Riksbank Faces Review on Ingves’s Portfolio Overlap With QE
Riksbank Faces Review on Ingves’s Portfolio Overlap With QE
(Bloomberg) -- Sweden’s central bank said its oversight body will review whether top officials violated any rules following news that Governor Stefan Ingves and his deputy held stock in companies whose debt was purchased under a Riksbank’s program last year.
The General Council will examine whether executive board members broke any codes of conduct in connection with the “drafting or decision-making on matters relating to the Riksbank’s purchases of corporate bonds in 2020 and 2021,” according to a statement on Friday.
Auditing firm KPMG will assist with the process, which was launched “in view of the information in the media,” the central bank said. The results are expected to be ready on Dec. 17.
Reports on the corporate holdings of Ingves and Deputy Governor Cecilia Skingsley’s last month prompted calls by ethics experts for the Riksbank to change its personal trading policies. The head of Parliament’s finance committee wants to summon the governor to testify over the matter.
Ingves told reporters on Thursday he had followed the rules and sought to do as little share trading as possible.
©2021 Bloomberg L.P.