Consultation response: Continued lack of statistics on household assets and liabilities
News, Consultation responses More data on household assets and liabilities would enable more accurate decisions. The Riksbank is therefore in favour of the proposal to collect data on household debt. However, the proposal does not give the Riksbank access to the data collected, which is problematic. It is therefore urgent to complement the proposal with a number of legislative amendments. To obtain an adequate knowledge base, it is also important to collect data on household assets.
The lack of statistics regarding household assets and liabilities makes it more difficult, for instance, to assess the risks associated with household indebtedness and the sensitivity of households to changes in interest rates. The result is less accurate economic policy decisions. Sweden is far behind Denmark and Norway, for example, which have long had access to such statistics. Several international organisations have repeatedly noted that there is a lack of information for Swedish decision-makers.
“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,” says Governor Erik Thedéen.
Urgent need for the Riksbank to have access to the statistics
It is proposed that the data on household debt be collected for Statistics Sweden's Fasit microsimulation model. The data made available to the authorities for analysis are de-identified and confidential. It is therefore not possible to attribute data to a specific person.
However, the Riksbank does not currently have access to Fasit. In view of the Riksbank's tasks and responsibilities with regard to both monetary policy and financial stability, it is important that it has access to the model and is given a clear legal basis for analysing the data.
Given this, the Riksbank proposes three legislative amendments. Firstly, the Riksbank needs to have access to Fasit to be able to process data on debt and debt payments. Secondly, the purpose provisions in the Fasit Act need to be adapted to the analysis needs at the Riksbank. Finally, the provisions on statistical confidentiality should be extended to cover evaluation and analysis at the Riksbank.
“The Riksbank would also like to emphasise that data on households' assets is crucial for the knowledge base to be sufficiently good. Such information should therefore be included in the collection. The proposal submitted for consultation would then more clearly fulfil its purpose of contributing to a stronger basis for economic policy decisions,” says Governor Erik Thedéen.