A Swedish savings and loan association ("sparkassa") is an economic association which is obligated to register with FI in accordance with the Deposit Taking Operations Act (2004:299). A savings and loan association in Sweden is not a bank, and is not under FI's supervision.
Funds that are invested in a savings and loan association are not covered by the state guarantee of deposits. A savings and loan association can allow deposits of a maximum of SEK 50,000 per consumer.
A savings and loan association is allowed to have a maximum of 1,000 physical persons as members. The only accepted members are persons included in a limited circle identified in advance and specified in the articles of association.
A savings and loan association is only allowed to receive repayable funds from its members or from financial companies. Only such funds are allowed to serve the members' financing needs.
