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Sweden has 'no time frame' for state sell offs
Then-new Carnegie chairman Peter Norman after state takeover, December 2008

Sweden has 'no time frame' for state sell offs

Published: 19 Oct 2010 08:45 GMT+02:00
Updated: 19 Oct 2010 08:45 GMT+02:00

Sweden's new financial markets minister Peter Norman was on Monday unwilling to promise that share holdings in Nordea, SBAB and Telia, would be sold off during the current mandate period.

The Alliance government has previously indicated that sales of holdings in firms such as Nordea, SBAB and Telia would be carried out during the mandate period, but Peter Norman on Monday adopted a more cautious tone.

"I have no time plan whatsoever for this," he said in an interview with the Dagens Industri (DI) daily.

The sales would raise an estimated 100 billion kronor ($15 billion) for state coffers. Norman told the newspaper that taxpayers' interests are the decisive factor in determining when to sell.

"It will have to take the time it takes," he said to DI.

Norman also explained that the competitive situation within the banking market is also important in deciding a suitable opportunity for sales of shares in Nordea and SBAB.

He also told the newspaper that he planned to study loan margins within the banking sector and conduct regular correspondence with the banks on consumer conditions.

"I want to be a thorn in the side of the banks. Sometimes they can earn money a little too easily," he said.

Norman added that if the banks do not respond to encouragement then he was not averse to considering legislation.

TT/The Local (news@thelocal.se)

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Your comments about this article

12:18 October 19, 2010 by Åskar
Thank you for not selling our shared property. Could you now regain what you stole during the last four years as well, please.
15:50 October 19, 2010 by Mb 65
This is the worse thing they could do. Haven't they learn' t anything from what has happened in England. Now they have nothing. It is not theirs to sell, they belong to the Swedish tax payer. Any idiot knows that you do not sell a company when it is making a good profit. The french will buy everything and then the prices will rocket.
16:19 October 19, 2010 by Great Scott
Good to see some common sense comments for a change.
16:29 October 19, 2010 by Kevin Harris
Can the three posters above offer us an explanation why the state of Sweden presently needs to own shares in a bank, a loan company and a telecommunications company?
16:41 October 19, 2010 by Åskar
Why not? If it's not broken, don't fix it!
17:08 October 19, 2010 by TomJones27
@Mb 65 Totally agree. This is one step from letting the crooks owning the country leaving the citizens with nothing.

Privatizing and deregulation has killed the US economy as they, the banksters, have gambled away all of the taxpayers savings and then were bailed out to continue the fraud. Now they want access to Social Security, i.e Privatization, so they can steal that as well.
17:38 October 19, 2010 by harrylatour
Please do not let the 'sharks' force your government to sell off their interests in these companys,,,look at what happened to us in GB,,''oh,the private sector knows best and it will be more efficient'',,,,,utter bollox!! lok at all the crap that our private sector Bankers have got us into.NO,,dont give it ALL away,,,always keep something safe from these bloody cowboys.
19:08 October 19, 2010 by Great Scott
@Kevin Harris

Seems that you are out numbered, why do you need an explanation, seems to me that that the posts spell it out.
07:46 October 20, 2010 by Kevin Harris
Er, no one has answered my question yet. #4
11:59 October 20, 2010 by Åskar
To quote Ingemar Stenmark: "It's no use explaining to someone who doesn't understand".
17:01 October 20, 2010 by facetedjewel
Kevin,

Attempt to be more porous. 'Understanding' in Sweden often travels through osmosis . . . and the sound waves of grunts. You're getting a bit of the old that's-just-the-way-do-things-around-here, and they're pulling your pud for the fun of it. Good times.

Also, more than likely, they don't have an answer either.
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