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criticism against giving out loans

Norman to rein in bank mortgages

Published fredag 27 juli 2012 kl 10.05
Peter Norman. Photo: Pontus Lundahl/Scanpix.

Sweden's financial markets minister Peter Norman is calling for more transparency to expose banks who allow individuals to take out mortages they cannot pay off, reports Swedish Radio.

Norman is calling for the Swedish Banker's Association to publicly report member banks that flout national loan regulations, which ensure that clients with heavy mortgages cannot take out further loans that they cannot pay off.

According to Swedish Radio, the head of the Association, Johan Hansing, is not prepared to take Norman's instructions on board.

"As an organisation made up of voluntary members, we cannot publicly publish the names of those banks that do not follow the national regulations," he said.

In the past, heads of banks, including Swedbank's CEO Micheal Wolff, have said there is a need for new laws to address the paying off of mortgages. Wolff has said the law should obligate banks to help individuals with high mortgages pay off their loans.

Peter Norman says, however, that new laws are not the solution and that he would rather go after the banks that do not follow the existing agreements on loans.

Our journalism is based on credibility and impartiality. Swedish Radio is independent and not affiliated to any political, religious, financial, public or private interests.
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