Deputy governors Martin Flodén, Henry Ohlsson and Cecilia Skingsley each voted on December 20, 2016, against the expansion of the Swedish central bank's asset purchase programme for a variety of reasons, according to minutes published today (January 12).

Flodén preferred to expand the purchases at a slower pace and focus on real bonds, rather than nominal bonds, as he feared purchases of the latter would become less effective because Sveriges Riksbank owns such a large share of the total stock.