enhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/60Optimizely 12 CMS - LFPChttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/swedish-national-debt-office-and-stockholm-university-hold-two-day-international-conference-on-banking-crisis-management/On 10 and 11 June, the Swedish National Debt Office, together with the Center for Monetary Policy and Financial Stability (CeMoF) at Stockholm University, is holding an international conference with invited speakers and guests that work with or conduct research on financial crises and crisis management of banks. The conference marks the ten-year anniversary of Sweden’s implementation of the EU-wide regulatory framework for managing banks in crisis – known as the resolution framework – that was created after the global financial crisis. The first day consisted of presentations and panel discussions with Swedish and international decision-makers, researchers, and other experts on banking crisis management.  “This framework, which marks its tenth anniversary this year, has provided us with tools and powers to manage systemically important banks if they should fail, while also creating entirely new prospects for them to be prepared for a future crisis. Planning requirements have generated crisis preparedness at the institutional level in a way that did not previously exist. As a government authority responsible for financial stability, it is essential that we maintain and further develop the framework,” says Debt Office Director General Karolina Ekholm. Representatives from the Center for Monetary Policy and Financial Stability (CeMoF) at Stockholm University also emphasise the importance of discourse and the exchange of knowledge. “Resolution is a new area. To be able to teach the subject at Stockholm University, our collaboration with the Debt Office has been crucial. With this conference, we now also hope to strengthen our network as well as our research environment in this area over time,” says Roine Vestman, professor and director of CeMoF at Stockholm University. Important perspectives from day 1 Several key issues were addressed during the day: The relationship between banks in crisis and sovereign debt development and how the crisis management framework can help reduce this connection. How the crisis management framework can continue to be developed in order to bolster financial stability. Lessons from previous banking crises and how these lessons may be utilised in the future. Maintaining confidence and liquidity reserves in a crisis. Speaker perspectives One of the speakers was Alain Girard, member of the Executive Board, Head of the Banks division, the Swiss Financial Market Supervisory Authority (FINMA): “Optionality in resolution, enshrined in sound legal powers as well as at operational level – which means that crisis simulations have to be a core activity and responsibility for resolution authorities – is crucial for resolution regulation, planning and preparation." Another speaker was Erik Thedéen, Governor of the Riksbank and Chairman of the Basel Committee on Banking Supervision (BCBS). He participated in a panel session on how liquidity stress may unfold, how liquidity and confidence can be safeguarded across the crisis lifecycle, and where current frameworks may be improved: “It was a very engaging panel discussion, which underscored both the importance and difficulty of being prepared for a crisis. After all, it has been quite some time since we experienced a crisis in Sweden. The discussion also illustrated the difference between the Eurosystem, which has the ECB and a centralised resolution authority, and Sweden – which operates outside both entities but must maintain close cooperation with them.” Continuation day 2 The conference will continue tomorrow with a focus on the latest research on banking crisis management. Presentations will cover studies and analysis examining developments in this area. Full conference programme.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/swedish-national-debt-office-and-stockholm-university-hold-two-day-international-conference-on-banking-crisis-management/Wed, 10 Jun 2026 22:00:37 GMTNewsFinancial stabilityAbout the Debt Officehttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-raises-eur-2-billion-in-sale-of-three-year-bond/The bid volume was EUR 8.2 billion with 81 investors participating. The final pricing was fixed at 2.837 per cent, which is 5 basis points below the euro mid-swap rate and 12.2 basis points above the German benchmark three-year bond. “Issuing foreign-currency bonds enables us to reach new investors beyond our domestic market, which this transaction confirms. The strong book building also meant that we could borrow at favourable terms,” says Johan Bergström, Head of Funding at the Debt Office. Today’s transaction is included in the Debt Office’s current funding plan, which was published on 28 May 2026. The issuance of foreign-currency bonds does not generate any foreign-currency exposure in Sweden’s central government debt, as the Debt Office uses derivatives to hedge currency risks. Terms and conditions Details Outcome Issuer Kingdom of Sweden Size EUR 2 billion Coupon 2.75 % Maturity date 2029-06-18 Price 99.753 % Yield 2.837 % Spread versus euro mid swaps -5 basis points Spread versus German benchmark 12.2 basis points Lead managers BNP Paribas, Danske Bank, SEB and Swedbank   Distribution by investor category Investor category Share of allocated volume Central Banks/Official institutions 36 % Asset Managers/Fund Managers 23 % Banks 23 % Insurance/Pension funds 13 % Hedge funds 5 %   Distribution by region Region Share of allocated volume Nordic region 39 % Rest of Europe 38 % UK 21 % Asia/Middle East 2 % Contact Johan Bergström, Head of Funding, +46 8 613 45 68 Sofia Björk, Funding Manager, +46 8 613 52 74https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-raises-eur-2-billion-in-sale-of-three-year-bond/Wed, 10 Jun 2026 16:25:30 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q1-2026/The quarterly report also contains a section which describes the systemically important banks’ buffers against regulatory requirements. The purpose is to describe how much of the buffer of CET1 capital that is available to cover losses before the bank is in breach of a regulatory requirement or the Pillar 2 guidance. The report also demonstrates which regulatory requirement was the most restrictive at the end of the first quarter. The Debt Office makes decisions on MREL annually. Further information about MREL and its application for Swedish institutions is available in the Debt Office’s MREL policy and on the webpage Minimum requirements for own funds and eligible liabilities (MREL). The report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q1 2026https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q1-2026/Mon, 08 Jun 2026 08:05:43 GMTPress releaseFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/surplus-for-swedish-central-government-in-may-2026/The primary balance was SEK 14.7 billion lower than the forecast. This was mainly due to higher disbursements from government agencies. Tax incomes were at the same time SEK 5 billion lower than expected. The Debt Office’s net lending to government agencies etc. was SEK 2.4 billion lower than forecast. Interest payments on central government debt were 0.3 lower than the forecast. For the twelve-month period up to the end of May 2026, central government payments resulted in a deficit of SEK 122.3 billion. Central government debt amounted to SEK 1,221 billion at the end of May. The outcome for June 2026 will be published on 7 July 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 26 November 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance 18 113 30 078 -11 965 -11 965 -122 340 Net borrowing requirement [1] -18 113 -30 078 11 965 11 965 122 340 Primary balance [3] -18 676 -33 337 14 661 14 661 80 578 Net lending to agencies etc. [4] -3 537 -1 103 -2 434 -2 434 13 228 Interest payments on central government debt 4 101 4 362 -261 -261 28 534   - Interest on loans in SEK 4 312 4 183 128 128 30 607   - Interest on loans in foreign currency -296 69 -364 -364 -801   - Realised currency gains and losses 85 110 -26 -26 -1 272 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt May 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 28 May 2026: Central Government Borrowing - Forecast and Analysis 2026:1.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/surplus-for-swedish-central-government-in-may-2026/Fri, 05 Jun 2026 08:00:31 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-increases-borrowing-to-cover-budget-deficits/The Swedish National Debt Office’s new forecast of the budget balance indicates a deficit of SEK 196 billion for 2026 and SEK 208 billion in 2027. These are greater deficits than in the previous forecast from November, due to new fiscal policy measures, higher net lending by the Debt Office, and the war in the Middle East’s adverse effects on the Swedish economy. The Debt Office is lowering its forecast for GDP growth this year from 2.7 per cent to 1.9 per cent. “The budget deficit grows rapidly this year as the result of, among other things, increased defence spending, tax cuts, and new fiscal policy measures to mitigate the impact of the war in the Middle East on the Swedish economy. We expect a temporary halt in the economic recovery, but the developments of course come with great uncertainty due to the geopolitical situation,” says Debt Office Director General Karolina Ekholm. Government debt rises from low starting point The deficits cause the central government debt to increase from SEK 1,244 billion at the end of 2025 to SEK 1,633 billion at the end of 2027. This means that the debt ratio will rise from 19 to 23 per cent of GDP. The general government debt (Maastricht measure) increases from 35 to 39 per cent of GDP. It thereby approaches the upper limit of the range for the debt anchor in Sweden’s fiscal policy framework, although it remains low by international comparison. More frequent auctions of government bonds In the new borrowing plan, the annual supply of nominal government bonds is marginally higher this year and somewhat further raised in 2027, compared with the previous plan. The Debt Office will also hold more frequent bond auctions – every Wednesday instead of every other Wednesday – as of 17 June. The volume per auction will then be SEK 5 billion. That will result in an annual volume of SEK 220 billion for 2026. The plan for 2027 contains an increase to SEK 240 billion. The Debt Office still plans to issue a foreign currency bond per year in 2026 and 2027. The planned inflation-linked bond borrowing is also unchanged. Debt Office’s forecast – key figures Key figures from Central Government Borrowing – Forecast and Analysis 2026:1.   Central government borrowing (SEK billion) Debt instrument Outcome 2025 Forecast 2026 25:2 2026 Forecast 2027 25:2 2027 Nominal government bonds 118 220 216 240 220 Inflation-linked bonds 6 6 6 6 6 Foreign currency bonds 41 19 19 19 19 T-bills, stock at year-end 173 238 250 233 243 Liquidity management, stock at year-end 137 173 142 151 132   Note: 25:2 refers to the previous forecast published in November 2025.   Central government finances (SEK billion, unless otherwise stated) Key figure Outcome 2025 Forecast 2026 25:2 2026 Forecast 2027 25:1 2026 Budget balance (with the opposite sign, the net borrowing requirement) -102 -196 -173 -208 -194 Central govt. debt 1,244 1,430 1,406 1,633 1,591 Central govt. debt (% of GDP) 19 21 21 23 22 General govt. debt (% of GDP) 35 37 37 39 38   Note: 25:2 refers to the previous forecast published in November 2025.   Swedish economy (Annual percentage change, unless otherwise stated) Key figure Outcome 2025 Forecast 2026 25:2 2026 Forecast 2027 25:2 2027 GDP growth 1.5 1.9 2.7 2.5 2.5 Unemployment (% of labour force) 8.8 8.6 8.4 8.2 7.8 CPIF inflation 2.6 1.2 0.8 1.4 1.7   Note: 25:2 refers to the previous forecast published in November 2025.   Report: Central Government Borrowing – Forecast and Analysis 2026:1 The Debt Office is holding an online presentation of the report today, 28 May, at 10:00 a.m. Follow the live stream (in Swedish). For further information or interview requests, contact the Debt Office's press function at press@riksgalden.se or by phone at +46 (0) 8 613 47 01.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-increases-borrowing-to-cover-budget-deficits/Thu, 28 May 2026 09:30:31 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/esma-clarifies-operationalisation-of-resolution-tool-wdci-for-central-counterparties/The briefing has been developed by ESMA’s CCP Resolution Committee. It provides a method for NRAs to refer to when implementing the resolution tool called the write down and conversion of instruments tool (WDCI). The Swedish National Debt Office and other NRAs that are subject to the EU-wide regulation should, according to the regulatory framework, define what data is to be collected by the CCP in order to identify and calibrate the resources that are available for write down. In conjunction with this, we should take into account various factors, such as the impact on clearing members, financial-market infrastructures, and financial stability. Furthermore, we should ensure that there are processes in place for effectively implementing the WDCI, including preparations for the reorganisation of the CCP following the implementation. The full report is available on ESMA’s website. News article from 3 July 2025: ESMA provides guidance on a tool for central counterparty resolution Read more about the Debt Office’s resolution tools for central counterpartieshttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/esma-clarifies-operationalisation-of-resolution-tool-wdci-for-central-counterparties/Wed, 20 May 2026 15:24:00 GMTNewsFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-april-2026/The primary balance was SEK 4.6 billion higher than the forecast. This was mainly due to lower disbursements from government agencies. Tax incomes were at the same time SEK 1 billion higher than calculated. The Debt Office’s net lending to government agencies etc. was SEK 0.9 billion higher than forecast. Interest payments on central government debt were SEK 0.3 billion lower than forecast. For the twelve-month period up to the end of April 2026, central government payments resulted in a deficit of SEK 89.0 billion. Central government debt amounted to SEK 1,248 billion at the end of April. The outcome for May 2026 will be published on 5 June 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Dev. Acc.    Dev. [2] Outcome 12-month Budget balance -27 697 -31 666 3 969 27 579 -88 958 Net borrowing requirement [1] 27 697 31 666 -3 969 -27 579 88 958 Primary balance [3] 31 642 36 225 -4 583 -23 264 63 882 Net lending to agencies etc. [4] -1 932 -2 860 928 -4 704 -2 712 Interest payments on central government debt -2 013 -1 699 -314 390 27 788   - Interest on loans in SEK -1 687 -1 736 49 1 222 30 216   - Interest on loans in foreign currency -11 56 -67 -622 -167   - Realised currency gains and losses -314 -18 -296 -211 -2 261 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt April 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-april-2026/Fri, 08 May 2026 08:00:31 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-march-2026/The primary balance was SEK 2.4 billion higher than forecast. This is mainly due to slightly higher tax income than calculated. The Debt Office’s net lending to government agencies etc. was SEK 5.1 billion lower than forecast. This is due, among other things, to higher deposits from Svenska Kraftnät than expected. Interest payments on central government debt were in line with the forecast. For the twelve-month period up to the end of March 2026, central government payments resulted in a deficit of SEK 103.5 billion. Central government debt amounted to SEK 1,222 billion at the end of March. The outcome for April 2026 will be published on 8 May 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance -6 543 -14 188 7 645 23 610 -103 450 Net borrowing requirement [1] 6 543 14 188 -7 645 -23 610 103 450 Primary balance [3] 13 707 16 106 -2 399 -18 682 73 408 Net lending to agencies etc. [4] -10 445 -5 309 -5 136 -5 632 247 Interest payments on central government debt 3 281 3 391 -110 703 29 795   - Interest on loans in SEK 3 959 3 339 621 1 173 30 649   - Interest on loans in foreign currency 45 49 -4 -555 -408   - Realised currency gains and losses -724 3 -726 85 -446 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt March 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-march-2026/Thu, 09 Apr 2026 08:00:31 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-raises-sek-20-billion-in-new-government-bond-sale/Bond syndication, as opposed to regular auctions, is a process in which a group of banks carries out the bond sale for the Debt Office. A total of 40 investors participated in the final bidding for the new bond, with a bid volume of SEK 50 billion. The transaction was priced at 2 basis points above the yield of the current ten-year government bond SGB 1067. – We see it as a sign of strength that the order book was more than double the issuance volume and that we were able to reach international investors who are not regularly active in the Swedish market, says Johan Bergström, head of funding at the Debt Office. Today’s transaction is part of the Debt Office’s current borrowing plan, which was published in November 2025. The new bond will become Sweden’s ten-year reference bond in September 2026.   Terms and conditions Issuer Swedish National Debt Office  Size SEK 20 billion Coupon 2.75 % Maturity date 2037-02-09 Price 99.025 %  Yield 2.855 % Yield spread against SGB 1067 2 basis points Joint lead managers Danske Bank, Handelsbanken, Nordea, SEB, Swedbank   Distribution by investor type Asset managers 46% Pension funds 23% Central banks and OI 14% Hedge funds 10.5 % Banks 6.5 %   Distribution by region Sweden 62% Other Nordics 6% UK 26% Rest of Europe 4% Others 2% Contact Johan Bergström, Head of Funding, +46 8 613 45 68https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/sweden-raises-sek-20-billion-in-new-government-bond-sale/Wed, 11 Mar 2026 18:10:18 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q4-2025/The quarterly report also contains a section which describes the systemically important banks’ buffers against regulatory requirements. The purpose is to describe how much of the buffer of CET1 capital that is available to cover losses before the bank is in breach of a regulatory requirement or the Pillar 2 guidance. The report also demonstrates which regulatory requirement was the most restrictive at the end of the fourth quarter. The Debt Office makes decisions on MREL annually. Further information about MREL and its application for Swedish institutions is available in the Debt Office’s MREL policy and on the web page Minimum requirements for own funds and eligible liabilities (MREL). Report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q4 2025  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q4-2025/Mon, 09 Mar 2026 08:00:32 GMTPress releaseFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/surplus-for-swedish-central-government-in-february-2026/The primary balance was SEK 20.7 billion higher than the forecast. This was mainly due to tax incomes being approximately SEK 10 billion higher than calculated. Higher tax incomes were mainly driven by higher supplementary payments than expected. The difference is also explained by lower expenditure for several agencies, defense expenditure being one of them. The Debt Office’s net lending to government agencies etc. was SEK 0.8 billion lower than forecast. Interest payments on central government debt were in line with the forecast. For the twelve-month period up to the end of February 2026, central government payments resulted in a deficit of SEK 101.5 billion. Central government debt amounted to SEK 1,201 billion at the end of February. The outcome for March 2026 will be published on 9 April 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc. Dev. [2] Outcome 12-month Budget balance 83 358 62 123 21 235 15 965 -101 546 Net borrowing requirement [1] -83 358 -62 123 -21 235 -15 965 101 546 Primary balance [3] -81 698 -61 004 -20 694 -16 283 65 974 Net lending to agencies etc. [4] -3 240 -2 466 -774 -495 5 913 Interest payments on central government debt 1 579 1 347 233 813 29 659   - Interest on loans in SEK 1 408 1 289 119 552 30 592   - Interest on loans in foreign currency 99 3 96 -551 -425   - Realised currency gains and losses 73 55 18 812 -508 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt February 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/surplus-for-swedish-central-government-in-february-2026/Fri, 06 Mar 2026 08:07:39 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/higher-government-debt-but-lower-cost-in-2025/Today, the Debt Office is submitting the report “Central Government Debt Management – Basis for Evaluation 2025” to the Government. The yearly report describes how the Debt Office conducted the borrowing and debt management in the previous year, on the basis of the Government’s guidelines and the objective of minimising the cost of the debt over the long-term while taking account of risk. Year in brief  The central government debt increased by SEK 93 billion in 2025 and was SEK 1,244 billion at the end of the year. The debt ratio rose from 18 to 19 per cent of GDP (based on the Debt Office’s GDP forecast). The cost of the debt decreased to SEK 13 billion, corresponding to 0.2 per cent of GDP. It was mainly the cost of the currency exposed portion of the debt that fell as the krona appreciated. The debt’s term to maturity was in the middle of the target range of 3.5–6 years. The Debt Office continued to phase out the foreign currency exposure of the debt and, in accordance with the new adopted guidelines, began decreasing the inflation-linked debt. The refinancing risk of the central government debt was stable. Relative to the euro area, Sweden has a higher share of debt maturing in the near term, while the amount maturing as a share of GDP is lower. The Debt Office continued to increase the supply of nominal government bonds over the year in order to fund the budget deficit and maturing loans. Short-term and foreign currency borrowing also increased. Demand was strong in relation to the supply in the Debt Office’s auctions. In an annual survey, primary dealers responded that they have seen increased interest in Swedish government securities among foreign investors. Confidence in the Debt Office’s borrowing operations remained high among both primary dealers and Swedish investors. Investors also saw improvement of the liquidity in the government securities market. Read the full report Central Government Debt Management – Basis for Evaluation 2025 (only available in Swedish) Read more about the annual survey of market confidence for the Debt Office and the assessment of market liquidity: Results of the annual market survey (in Swedish)https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/2026/higher-government-debt-but-lower-cost-in-2025/Tue, 17 Feb 2026 09:30:31 GMTNewsCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-january-2026/The primary balance was SEK 10.3 billion lower than the forecast. This was mainly due to tax incomes being approximately SEK 8 billion lower than calculated. The Debt Office’s net lending to government agencies etc. was SEK 5.0 billion lower than forecast. Interest payments on central government debt were SEK 0.5 billion higher than forecast. For the twelve-month period up to the end of January 2026, central government payments resulted in a deficit of SEK 110.9 billion. Central government debt amounted to SEK 1,281 billion at the end of January. The outcome for February 2026 will be published on 6 March 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance -32 239 -26 374 -5 865 -5 270 -110 935 Net borrowing requirement [1] 32 239 26 374 5 865 5 270 110 935 Primary balance [3] 34 268 23 927 10 341 4 412 66 577 Net lending to agencies etc. [4] 639 5 656 -5 017 278 15 197 Interest payments on central government debt -2 668 -3 209 541 580 29 161   - Interest on loans in SEK -466 -1 036 570 433 30 469   - Interest on loans in foreign currency -548 116 -664 -647 -475   - Realised currency gains and losses -1 654 -2 290 635 794 -833 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt January 2026 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-january-2026/Fri, 06 Feb 2026 08:00:30 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-2025/The central government budget balance showed a deficit for the second year in a row. Despite a first incoming payment to Sweden from the EU Recovery and Resilience Facility, amounting to SEK 18.5 billion, the deficit was approximately the same size as in 2024. This is due, among other things, to the weak economy and fiscal policy measures in the form of tax cuts and spending increases. Higher interest payments also contributed to the deficit remaining at the same level as in 2024.  Overall, this resulted in a deficit of SEK 101.9 billion in 2025, compared with SEK 104.3 billion in 2024. The EU Recovery and Resilience Facility is part of the aid from the EU-wide initiative to boost recovery in member states after the pandemic and contribute to the green and digital transitions. The central government deficit of SEK 101.9 billion for 2025 was in line with the Debt Office's latest forecast of SEK 102.5 billion. Central government debt amounted to SEK 1,244 billion at the end of December, which was SEK 93 billion higher than in December 2024. Deficit for Swedish central government in December Central government payments resulted in a deficit of SEK 127.8 billion in December. The Debt Office's forecast was a deficit of SEK 136.0 billion. The difference is mainly due to lower expenditure than forecast. The primary balance was SEK 12.5 billion higher than forecast. The difference is mainly due to lower expenditure for several agencies. Tax income was simultaneously slightly weaker than expected. The Debt Office’s net lending to government agencies etc. was SEK 4.3 billion higher than forecast. This is mainly due to lower borrowing from the agencies. Interest payments on central government debt were in line with the forecast. The outcome for January 2026 will be published on 6 February 2026 at 8:00 a.m. The date for publishing a new forecast for the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1][5] (SEK million)   Outcome Forecast Deviation Acc. Dev. [2] Outcome 12-month Budget balance -127 793 -135 978 8 185 594 -101 947 Net borrowing requirement [1] 127 793 135 978 -8 185 -594 101 947 Primary balance [3] 58 405 70 945 -12 540 -5 929 62 996 Net lending to agencies etc. [4] 65 347 61 079 4 269 5 296 7 862 Interest payments on central government debt 4 041 3 955 86 39 31 088  - Interest on loans in SEK 3 914 3 742 172 -137 30 614  - Interest on loans in foreign currency -28 107 -134 17 67  - Realised currency gains and losses 155 106 49 158 407 [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since previous forecast. [3] Net of the central government's primary expenditure and income. [4] Net of deposits and loans for government agencies etc. in the central government’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt but is not covered by the central government expenditure ceiling. [5] The outcome is preliminary and may be revised in connection with the Debt Office’s annual accounts. Please refer to the Debt Office’s 2025 annual report for the final annual outcome. Report: Sweden’s Central Government Debt December 2025 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast for the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2026/deficit-for-swedish-central-government-in-2025/Mon, 12 Jan 2026 08:00:00 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/decisions-on-resolution-plans-for-2026/The Debt Office manages systemically important banks and certain other institutions that have failed, or are at risk of failing, through a special procedure called resolution. The aim of resolution is to preserve critical functions of the financial system and real economy, as well as to mitigate adverse contagion effects so that financial stability can be maintained. To be able to implement resolution in an effective manner, the Debt Office decides on specific requirements for own funds and eligible liabilities (MREL) for the eight systemically important banks. MREL is designed so that the banks’ shareholders and creditors – not taxpayers – are to ensure that the bank has sufficient financial resources to continue operating. In order to fully evaluate the banks’ capacity and capability to support a resolution procedure, we need to transition to testing specific components of the banks. In 2025, the Debt Office has assessed whether the systemically important banks have the capacity and capability to support a resolution procedure. The assessments have been based on the banks’ own evaluations of their capacity. The banks must also conduct these self-evaluations in accordance with the guidelines on resolvability from the European Banking Authority (EBA). In the coming years, the Debt Office will transition to testing the banks’ operational capabilities on the basis of the EBA’s guidelines. The tests may, for instance, include determining whether the capability exists to provide information that enables a valuation of the bank, the bank has a suitable communications plan, or whether the services needed for the bank’s operations will continue to function during resolution. “The systemically important banks’ work to become resolvable continues to be a focus area for the Debt Office. We see progress being made, but further measures are needed. In order to fully evaluate the banks’ capacity and capability to support a resolution procedure, we need to transition to testing specific components of the banks’ resolvability,” says Debt Office Director General Karolina Ekholm. The eight systemically important banks and their MREL, 31 december 2025 Bank Total risk-weighted requirement [1]  Total non-risk-weighted requirement [2]  Handelsbanken  26.29 6.00 SEB 27.22 6.00 Swedbank  27.40 6.00 Landshypotek 22.30 6.00 Länsförsäkringar 22.42 6.00 SBAB 22.00 6.00 Skandiabanken  21.66 6.00 Sparbanken Skåne 21.77 6.00 [1] Share of risk-weighted exposure amount (REA).  [2] Proportion of leverage ratio exposure (LRE). Note: For more information on how MREL is calculated, see the decision memorandum Minimum requirement for own funds and eligible liabilities (MREL), as well as the MREL policy (in Swedish). Table for all MREL and the Swedish systemically important banks.  Banks are to comply with EBA guidelines The EBA’s guidelines for improving resolvability for institutions and resolution authorities (EBA/GL/2022/01) entered into force on 1 January 2024. These guidelines are a key tool in the Debt Office’s assessment of the banks’ resolvability. Insufficient compliance with the guidelines can be grounds for the Debt Office to determine that there are substantive impediments to resolution. In 2025, the Debt Office has continued to evaluate the banks’ compliance with these guidelines. Although we have not identified any substantive impediments to resolution, there are nevertheless a number of areas in which further measures are needed in order to strengthen resolvability. https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/decisions-on-resolution-plans-for-2026/Fri, 19 Dec 2025 08:00:00 GMTPress releaseFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q3-2025/The quarterly report also contains a section which describes the systemically important banks’ buffers against regulatory requirements. The purpose is to describe how much of the buffer of CET1 capital that is available to cover losses before the bank is in breach of a regulatory requirement or the Pillar 2 guidance. The report also demonstrates which regulatory requirement was the most restrictive at the end of the third quarter. The Debt Office makes decisions on MREL annually. Further information about MREL and its application for Swedish institutions is available in the Debt Office’s MREL policy and on our website. Report: Minimum requirement for own funds and eligible liabilities (MREL) – Compliance Q3 2025https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/compliance-with-the-minimum-requirements-for-own-funds-and-eligible-liabilities--q3-2025/Mon, 08 Dec 2025 08:00:00 GMTPress releaseFinancial stabilityhttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/surplus-for-swedish-central-government-in-november-2025/The primary balance was SEK 6.6 billion lower than the forecast. The difference is mainly due to the fact that tax incomes were approximately SEK 5 billion lower than forecast. The Debt Office’s net lending to government agencies etc. was SEK 1.0 billion higher than the forecast. Interest payments on central government debt were in line with the forecast. For the twelve-month period up to the end of November 2025, central government payments resulted in a deficit of SEK 101.4 billion. Central government debt amounted to SEK 1,217 billion at the end of November. The outcome for December 2025 will be published on 12 January 2026 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 28 May 2026. Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Deviation Acc.    Dev. [2] Outcome 12-month Budget balance 4 476 12 067 -7 590 -7 590 -101 364 Net borrowing requirement [1] -4 476 -12 067 7 590 7 590 101 364 Primary balance [3] -3 359 -9 969 6 611 6 611 63 300 Net lending to agencies etc. [4] -4 466 -5 493 1 027 1 027 7 305 Interest payments on central government debt 3 348 3 396 -47 -47 30 759   - Interest on loans in SEK 3 151 3 459 -308 -308 30 060   - Interest on loans in foreign currency 174 22 152 152 316   - Realised currency gains and losses 24 -86 109 109 383  [1] The net borrowing requirement corresponds to the budget balance with the opposite sign.  [2] Sum of monthly forecast deviations since last forecast.  [3] Net of the state's primary expenditure and income.  [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Report: Sweden’s Central Government Debt November 2025 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 27 November 2025: Central Government Borrowing - Forecast and Analysis 2025:2.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/surplus-for-swedish-central-government-in-november-2025/Fri, 05 Dec 2025 08:00:00 GMTPress releaseCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/more-government-bonds-as-deficit-grows/The Debt Office’s new forecast shows budget deficits of SEK 103 billion for this year, SEK 173 billion in 2026, and SEK 194 billion in 2027. This is mainly due to expansionary fiscal policy. For the years 2025 and 2026, the deficit – net borrowing requirement – is now a total of SEK 94 billion larger than in the previous forecast from May. The year 2027 is included for the first time. “As we now see several consecutive years of budget deficits, we plan to increase borrowing mainly by selling more government bonds. Although we believe the economic recovery will strengthen central government finances, this will not offset the effect of reduced taxes and higher expenditure,” says Debt Office Director General Karolina Ekholm. Economic recovery close at hand In the macro outlook that forms the basis of the budget forecast, the Swedish economy grows by 0.9 per cent this year, then shifts up to 2.7 per cent in 2026 and 2.5 per cent in 2027 as consumption accelerates. Increased economic activity will subsequently have an impact on the labour market in the form of rising employment and decreasing unemployment. Central government debt increases The budget deficits cause the central government debt to increase in all three years, and it is expected to be SEK 1,591 billion by the end of 2027, which corresponds to 22 per cent of GDP. The general government debt (Maastricht measure) increases from 34 per cent of GDP at the end of 2024 to 38 per cent at the end of 2027. This is still a low level from an international perspective. Increased government bond supply To meet the growing borrowing requirement, the Debt Office plans to increase the annual issuance volume of nominal government bonds from SEK 118 billion for this year to SEK 216 billion in 2026 and SEK 220 billion in 2027. Short-term borrowing also increases, although to a lesser extent than the long-term borrowing. Inflation-linked bond borrowing is unchanged in the funding plan, which also contains one foreign currency bond per year for 2026 and 2027. Another new development regarding the borrowing is that the Debt Office will be switching from multiple-price auctions to single-price auctions for treasury bills in February 2026. The Debt Office will also consider holding more frequent auctions for nominal government bonds after the next Central Government Borrowing report, which will be published on 28 May 2026. Debt Office’s forecast – key figures Selected tables from the Central Government Borrowing – Forecast and Analysis 2025:2. Central government borrowing (SEK billion) Debt instrument Outcome 2024 Forecast 2025 25:1 2025 Forecast 2026 25:1 2026 Forecast 2027 Nominal government bonds 72 118 118 216 146 220 Inflation-linked bonds 9 6 6 6 6 6 Foreign currency bonds 21 41 39 19 19 19 T-bills, stock at year-end 113 173 160 250 183 243 Liquidity management, stock at year-end 134 134 141 142 189 132 Note: 25:1 refers to the previous forecast published in May 2025. Central government finances (SEK billion, unless otherwise stated) Key figure Outcome 2024 Forecast 2025 25:1 2025 Forecast 2026 25:1 2026 Forecast 2027 Budget balance (with the opposite sign, the net borrowing requirement) -104 -103 -93 -173 -89 -194 Central govt. debt 1,151 1,240 1,232 1,406 1,316 1,591 Central govt. debt (% of GDP) 18 19 19 21 19 22 General govt. debt (% of GDP) 34 35 35 37 35 38 Note: 25:1 refers to the previous forecast published in May 2025. Swedish economy (Annual percentage change, unless otherwise stated) Key figure Outcome 2024 Forecast 2025 25:1 2025 Forecast 2026 25:1 2026 Forecast 2027 GDP growth 0.8 0.9 1.4 2.7 2.0 2.5 Unemployment (% of labour force) 8.4 8.7 8.7 8.4 8.4 7.8 CPIF inflation 1.9 2.6 2.5 0.8 1.7 1.7 Note: 25:1 refers to the previous forecast published in May 2025. Report: Central Government Borrowing – Forecast and Analysis 2025:2 The Debt Office is holding an online presentation of the report today, 27 November, at 10:00 a.m. (in Swedish). Follow the live stream (in Swedish). For further information or interview requests, contact the Debt Office's press function at press@riksgalden.se or by phone at +46 (0) 8 613 47 01.https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/more-government-bonds-as-deficit-grows/Thu, 27 Nov 2025 09:30:00 GMTPress releaseCentral Government Borrowinghttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/20252/adopted-guidelines-for-government-debt-management-2026/In the guidelines, the Government sets forth among other things how the central government debt is to be composed and what its term to maturity shall be. The objective is to minimise the cost of the debt over the long term while taking account of risk in the management. The guidelines for next year also clarify how the management of central government debt should be evaluated. The Government's decision entails that the central government debt will continue to be managed based on the following targets: Phasing out foreign currency debt (i.e. foreign currency exposure), with a target value of zero from 1 January 2027. Successively reducing inflation-linked krona debt to a target level of around SEK 80 billion by the end of 2029. Nominal krona debt constituting the remainder of national debt, after inflation-linked krona debt and foreign currency debt. Steering the maturity (in terms of average time to refixing) of the central government debt towards 3.5 to 6 years. Guidelines for central government debt management in 2026 - Government.se Report: Central government debt management – Proposed guidelines 2026 - Riksgälden.sehttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/news/20252/adopted-guidelines-for-government-debt-management-2026/Thu, 13 Nov 2025 14:35:00 GMTNewsAbout the Debt OfficeCentral Government BorrowingGovernment Debthttps://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/deficit-for-swedish-central-government-in-october-2025/The primary balance was SEK 2.5 billion lower than the forecast. The difference is mainly due to larger than expected payments from government agencies. Tax incomes, however, were approximately SEK 4 billion higher than forecast. The Debt Office’s net lending to government agencies etc. was SEK 3.2 billion lower than the forecast. The difference is mainly due to higher deposits from the Swedish National Grid. Interest payments on central government debt were SEK 0.1 billion lower than forecast. For the twelve-month period up to the end of October 2025, central government payments resulted in a deficit of SEK 87.9 billion. Central government debt amounted to SEK 1,141 billion at the end of October. The outcome for October 2025 will be published on 5 December 2025 at 8.00 a.m. The date for publishing a new forecast on the Swedish economy and central government borrowing is 27 November 2025.   Budget balance and central government net borrowing requirement [1] (SEK million)   Outcome Forecast Dev. Acc.    Dev. [2] Outcome 12-month [1] The net borrowing requirement corresponds to the budget balance with the opposite sign. [2] Sum of monthly forecast deviations since last forecast. [3] Net of the state's primary expenditure and income. [4] The net of government agencies etc. deposits and loans in the state’s internal bank. The net lending includes both current government operations and temporary occurrences that can be decided on short notice. The net lending affects the net borrowing requirement and central government debt, but is not covered by the Central government expenditure ceiling. Budget balance -17 367 -18 027 660 2 836 -87 949 Net borrowing requirement [1] 17 367 18 027 -660 -2 836 87 949 Primary balance [3] 26 405 23 939 2 466 2 063 53 378 Net lending to agencies etc. [4] -8 083 -4 857 -3 226 -5 563 4 493 Interest payments on central government debt -954 -1 055 100 664 30 078   - Interest on loans in SEK -662 -712 49 -108 28 890   - Interest on loans in foreign currency -223 -341 118 -68 667   - Realised currency gains and losses -69 -2 -67 840 522 Report: Sweden’s Central Government Debt October 2025 Official statistics on the central government net borrowing requirement and government debt The monthly outcome of the central government net borrowing requirement is included in the official statistics of Sweden. The Debt Office published its latest forecast on the Swedish economy and central government borrowing on 22 May 2025: Central Government Borrowing - Forecast and Analysis 2025:1.  https://www.riksgalden.se/en/press-and-publications/press-releases-and-news/press-releases/2025/deficit-for-swedish-central-government-in-october-2025/Fri, 07 Nov 2025 08:00:00 GMTPress releaseCentral Government BorrowingGovernment Debt