Sweden has ‘no time frame’ for state sell offs

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

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