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Swedish central bank governor, Ingves please with massive banks' profits despite outcry

Friday, 09 March 2012
Although the Swedish households are critical of banks as they make astronomical profits at the peril of the customers and, Finance Minister Anders Borg who has also gone to repeated attacks on the making for making too much profits, Swedish central banks governor Stefan Ingves is pleased with how the major banks are making billions in profits.

The major Swedish banks , SEB, Nordea, Handelsbanken and Swedbank made an overall profit of Skr68 billion last year, an increase of Skr32 billion the previous year.

Borrowers have protested loudly against banks increased margins and received the support of Finance minister, Anders Borg, who criticized the banks' high profits for undermining the interest of the customers. But Stefan Ingves welcome the billion profits.

"It is good for stability. Swedish banks are well capitalized at this time and are able to manage their own funding, "he says according to media reports.

Stefan Ingves is reported to insist that the higher bank margins are here to stay.
"This is not what it was before 2007. It was a world then, and now we live in another world. We can expect that things will remain so. The difference will be greater in future than it has been between repo rate and three-month earlier. Then there will be sorts of comments,” he is reported to have said.
It is also reported that the Social Democrats also approved the deal.
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