Such an application is not uncomplicated, partly because the Riksbank's independence is somewhat eroded when financing becomes dependent on parliamentary decisions.41 Even if the Riksbank's loss were to be significantly higher this year than market prices now indicate, there is hardly any urgent need for capital injections; the scenarios I have discussed do not arise overnight. According to the new Sveriges Riksbank Act, the Riksbank is to apply for a capital injection when equity falls below a certain (positive) level, but since the new law does not apply until the 2023 financial statements, I see no reason for the Riksbank to apply for a contribution in the near future.42  Many central banks are going to make losses now Following the global financial crisis in 2008, and especially during and after the pandemic, many central banks have purchased assets for similar reasons to the Riksbank. In addition, several of them have purchased considerably larger volumes in relation to the size of their economy than the Riksbank (see Figure 13). They have also often bought assets with a longer maturity – and thus more interest risk – than the Riksbank. We can expect these central banks to also report losses this year. 41 See Nordström and Vredin (2022) for a more detailed discussion of financial independence. 42 The ECB has long argued in its convergence reports that “an NCB should always be sufficiently capitalised.
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