Riksbank seeks access to household debt data for policy decisions
The Riksbank supports a proposal to collect household debt data but highlights the urgent need for access to this information and for the inclusion of household asset statistics. This data is crucial for more accurate economic policy decisions and assessing financial stability risks.
Access is Key for Effective Analysis
The Riksbank has expressed its support for the proposed collection of data on household debt, acknowledging it as a positive step towards enhancing economic policy decisions.
However, the central bank critically notes a significant shortcoming: the current proposal does not grant the Riksbank access to the collected data, nor does it provide the necessary conditions for analysis.
Governor Erik Thedéen emphasized this point, stating, "The proposal to collect data on household debt is a step in the right direction.
However, it is a significant shortcoming of the proposal that the Riksbank is not given access to the data and is not given the conditions to analyse it.
This urgently needs to be changed so that the data collection maximises the benefits to society.
" The Riksbank argues that without direct access, the full societal benefits of the data collection cannot be realized, making legislative amendments an urgent necessity.
Three Amendments, Plus Assets
To address the data access gap, the Riksbank proposes three legislative amendments.
Firstly, it requires access to Statistics Sweden's Fasit microsimulation model to process debt and debt payment data.
Secondly, the purpose provisions in the Fasit Act need to be adapted to the Riksbank's analytical needs for monetary policy and financial stability.
Thirdly, statistical confidentiality provisions should be extended to cover the Riksbank's evaluation and analysis.
Governor Erik Thedéen further emphasized that data on households' assets is crucial for a robust knowledge base.
Including this information would ensure the proposal more clearly fulfills its purpose of strengthening the basis for economic policy decisions.