owner apartments collaterals Unsecured credits 28 247 SEK millions 18 985 SEK millions 9 262 SEK millions 2 849 944 SEK millions 2 306 967 SEK millions 346 474 SEK millions 196 503 SEK millions Table 4.26.4 Table 4.11.1 Convenience credit card and extended credit card credits to Swedish households 46 516 SEK millions Table 4.22 MFIs' deposits from Swedish households Entrepreneurial households households Glossary 1 299 553 SEK millions 229 180 SEK millions 1 070 373 SEK millions Table 4.33.1 Glossary a) Monetary financial institutions (MFI) include banks, housing credit institutions, finance companies, local government- and company financing institutions, monetary securities companies and monetary investment funds (money market funds). b) Non-profit institutions serving households

1. OVERVIEW 1.1 MFIs' assets 1.1.1 The reference sectors' share of MFIs' balance sheet total 1.1.2 The reference sectors' share of MFIs' total lending 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 2004- Sept 2005- Sept 2006- Sept 2007- Sept 2008- Sept 2009- Sept 2010- Sept 2011- Sept 2012- Sept - Sept 0% 2004- Sept 2005- Sept 2006- Sept 2007- Sept 2008- Sept 2009- Sept 2010- Sept 2011- Sept 2012- Sept - Sept 0% Banks Housing credit inst. Finance companies MFIs Banks Housing credit inst. Finance companies MFIs 1.1.3 MFIs' assets, September 30,. SEK millions Balance sheet total Lending Securities Shares and other Derivatives other than shares equities assets Banks 8 227 616 5 278 548 921 836 554 886 445 145 1 027 200 Housing credit institutions 2 641 965 2 494 776 18 478 1 42 944 85 767 Finance companies 310 188 180 466 3 862 6 509 90 119 261 MFI 605 443 377 007 198 454 91 21 457 8 435 MFI total 11 785 212 8 330 796 1 142 630 561 487 509 636 1 240 663

1.2 MFIs' liabilities 1.2.1 The reference sectors' share of MFIs' deposits 1.2.2 The reference sectors' share of MFIs' issued securities etc. 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 2004- Sept 2005- Sept 2006- Sept 2007- Sept 2008- Sept 2009- Sept 2010- Sept 2011- Sept 2012- Sept - Sept 0% 2004- Sept 2005- Sept 2006- Sept 2007- Sept 2008- Sept 2009- Sept 2010- Sept 2011- Sept 2012- Sept - Sept 0% Banks Housing credit inst. Finance companies MFIs Banks Housing credit inst. Finance companies MFIs 1.2.3 MFIs' liabilities, September 30,. SEK millions Balance sheet total Deposits Securities etc Derivatives Equity issued liabilities Banks 8 227 616 4 388 603 2 340 519 430 891 574 166 493 436 Housing credit institutions 2 641 965 808 317 1 648 175 45 706 44 729 95 038 Finance companies 310 188 205 148 13 428 4 16 410 75 198 MFI 605 443 15 510 537 399 28 456 5 003 19 075 MFI total 11 785 212 5 417 578 4 539 521 505 058 640 307 682 747

1.3 Lending to and deposits from Swedish non-mfi 1.3.1 Lending to Swedish non-mfi, 12-month growth rate 1.3.2 Deposits from Swedish non-mfi, 12-month percent change 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% -5% -5% -10% 2009 2010 2011 2012-10% 2009 2010 2011 2012 Households incl NPISH Non-financial corporations Swedish non-mfi Swedish non-mfi Households incl NPISH Non-financial corporations 0 1.3.3 Lending to and deposits from Swedish non-mfi, -09-30, SEK millions Lending to Swedish non-mfi of which households of which non-financial corporations Deposits from Swedish non-mfi Banks 2 349 257 1 001 047 1 168 552 2 368 421 Housing credit institutions 2 331 518 1 793 877 518 804 0 Finance companies 123 647 68 854 53 614 40 727 MFI 234 372 382 142 717 535 MFI total 5 038 795 2 864 160 1 883 687 2 409 683

1.4 Lending and deposit rates towards Swedish households and non-financial corporations % 1.4.1 MFIs' lending rates % % 1.4.2 Banks' deposit rates % 8 8 8 8 7 7 7 7 6 6 6 6 5 5 5 5 4 4 4 4 3 3 3 3 2 2 2 2 1 1 1 1 0 2009 2010 2011 2012 2012 0 0 2009 2010 2011 2012 2012 0 Households incl NPISH, period ending Non-financial corporations, period ending Households incl NPISH, period ending Non-financial corporations, period ending 1.4.3 MFIs' lending and deposit rates towards Swedish households and non-financial corporations, percent MFIs' lending to Banks' deposits from Households Nonfinancial corporations Households Nonfinancial corporations Sep-12 3,89 3,51 1,32 1,23 Aug-13 3,31 3,11 0,95 0,89 Sep-13 3,28 3,11 0,94 0,89

1.5 Money supply % 1.5.1 Money Supply M1 and M3-12-month percent growth rate 25 20 15 M1 Growth rate M3 Growth rate 10 0 5 0-5 2006 2007 2008 2009 2010 2011 2012 1.5.2 Money supply M1, M2 and M3 12-mon change in 12-mon change in 12-mon change in M1, SEK millions M1, % M2, SEK millions M2, % M3, SEK millions M3, % Sep-12 1 643 918 5,7 2 219 458 7,5 2 429 016 4,2 Aug-13 1 716 749 6,3 2 260 936 4,9 2 431 458 2,4 Sep-13 1 745 826 5,0 2 293 965 3,4 2 460 272 1,3 The growth rate are adjusted for re-classifications, please see 4. Method.

1.6 Securities issued on the Swedish market in SEK MSEK 1.6.1 Outstanding amounts of Debt securities issued on the Swedish market 1 400 000 1 200 000 1 000 000 800 000 600 000 400 000 200 000 0 2006 2007 2008 2009 2010 2011 2012 Bond market, Central gov. Bond market, Housing credit inst. Money market, Central gov. Money market, Housing credit inst. To top of sheet/sheet's table of contents 1.7 Appendix for part 1 Overview September 2010. In September 2010 table 1.4.3 changed and now shows deposit and lending rates from Swedish households and non-financial corporations instead of general public deposit and lending rates. September 2010. In September 2010 table 1.6.2 changed so that governments issuing of bonds also includes lottery bonds. March. In connection with the March publication the statistics regarding debt securities (Part 6, The Securities Market) have been replaced by new Securities statistics. The new Securities statistics regarding debt securities is available at: www.scb.se/fm9998-en

2. Money supply 2.1 Diagram Money supply % Money supply M1, M2 and M3-12 month growth rate in percent ( 3 month moving average ) 20 15 10 5 0-5 2006 2007 2008 2009 2010 2011 2012 M1 M2 M3 0

2.2 Method Money supply Introduction The money supply refers to the quantity of liquid mediums of exchange circulating in society. It is, nevertheless, not obvious what should be included in the definition of money. Normally, a number of measures of differing breadths are defined. The narrowest definition includes only cash while the broader definitions include different types of instruments which can be regarded as substitutes for money. The most usual study of the money supply may be investigations of different money supply measurements as indicators of inflation. The analysis of these aggregates may also be carried out for the purpose of obtaining complementary, primarily short-term, indicators of real activity such as GDP. Another purpose could be to investigate the significance of money in the context of the financial markets influence on demand in the economy. Background In order to measure the quantity of money one usually divides society into different sectors: issuers of money and bearers of money. The actual money supply can thus be defined as the debt instruments of the issuers held by the bearer sectors. Up until and including ember 2005, the issuer sector consisted of Swedish banks. Two central money supply measurements were calculated: Notes and coins held by Swedish non-bank public and, M3 inclusive of deposits in banks as well as certificates of deposit. M3+ also includes the Swedish public's holding of Treasury bills. Of all the foreign central banks is it mainly at the European Central Bank (ECB) that the analysis of money supply aggregates has been given a prominent role. ECB has produced definitions of the money supply for the EU area. One sweeping change in terms of the many previous national measurements was that the issuer sector was broadened so as to not only include the bank sector. Since other financial institutions mediate credit and accept deposits, the concept of Monetary Financial Institutions (MFI) was created. The Riksbank will produce, as of and from January 2006 onward, a set of money supply measurements - Notes and coins held by Swedish non-bank public, M1, M2 and M3 - which will to a great extent be harmonised with the ECB definition. The objective has been to achieve as extensive as possible a harmonisation without unnecessarily increasing the data provision burden on financial institutions. The issuer sector has been broadened to include those liabilities of the MFI and the Swedish National Debt Office (RGK) which are of a monetary nature. Moreover, the debt instruments proposed in the ECB definitions are, for the most part, included in the measurement of the money supply. The handling of foreign branches of Swedish institutions has changed; the new money supply is to be calculated exclusive of foreign branches but including unsettled claims with foreign branches. It has been possible to calculate these money supply measurements in an acceptable way since and including January 1998. As of and from April 2009 onward the monetary base are published in table 2.6. Previously it was only published, with a different definition, at the Riksbank's website. The new definition are harmonised with the recommendation from IMF and the same definition that is used by ECB. The monetary base now includes: 1. Notes and coins in circulation 2. Deposits from MFIs in the Riksbank 3. Claims with the Riksbank due to debt securities issued Since autumn 2010 some repurchase agreements transactions (repos) on the Swedish market are being cleared by a central counterpart (CCP) instead of being traded directly between the banks. When repurchase agreements are cleared by a CCP the counterpart is non- MFI (financial auxiliaries in Sweden) in the statistics. Example: If Bank A instead of having lending repurchase agreement directly towards Bank B, instead uses central counterparty clearing, Bank A will have lending repurchase agreement towards the CCP (non-mfi). The CCP in turn will have lending repurchase agreement towards Bank B. For Bank B this will reported as a deposit repurchase agreement from non-mfi. Definition of the new money supply measurements The issuer sector: MFI (and National Debt Office's (RGK) liabilities of a monetary nature) Neutral sector: Central government sector excluding National Debt Office's (RGK) liabilities of a monetary nature The bearer sector (The general public): sectors, that is, local government, social security funds, households including non-profit organisations serving households (NPISH), non-financial corporations and non-monetary financial corporations. Notes and coins held by Swedish non-bank public In practice, notes and coins held by Swedish non-bank public are calculated as the total stock of banknotes and coins in circulation (formally a debt instrument in the Riksbank's balance sheet) minus the Swedish MFI's cash balances in Swedish krona. Since foreigners can also hold Swedish krona in cash, this calculation will yield a slightly overestimated measure of the Swedish public's holdings of banknotes and coins. However, it can be assumed that these foreign holdings are small relative to the total stock of banknotes and coins in circulation. The Swedish definition of banknotes and coins in circulation also includes commemorative coins. In ember 2009 the nominal value of commemorative coins was SEK 658 million. M1 M1 is equal to the sum of notes and coins held by Swedish nonbank public and on-demand deposits in MFI and RGK by the Swedish public. On-demand deposits are defined as overnight loans and deposits in transaction accounts. M2 M2 is equal to the sum of M1 and deposits, subject to certain terms, in Swedish MFI and RGK by the Swedish public. These term deposits comprise deposits redeemable at a notice of up to and including 3 months or deposits with a term to maturity of up to and including 2 years. M3 One practical problem with the calculation of M3 is that interest-bearing securities can be resold on secondary markets. It is hence impossible for the issuers of interestbearing securities to know how much of their debt burden is held by the Swedish public. In order to complete the calculation of M3 without having to seek information from the bearer sector, interest-bearing securities issued by MFIs in SEK is used as an approximation. Swedish MFIs holdings of these securities are excluded. Definition of the old money supply measurements Since financial analysis often requires long time series and the new money supply measurements can only be calculated in a satisfactory manner as of and from January 1998 onward, the publication of notes and coins held by Swedish non-bank public (Foremerly called M0) and M3, according to previous definitions, continues based on monthly data as of and from 1961 onward. Splicing of the time series for new and old money supply measurements has not been carried out in this publication. The Swedish general public's holdings of issued bank certificates are no longer reported. The figures are now estimated, starting in September 2010. The issuer sector: The Riksbank and banks. Neutral sector: Housing credit institutions, other monetary credit market companies, monetary securities companies and fund commissioners, other monetary financial institutions (of which none exist today), social security funds, non-monetary securities companies, insurance corporations and pension fund institutions The bearer sector (the general public): sectors, that is, the central government other than RGK, local government, monetary and non-monetary investment funds, financial auxiliaries, non-profit organisations of financial corporations, investment companies, nonmonetary credit market companies, other financial institutions, households including household non-profit organisations (NPISH) and the non-financial business sector. Growth rate For information on how growth rate is calculated see 4. Method. M3 is equal to the sum of M2, repurchase agreements and the public's holdings of shares in money market funds and interestbearing securities, with a term to maturity of up to and including 2 years, issued by Swedish MFIs.

Table of differences between new and old money supply measurements, by sector Money issuing sector New money supply measurements MFI The Central Bank Banks (incl. foreign branches located in Sweden) Housing credit institutions monetary credit market companies Monetary investment funds (money market funds) Monetary securities companies and fund commissioners other monetary financial institutions (of which none exist today) National Debt Office's (RGK) liabilities of a monetary nature The new money supply is calculated exclusive of foreign branches but including transactions with own foreign branches Old money supply measurements The Central Bank Banks (including foreign branches located in Sweden) The former money supply was calculated including foreign branches Neutral sector Central government excluding National Debt Office's (RGK) Housing credit institutions liabilities of a monetary nature monetary credit market companies Monetary securities companies and fund commissioners other monetary financial institutions (of which none exist today) Social security funds Non-monetary securities companies and insurance corporations and pension funds Money holding sector / Local government Central government excluding National Debt Office (RGK) Non-bank public Non-monetary investment funds Local government Financial auxiliaries Monetary investment funds (money market funds) Non-profit institutions serving financial corporations Non-monetary investment funds Investment companies Financial auxiliaries Non-monetary credit market companies Non-profit institutions serving financial corporations financial institutions Investment companies Non-financial corporations Non-monetary credit market companies Households including NPISH financial institutions Social security funds Non-financial corporations Non-monetary securities companies and fund commissioners Households including NPISH Insurance corporations and pension funds

2.3 Money supply, Notes and coins held by Swedish non-bank public, M1, M2 and M3 Period ending stock, SEK millions Notes and coins in circulation Notes and coins Notes and coins held by Swedish held by MFIs Swedish nonbank public On demand-deposits in MFI and government sector, from Swedish non-bank public of which Financial corporate sector, not MFI Non-financial Local Households excl. corporations government and Social securities fund NPISH Non-profit institutionsserving households M1 (a) (b) (c)=(a)-(b) (d) (e)=(c)+(d) SEK SEK SEK TOT SEK For. cur. TOT TOT TOT TOT TOT TOT Jan 91 320 6 478 84 842 1 605 912 1 510 764 95 147 136 786 535 687 49 453 841 583 42 402 1 690 753 Feb 90 543 6 211 84 332 1 574 213 1 480 603 93 610 133 407 505 680 49 092 843 870 42 163 1 658 545 Mar 91 288 5 945 85 343 1 619 241 1 517 461 101 780 153 189 526 526 40 930 856 477 42 119 1 704 583 Apr 89 937 4 778 85 159 1 608 443 1 518 411 90 032 126 616 548 960 41 759 847 649 43 458 1 693 601 May 90 209 4 066 86 143 1 598 587 1 506 593 91 994 132 757 530 697 44 413 847 596 43 124 1 684 730 90 245 3 682 86 563 1 647 224 1 543 446 103 779 127 981 541 827 47 012 887 855 42 550 1 733 787 Jul 89 153 3 657 85 496 1 629 912 1 532 893 97 019 129 395 540 442 44 602 873 919 41 554 1 715 409 Aug 88 160 3 172 84 988 1 631 761 1 535 779 95 982 129 570 530 653 44 986 884 923 41 628 1 716 749 Sep 86 385 2 683 83 702 1 662 124 1 563 777 98 348 135 668 545 724 47 986 891 152 41 595 1 745 826 2.3 Continue money supply, Notes and coins held by Swedish non-bank public, M1, M2 and M3 Deposits with certain conditions in MFI and government sector, from Swedish non-bank public of which Financial corporate sector, not MFI Non-financial corporations Local government and Social securities fund Households excl. NPISH Non-profit institutionsserving households M2 Repurchase agreements Money market Debt securities fund shares issued 2 yrs by MFIs, held by Swedish non-bank public (k) = (f) (g)=(e)+(f) (h) (i) (j) (g)+(h)+(i)+(j) TOT SEK For. cur. TOT TOT TOT TOT TOT TOT TOT TOT TOT TOT Jan 562 721 538 272 24 449 17 775 137 554 12 205 385 469 9 717 2 253 474 102 649 21 636 74 212 2 451 971 Feb 553 526 530 782 22 744 17 194 134 332 9 954 382 241 9 806 2 212 071 116 212 21 635 70 597 2 420 515 Mar 565 764 536 379 29 384 22 259 128 718 21 494 383 274 10 020 2 270 347 93 758 20 329 48 736 2 433 170 Apr 551 756 538 043 13 713 21 879 118 852 16 810 384 188 10 027 2 245 357 100 000 20 327 39 257 2 404 941 May 545 271 534 861 10 410 24 836 107 103 17 161 386 216 9 954 2 230 001 105 539 20 298 55 008 2 410 845 534 866 524 476 10 390 17 895 106 518 9 177 390 756 10 519 2 268 653 117 505 20 107 83 759 2 490 023 Jul 533 927 522 104 11 823 14 583 107 807 9 612 391 427 10 498 2 249 335 92 722 20 104 78 324 2 440 485 Aug 544 188 531 877 12 310 16 360 111 683 12 353 393 855 9 936 2 260 936 94 510 20 103 55 909 2 431 458 Sep 548 139 535 507 12 632 20 380 108 562 12 925 397 214 9 058 2 293 965 99 946 20 102 46 260 2 460 272 M3

2.4 Money supply, Notes and coins held by Swedish non-bank public, M1, M2 and M3 12-month percentage change Annual growth rate %, adjusted for reclassifications 12-month percentage change Notes & coins Sw M1 Stock non-bank public change M1 Growth rate M2 Stock change M2 Growth rate M3 M3 Growth rate Notes & coins Sw non-bank public 12-month percentage change in 3 month moving average M1 Stock change M1 Growth rate M2 Stock change M2 Growth rate M3 M3 Growth rate Jan -3,7 4,7 3,5 3,4 3,4 0,7 0,7-4,3 5,6 4,4 5,0 5,0 2,3 2,4 Feb -3,0 4,4 3,2 2,8 2,8 1,0 1,0-3,8 5,0 3,8 4,1 4,1 1,6 1,7 Mar -1,9 6,8 5,6 4,7 4,7 0,5 0,5-2,9 5,3 4,1 3,6 3,6 0,7 0,7 Apr -1,2 6,6 5,5 4,6 4,6 0,3 0,3-2,0 5,9 4,8 4,0 4,0 0,6 0,6 May -0,1 7,7 6,5 5,9 5,9 1,9 1,9-1,1 7,0 5,8 5,1 5,1 0,9 0,9-1,2 6,5 5,3 4,6 4,6 3,5 3,5-0,9 7,0 5,8 5,1 5,1 1,9 1,9 Jul -2,5 7,3 6,1 4,8 4,8 3,6 3,6-1,3 7,2 6,0 5,1 5,1 3,0 3,0 Aug -1,9 7,5 6,3 4,9 4,9 2,4 2,4-1,9 7,1 5,9 4,8 4,8 3,2 3,2 Sep -2,5 6,2 5,0 3,4 3,4 1,3 1,3-2,3 7,0 5,8 4,4 4,4 2,4 2,4

2.5 Former definition of Money supply, Notes and coins held by Swedish non-bank public and M3 Period ending stock, SEK millions Notes & coins Money Swedish non Bank deposits from Swedish non-bank public Bank- supply -bank public Total Households Non-financial corporate sector certificates a) M3 TOT SEK For. cur. SEK For. cur. SEK For. cur. SEK For. cur. SEK TOT Jan 85 022 2 042 329 116 640 1 199 283 5 463 602 106 92 477 240 940 18 700 11 146 2 255 137 Feb 84 512 2 020 538 121 820 1 198 068 5 690 570 655 90 842 251 815 25 288 6 196 2 233 065 Mar 85 522 2 016 420 121 930 1 207 931 5 799 569 910 100 872 238 579 15 260 2 821 2 226 694 Apr 85 339 2 044 833 106 219 1 199 046 5 851 599 810 82 301 245 977 18 067 2 821 2 239 212 May 86 323 2 016 582 96 554 1 199 945 5 938 574 115 79 244 242 521 11 372 2 821 2 202 279 86 743 2 057 057 112 753 1 242 190 6 034 567 069 95 967 247 798 10 751 20 090 2 276 642 Jul 85 676 2 041 244 102 038 1 228 874 6 181 578 280 84 765 234 090 11 092 19 598 2 248 557 Aug 85 168 2 050 067 104 366 1 242 267 6 241 569 473 86 266 238 327 11 858 5 051 2 244 652 Sep 83 882 2 079 003 106 771 1 251 064 6 288 579 884 87 421 248 054 13 062 4 774 2 274 430

2.6 Monetary base Period ending stock, SEK millions Notes and coins in circulation Liabilities to monetary policy counterparties of which Deposit facility Special deposits from banks Debt certificates issued by The Riksbank Monetary base Fine-tuning deposits operations (a) (b) (c) (d) (e)= (a)+(b)+(c)+(d) SEK SEK SEK SEK SEK SEK SEK SEK Jan 91 320 22 323 105 22 218 0 0 11 998 125 641 Feb 90 543 527 309 218 0 0 34 993 126 063 Mar 91 288 29 491 132 29 359 0 0 4 999 125 778 Apr 89 937 22 758 151 22 607 0 0 19 992 132 687 May 90 209 12 020 124 11 896 0 0 29 994 132 223 90 245 22 729 121 22 608 0 0 19 996 132 970 Jul 89 153 28 820 167 28 653 0 0 14 997 132 970 Aug 88 160 19 697 158 19 539 0 0 24 995 132 852 Sep 86 385 9 221 214 9 007 0 0 36 993 132 599

2.7 Appendix for part 2 Money supply a) From September 2010 issued bank certificate held by Swedish public are estimated values. From September 2010 the bank certificate refers to book values in distinction to earlier periods where nominal values were used. b) Before ember 2002 the growth rates are calculated as the change in stock. ember 2003. In ember 2003 a reporting institution reclassified parts of deposits. Deposits with certain conditions were transferred to on-demand deposits. April 2009. As of and from April 2009 onward monetary investment funds (money market funds), are included in the MFI reference sector. Due to this the historical money supply figures have been slightly revised. ember 2009. In ember 2009 a reporting institution reclassified parts of deposits. Deposits with certain conditions were transferred to on-demand deposits. September 2010. Table 2.3 have been revised for the time period January 1998-February 2002 due to an update of the included reporting institutions. The annual growth rate (table 2.4) have been revised for January 1999-February 2003. ober 2010. Revisions for debt securities issued (column j) for January 2008-September 2010. ember 2010. A number of accounts with restricted number of free withdrawals have previously been classified as on-demand deposits.they are re-classified to deposits with certain conditions. This affects M1 which decreases with SEK 50-150 billion for the period ember 2003-ober 2010. Smaller revisions have also been made 1998-2003. ember 2010. A change in conditions has resulted in a reclassification from deposits with certain conditions to on-demand deposits. ember 2011. In ember 2011 debt issued securities were revised from January 2010 - ember 2011. The growth rate of M3 in Table 2.4 have been revised for January - ember 2011. April 2012. Revised figures from January 2012 until March 2012 due to change in definition in money market funds. As a consequence of this Swedish non-bank public holdings in money market shares is reduced with approximately SEK 72 billions. The change in definition are due to harmonising according to European standards which decreases the number of money markets funds. ember 2010. A change in conditions has resulted in a reclassification from deposits with certain conditions to on-demand deposits.

3. BALANCE SHEETS 3.1 Diagram balance sheets MSEK 9 000 000 3.1.1 MFIs' assets by instrument MSEK 9 000 000 3.1.2 MFIs' liabilities by instrument 8 000 000 8 000 000 7 000 000 7 000 000 6 000 000 6 000 000 5 000 000 5 000 000 4 000 000 4 000 000 3 000 000 3 000 000 2 000 000 2 000 000 1 000 000 1 000 000 0 2009 2010 2011 2012 0 2009 2010 2011 2012 Lending Securities other than shares Shares and other equities Derivatives assets Deposits Securities etc issued Derivatives liabilities Equity

3.1 Diagram balance sheets 3.1.3 The reference sectors share of MFIs' lending to Swe. non-mfi 3.1.4 MFIs' lending, 12-month growth rate in percent 100% 15% 90% 12% 80% 70% 9% 60% 6% 50% 40% 3% 30% 0% 20% -3% 10% 2004-Sept 2005-Sept 2006-Sept 2007-Sept 2008-Sept 2009-Sept 2010-Sept 2011-Sept 2012-Sept -Sept 0% -6% 2009 2010 2011 2012 Banks Housing credit inst. Finance companies MFIs Households incl NPISH Non-financial corporations Swedish non-mfi

3.2 Method balance sheets The balance sheets presented are mainly established according to the laws and directions that regulate accounting for monetary financial institutions in general. The central bank of Sweden (the Riksbank) has the possibility to assign exceptions from applicable accounting regulations when establishing statistical reporting. Valid exceptions are specified in the Riksbank s directions and general advice (RBFS 2010:1) regarding reporting of financial market statistics. The values presented always refer to aggregated level per reference sector, and institutions excluded from monthly reports are accounted for in the months situated in between, with the book values of the most recent reporting period. From ember 2001 and onwards, lending is accounted for in gross values, i.e. including reservations for uncertain loans. The period January 1996-ember 2001 are accounted for in net values. Before 1996 lending is, again, accounted for in gross values. During the period 1975-1995 parts of the lending and borrowing were not sector-classified. This was, among other reasons, due to the fact that some customers not having been acquired sectors, owing to missing or wrong organisation numbers. This remaining item has in the balance sheet been included in Swedish non-mfi, but the included sectors does not sum to the total. For financial corporations, the information on lending per sector is missing for the period before 1992 and has therefore been estimated from a latter distribution. In 1980 the law on financial firms (SFS 1980:2) took effect, which resulted in a new definition of financial corporations and an extension of the number of firms included in the study. Therefore, there is a cut in the time series in 1980. The format of the financial corporations balance sheet was also altered, which makes it difficult to compare the information before and after 1980. In the light of this, the lending per sector is not presented separately for financial corporations before the period 1992, and only the balance sheet total is shown before 1980. Estimates done, though, are included in the information for MFI total. After the bank crisis in 1992 banks created subsidiaries to manage bad loans and other assets. In connection with this, and on later occurrences, large amount of credits have been transferred from banks to companies outside bank/mfi-sector, and reverse. This too causes a break in the time series. The accounted values for lending include financial leasing but exclude operational leasing. So called real repurchasing agreements are included in both deposits and lending. Explanation of Symbols - Nothing to present.. Data not available or to uncertain to be stated. Category not applicable