Press release
08 October 2009
Ministry of Finance
Government Bill on introduction of stability fee
Today the Government decided on a Bill containing proposed rules for the introduction of a "stability fee". The Bill proposes that banks and other credit institutions pay a fee to finance the stability fund that can be used in times of financial crises.
"During the crisis substantial national resources were put at the disposal of the financial sector to safeguard financial stability. Through the stability fee banks will be paying in savings capital in advance to central government to be used for measures in financial crises. In that way we are ensuring that crisis measures affect taxpayers as little as possible and do not have an adverse effect on the core welfare system," says Minister for Local Government and Financial Markets Mats Odell.
In connection with last autumn´s stability plan, the Government established a special stability fund to finance measures to counteract the risk of serious disturbance to the financial system in Sweden. The fund is to be built up with fees from banks and other credit institutions. This means that the institutions themselves finance the measures that need to be taken in order to maintain stability in the financial system and safeguard the interests of taxpayers.
The Government proposes that the fee be set at 0.036 per cent of certain parts of the institution´s liabilities according to an approved balance sheet. The fee will be introduced in 2009, but only half the fee will be charged in 2009 and 2010. The Government further proposes that the institutions participating in the guarantee programme will be able to deduct an average of state-guaranteed liabilities from the calculation basis for the stability fee.
Before the start of 2011, the Government intends to present new proposals on the possible design of a risk-differentiated fee in a system combined with the deposit guarantee scheme.
The Bill also contains proposals on how government guarantees to depositors in Swedish branches of foreign institutions can be financed through the stability fund.
It is proposed that the new provisions on stability fees come into force on 30 December 2009.
Contact
Mia WidellPress Secretary to Mats Odell
Ingela Grönquist
Legal Adviser
+46 8 405 25 19
Mats Walberg
Director
+46 8 405 44 77
