Swedish watchdog says financial system is improving

Uldis Cerps, head of the Swedish Financial Supervisory Authority's Prudential Supervision Department, said the country's financial system has improved since June. "I think we have seen a slight improvement in the situation due to the lower rate levels and due to the gradual picking up of the interbank market internationally," Cerps said. "But I would say that the improvement is marginal." Meanwhile, Swedbank CEO Michael Wolf said he expects the bank's $2.07 billion rights issue to cover downside risks brought up by the regulator's stress tests.

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